I don't understand the income tax being used as a tool to soak the rich | Page 2 | TigerDroppings.com
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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
16917 posts

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

quote:

If the end game is to really soak the rich then why not try to pass some amendment that allows taxation of property?
If property is subject to siezure if over some arbitrary value, will any piece of property be worth that value? I know I wouldn't pay for something that would be taken away from me. Nor would I produce anything beyond my needs for survival, which means persaonal consumption.

There would be no incentive to accumulate capital and invest it. Who would manufacture products without capital to invest? All eceonomies of scale would be lost. Who would design new products and innovations if they could not benefit from doing so?


Ace Midnight
LSU Fan
Currently asymptomatic
Member since Dec 2006
37300 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.


A consumption tax with a flat refund (to make it "nonregressive") would be a much more effective blow against the wealthy. Wealthy people consume more, period.


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NC_Tigah
LSU Fan
Member since Sep 2003
57139 posts

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

If property is subject to siezure if over some arbitrary value, will any piece of property be worth that value? I know I wouldn't pay for something that would be taken away from me. Nor would I produce anything beyond my needs for survival, which means persaonal consumption.

There would be no incentive to accumulate capital and invest it. Who would manufacture products without capital to invest? All eceonomies of scale would be lost. Who would design new products and innovations if they could not benefit from doing so?
I'd guess that would fall into the realm of being "rigged".


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