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Wealth taxes- do you think they will be coming in the next 10 years?
Posted on 4/1/26 at 3:05 pm
Posted on 4/1/26 at 3:05 pm
Major politicians on the state and federal level, as well as possible presidential candidates, are throwing support and putting out wealth tax plans way more than in the past. The Overton window has clearly shifted.
The reason I think they are particularly dangerous is that the average person might see a 2% wealth tax and think “oh that is such a small amount”
This graphic by a sitting Senator got 1 million likes on Instagram
There is a growing fringe group of economists- Thomas pikety, Gabriel zucman, and Emmanuel saez, who are really pushing for them too. It gives a veneer of credibility
The reason I think they are particularly dangerous is that the average person might see a 2% wealth tax and think “oh that is such a small amount”
This graphic by a sitting Senator got 1 million likes on Instagram
There is a growing fringe group of economists- Thomas pikety, Gabriel zucman, and Emmanuel saez, who are really pushing for them too. It gives a veneer of credibility
25
Posted on 4/1/26 at 3:06 pm to HailHailtoMichigan!
Not much in there for the middle class.
Posted on 4/1/26 at 3:18 pm to HailHailtoMichigan!
We have thrown massive sums at the goodies on the right. It’s all been a massive failure.
Posted on 4/1/26 at 3:30 pm to HailHailtoMichigan!
If only any of it would go to any of those issues. Remember when we were going to fix all of our education problems and teachers were going to get paid so much more from the Lottery.
Posted on 4/1/26 at 3:32 pm to SloaneRanger
quote:
We have thrown massive sums at the goodies on the right. It’s all been a massive failure.
What exactly are goodies?
Posted on 4/1/26 at 3:46 pm to HailHailtoMichigan!
The erosion of liberty will continue on unabated
Posted on 4/1/26 at 4:14 pm to HailHailtoMichigan!
The idea that someone with wealth has to sell that wealth in order to pay cash to satisfy the tax is why I don't think it can ever pass.
The effects on the economy would be devastating if there is forced liquidation of hard assets to pay a wealth tax.
For a wealth tax to exist, there would have to be some way to qualify it on realized gains.
The effects on the economy would be devastating if there is forced liquidation of hard assets to pay a wealth tax.
For a wealth tax to exist, there would have to be some way to qualify it on realized gains.
Posted on 4/1/26 at 5:25 pm to HailHailtoMichigan!
frick all that shite. I’ll never have to worry about it but what happens when over 50 million becomes over a few million.
You know they will continue to lower that amount until they are getting folks in the 5 to 10 mil range.
You know they will continue to lower that amount until they are getting folks in the 5 to 10 mil range.
This post was edited on 4/1/26 at 9:38 pm
Posted on 4/1/26 at 5:32 pm to HailHailtoMichigan!
Reality is the opposite
Posted on 4/1/26 at 8:07 pm to UltimaParadox
Your source is a 22 year old study by 2 left wing extremist?
Posted on 4/1/26 at 8:21 pm to nugget
There has got to be a catch with that graph.
Taxes on the middle class have largely been cut since the 80s, and tax credits and deductions have grown generous.
No clue where they are pulling their data
Taxes on the middle class have largely been cut since the 80s, and tax credits and deductions have grown generous.
No clue where they are pulling their data
Posted on 4/1/26 at 8:36 pm to HailHailtoMichigan!
America doesn’t have a Revenue problem …. America has a Spending problem.
Before raising taxes and pissing everybody off …. how about you demonstrate you have Spending under control.
Before raising taxes and pissing everybody off …. how about you demonstrate you have Spending under control.
This post was edited on 4/1/26 at 9:12 pm
Posted on 4/1/26 at 8:57 pm to HailHailtoMichigan!
The last POTUS proposed a wealth tax on unrealized gains in his last budget. It barely got any attention. Now the awful idea is gaining more mainstream traction. It may not lass but will be used to generate political enthusiasm on the left.
A more reasonable idea would be to limit stepped up basis at death. I havent given it much thought but maybe there's a way to tax loan proceeds that wealthy live on when using buy-borrow-die strategy.
A more reasonable idea would be to limit stepped up basis at death. I havent given it much thought but maybe there's a way to tax loan proceeds that wealthy live on when using buy-borrow-die strategy.
Posted on 4/2/26 at 9:47 am to cadillacattack
quote:
Before raising taxes and pissing everybody off
Frick taxes but we're talking ~150k people in the US.
Posted on 4/2/26 at 11:39 am to HailHailtoMichigan!
Now do the part where we cut $0.03 from every dollar the Government spends. Probably gets a similar result
Posted on 4/2/26 at 11:44 am to HailHailtoMichigan!
In this stupid scenario, if I buy $10,000 of a stock. And it appreciates to $20,000 over a few years and I'm paying taxes on the unrealized gains. Stock dumps and I sell for $8k ($2k loss), how's that accounted for?
This post was edited on 4/2/26 at 11:45 am
Posted on 4/2/26 at 12:01 pm to castorinho
quote:
In this stupid scenario, if I buy $10,000 of a stock. And it appreciates to $20,000 over a few years and I'm paying taxes on the unrealized gains. Stock dumps and I sell for $8k ($2k loss), how's that accounted for?
Simple. Clawback" or Refund provision. If a taxpayer's net worth drops a threshold within a look-back period they should be allowed to amend their return and get a refund for the tax paid on wealth that evaporated.
Posted on 4/2/26 at 2:02 pm to Sterling Archer
that right side list is truly bizarre
Posted on 4/2/26 at 2:30 pm to Sterling Archer
Yea good luck with that.
When will politicians learn that “Rich” folks/tax payers are smarter than they are and will simply find another means of preserving their wealth.
Taxing unrealized gains would be a disaster
When will politicians learn that “Rich” folks/tax payers are smarter than they are and will simply find another means of preserving their wealth.
Taxing unrealized gains would be a disaster
Posted on 4/2/26 at 2:34 pm to Sterling Archer
quote:
Frick taxes but we're talking ~150k people in the US.
Jesus you're slow. This is always how it starts with FedGov.
quote:
When the modern federal income tax under the 16th Amendment and the Revenue Act of 1913 was first implemented, it applied to a very small share of Americans: about 1%–2% of the population. Estimates put the number of taxpayers at roughly 500,000 to 800,000 individuals out of a U.S. population of about 96 million in 1913.
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