I don't understand the income tax being used as a tool to soak the rich | TigerDroppings.com

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Powerman
LSU Fan
Corpus Christi, TX
Member since Jan 2004
120875 posts

I don't understand the income tax being used as a tool to soak the rich



If the end game is to really soak the rich then why not try to pass some amendment that allows taxation of property?

Let's say you enact a tax on property starting above some arbitrary number (let's say 2 million dollars)

Wouldn't that be more effective in taxing the rich than going after high traditional incomes (which in essence are just upper middle class, not the truly wealthy)







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Zach
LSU Fan
Member since May 2005
65773 posts

re: I don't understand the income tax being used as a tool to soak the rich


A wealth tax would hit our esteemed legislators where it really hurts.





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Powerman
LSU Fan
Corpus Christi, TX
Member since Jan 2004
120875 posts

re: I don't understand the income tax being used as a tool to soak the rich


Yeah I'm forgetting how much of a country club the U.S. Senate is







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BBONDS25
LSU Fan
Member since Mar 2008
16584 posts

re: I don't understand the income tax being used as a tool to soak the rich


The point already made about hitting the legislators and more importantly, their backers is a big one. Also, the vast majority of the code is triggered by an event. Just sitting on wealth isn't a taxable event. It would create a nightmare of valuation battles, and logistically could cause the whole "family farm" issue that was debated during the estate tax discussions.





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Powerman
LSU Fan
Corpus Christi, TX
Member since Jan 2004
120875 posts

re: I don't understand the income tax being used as a tool to soak the rich


quote:

Just sitting on wealth isn't a taxable event.

It is on the state level as far as property taxes go

The law could just be that they'd have to go by the state valuations.

I'm not really suggesting this as the way to go. I guess I'm just sick of the myth that higher income taxes target the elite. There are a number of different tax avenues that would more effectively target the super rich and they aren't even being brought up as a possibility.






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BBONDS25
LSU Fan
Member since Mar 2008
16584 posts

re: I don't understand the income tax being used as a tool to soak the rich


True, but with the property tax comes the assessor, who only deals in assessing property value. Imagine the headache created on a federal level gettin business valuators of all shapes and sizes. I get the point you are making and I think the first answer in this thread is the correct one. I do think if they tried to implement it, it would be a nightmare. Can you imagine the differences in valuation of businesses? There would be a lot of litigation.

And we agree on the "tax the rich" talk. Its just class warfare. Does nothing for the bottom line.



This post was edited on 2/2 at 11:21 am


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CITWTT
LSU Fan
baton rouge
Member since Sep 2005
31765 posts

re: I don't understand the income tax being used as a tool to soak the rich


Every member of Congress should be made to live by all of the standards that a normal citizen of this country has to do according to thier legislation. The salary should be tied to the "poverty" levels of income for the country, which aren't poor anymore with all of the entitlements.





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NC_Tigah
LSU Fan
Member since Sep 2003
54100 posts

re: I don't understand the income tax being used as a tool to soak the rich


quote:

The salary should be tied to the "poverty" levels of income for the country, which aren't poor anymore with all of the entitlements.
I don't think that would have the desired effect.






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GumboPot
LSU Fan
Saints Fan
Member since Mar 2009
25756 posts

re: I don't understand the income tax being used as a tool to soak the rich


It seems to me that the current income tax structure does a very good job of not allowing upper middle class to become wealthy. I mean wealthy in terms of having sufficient assests to live off of without having to "work".


This post was edited on 2/2 at 12:31 pm


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NC_Tigah
LSU Fan
Member since Sep 2003
54100 posts

re: I don't understand the income tax being used as a tool to soak the rich


quote:

the current income tax structure does a very good job of not allowing upper middle class from becoming wealthy
BOOM !







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Powerman
LSU Fan
Corpus Christi, TX
Member since Jan 2004
120875 posts

re: I don't understand the income tax being used as a tool to soak the rich


quote:

And we agree on the "tax the rich" talk. Its just class warfare. Does nothing for the bottom line.


And it's class warfare on the middle class while the wealthy have the system rigged in their favor






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CITWTT
LSU Fan
baton rouge
Member since Sep 2005
31765 posts

re: I don't understand the income tax being used as a tool to soak the rich


I would like to laugh, but I weep at the fact that DeTocqville was spot on in his vision of what America would become 180 plus years ago. The honorable Billy Tauzin lived in the suburb(a stretch) that I lived in near Thibodaux. He moved his family and all of the furniture to DC, he left the families dogs to rot inside a locked house. I was able to get one of his friends to break into the house to rescue them. All of the Congress today lives up to that status if you look at thier proclaimed domiciles.





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BBONDS25
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Member since Mar 2008
16584 posts

re: I don't understand the income tax being used as a tool to soak the rich


We agree that the middle class is the group most adversly affected, but I think we disagree that the "rich" have it rigged. They have paid or will pay taxes at some point on every bit of their wealth.





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SmackoverHawg
Arkansas Fan
Member since Oct 2011
14503 posts

re: I don't understand the income tax being used as a tool to soak the rich


quote:

I'm not really suggesting this as the way to go. I guess I'm just sick of the myth that higher income taxes target the elite. There are a number of different tax avenues that would more effectively target the super rich and they aren't even being brought up as a possibility.

This is what I have always said. Income taxes do not affect the elite. They have no earned income.






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Powerman
LSU Fan
Corpus Christi, TX
Member since Jan 2004
120875 posts

re: I don't understand the income tax being used as a tool to soak the rich


quote:

It seems to me that the current income tax structure does a very good job of not allowing upper middle class to become wealthy

Right

I'm starting to wonder if that's actually the point






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SmackoverHawg
Arkansas Fan
Member since Oct 2011
14503 posts

re: I don't understand the income tax being used as a tool to soak the rich


quote:

agree that the middle class is the group most adversly affected, but I think we disagree that the "rich" have it rigged. They have paid or will pay taxes at some point on every bit of their wealth.

Not necessarily. Think of all the old money that was made and assets accumulated since the inception of an income tax. Most of these old money empires would have never came to be under the current taxation rates.






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NC_Tigah
LSU Fan
Member since Sep 2003
54100 posts

re: I don't understand the income tax being used as a tool to soak the rich


quote:

I think we disagree that the "rich" have it rigged.
Put another way, the rich have far more means to insulate themselves financially than do others.






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Powerman
LSU Fan
Corpus Christi, TX
Member since Jan 2004
120875 posts

re: I don't understand the income tax being used as a tool to soak the rich


quote:

but I think we disagree that the "rich" have it rigged

The rich very clearly have things rigged in their favor and they rely on people like you to believe that they don't to keep it that way.






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NC_Tigah
LSU Fan
Member since Sep 2003
54100 posts

re: I don't understand the income tax being used as a tool to soak the rich


quote:

The rich very clearly have things rigged in their favor
Depends on what you mean by ""rigged"".

How would you propose to undo the "rigging"?






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BBONDS25
LSU Fan
Member since Mar 2008
16584 posts

re: I don't understand the income tax being used as a tool to soak the rich


Please expand. Which precise tax policy is rigged in their favor?

And I will ignore your feeble attempt at a personal dig, but at least it took you until page 2 to be a douche. Baby steps.

Eta: oops. Still page 1. I gave you too much credit.



This post was edited on 2/2 at 12:00 pm


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