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Yahoo: dems pushing for wealth tax, but Europe has largely abandoned them
Posted on 3/28/19 at 10:41 am
Posted on 3/28/19 at 10:41 am
quote:
(Bloomberg) -- Democrats are busy finding new ways to tax the rich. The most straightforward way to do that -- an annual tax on household wealth -- is an idea with deep roots in Europe that several 2020 hopefuls are hoping to import to the U.S.
Yet of the 15 European countries that tried a wealth tax in recent years, only four still employ it. Most of those governments ultimately were underwhelmed by the amount of revenue raised and overwhelmed by the difficulty in collecting an accurate tax.
Warren wants to impose a 2 percent annual tax on a family’s wealth over $50 million, with an additional surcharge of 1 percent on wealth above $1 billion. She says her plan would raise $2.75 trillion over 10 years.
Article goes in depth on why those European nations abandoned the tax.
For the most part, the cost of collecting the tax and valuing assets was more than the revenue it brought in
LINK
This post was edited on 3/28/19 at 10:43 am
9
Posted on 3/28/19 at 10:47 am to HailHailtoMichigan!
Are they going to send an appraiser out to appraise people's houses and land annually?
Posted on 3/28/19 at 10:48 am to HailHailtoMichigan!
The difference is, European leftists will abandon their policies if data presents that it isn't working.
American leftists are incapable of the same feat. Once something is started, it can never be reversed.
American leftists are incapable of the same feat. Once something is started, it can never be reversed.
Posted on 3/28/19 at 10:49 am to HailHailtoMichigan!
Any state or country that attempts such would see a massive outflux of capital and assets the likes of which they couldn't imagine
Posted on 3/28/19 at 10:52 am to HailHailtoMichigan!
quote:
She says her plan would raise $2.75 trillion over 10 years.
Is that supposed to be impressive and a lot for something on the scale of this?
Posted on 3/28/19 at 10:53 am to PEPE
quote:
Any state or country that attempts such would see a massive outflux of capital and assets the likes of which they couldn't imagine
It would kill banks as well because Americans largely live above their means by buying nice things and paying long term notes with interest. If you had to pay tax on all over things with positive equity in them every year that adds to your net worth most Americans couldn’t afford those things and it would collapse our economy.
Posted on 3/28/19 at 11:05 am to HailHailtoMichigan!
How many plans have we heard about that are made to develop more revenue?
Why can’t 50 senators and however many House members get together and figure out how to cut 500 Billion dollars out of the budget annually? 5 trillion over 10 years?
I know I’m just a simple minded working class joe but it seems like instead of working to squeeze more from the people, they should cut other areas or even lord forbid, compromise with others to get the funds they want.
Fiscal accountability is the most overlooked metric among potential candidates.
Why can’t 50 senators and however many House members get together and figure out how to cut 500 Billion dollars out of the budget annually? 5 trillion over 10 years?
I know I’m just a simple minded working class joe but it seems like instead of working to squeeze more from the people, they should cut other areas or even lord forbid, compromise with others to get the funds they want.
Fiscal accountability is the most overlooked metric among potential candidates.
Posted on 3/28/19 at 11:18 am to cokebottleag
quote:
The difference is, European leftists will abandon their policies if data presents that it isn't working. American leftists are incapable of the same feat. Once something is started, it can never be reversed.
That’s because having marxism is the end goal. It’s not “fairness” or raising revenue. Those are the excuses.
Posted on 3/28/19 at 11:38 am to cokebottleag
quote:
The difference is, European leftists will abandon their policies if data presents that it isn't working.
American leftists are incapable of the same feat. Once something is started, it can never be reversed.
Nothing will ever be posted on this board that is truer than this
Posted on 3/28/19 at 12:01 pm to HailHailtoMichigan!
quote:
For the most part, the cost of collecting the tax and valuing assets was more than the revenue it brought in
That is only possible because the truly wealthy people somehow exempted themselves from the tax.
Posted on 3/28/19 at 12:34 pm to HailHailtoMichigan!
quote:
Germany, Sweden, the Netherlands, and Austria have all abandoned the policy, citing the high cost of implementation and the small revenue it generated.
In France, the most recent country to back away from the idea, the wealth tax was estimated to bring in about 3.6 billion euros annually and cost the country about 7 billion euros annually from fraud as well as an eroded tax base caused by taxpayers leaving the country, according to research by Eric Pichet, a professor at the Kedge business school in France.
That is so hilarious that I have no response to it.
Posted on 3/28/19 at 12:39 pm to cokebottleag
quote:
The difference is, European leftists will abandon their policies if data presents that it isn't working. American leftists are incapable of the same feat. Once something is started, it can never be reversed.
Posted on 3/28/19 at 12:40 pm to Wtodd
quote:
The difference is, European leftists will abandon their policies if data presents that it isn't working.
American leftists are incapable of the same feat. Once something is started, it can never be reversed.
Nothing will ever be posted on this board that is truer than this
Beer is good, people are crazy, and boobs are fun to play with.
Posted on 3/28/19 at 12:49 pm to TheHarahanian
quote:
That’s because having marxism is the end goal. It’s not “fairness” or raising revenue. Those are the excuses.
This is all it is.
And I can guarantee their definition of "rich" will continually slide down the income/wealth scale until it gets its claws firmly into the middle and upper middle classes that have been financially responsible their whole lives.
Posted on 3/28/19 at 12:56 pm to Janky
quote:
Are they going to send an appraiser out to appraise people's houses and land annually?
But of course. That will allow them to create a ton of government jobs.
Posted on 3/28/19 at 1:00 pm to HailHailtoMichigan!
pretty simple fix
end business taxes, end payroll taxes, implement an actual progressive income tax (maxes out at maybe 50%) with no write-offs. decrease the estate tax threshold and implement a national sales tax.
cut the bullshite spending on military and unnecessary entitlements and you could probably get away without lowering the estate tax threshold.
end business taxes, end payroll taxes, implement an actual progressive income tax (maxes out at maybe 50%) with no write-offs. decrease the estate tax threshold and implement a national sales tax.
cut the bullshite spending on military and unnecessary entitlements and you could probably get away without lowering the estate tax threshold.
Posted on 3/28/19 at 1:00 pm to HailHailtoMichigan!
quote:
Most of those governments ultimately were underwhelmed by the amount of revenue raised
Raising taxes on the wealthy is about penis-envy and control, nothing more.
Posted on 3/28/19 at 2:01 pm to oogabooga68
quote:
Raising taxes on the wealthy is about penis-envy and control, nothing more.
Nah,....it's about finding the deepest pockets and getting the the poor, huddled masses to elect politicians to pass laws that tax the shite out of this very small percentage of the population. Fortunately, for the uber-wealthy, campaign contributions speak louder than votes.
Posted on 3/28/19 at 2:05 pm to WeeWee
no worries
sweden is taxing individuals at a 61.5% rate right now
sweden is taxing individuals at a 61.5% rate right now
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