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re: Wealth taxes- do you think they will be coming in the next 10 years?
Posted on 4/5/26 at 4:18 pm to HailHailtoMichigan!
Posted on 4/5/26 at 4:18 pm to HailHailtoMichigan!
I do expect more local and state wealth taxes to pop up. I do not expect a federal wealth tax.
1
Posted on 4/5/26 at 4:33 pm to lynxcat
Especially in places like Florida where they are getting rid of property taxes. All of the other taxes are going to go up.
Posted on 4/5/26 at 4:36 pm to meansonny
quote:
But it has to get small wins. Successful tariff programs can lead to consumption taxes (instead of income taxes).
We have had successful tarrifs in this country for a very long time. They have not in any way lead to consumption taxes. In fact, they’re met with the same hurdle that prevents us from going to a more fair consumption tax system; business does not want any obstacle to growth and it’s certain that tariffs and consumption taxes can hinder buying habits.
Posted on 4/5/26 at 5:16 pm to Paul Allen
I would not expect a wealth tax in Florida unless the politics flip meaningfully.
Posted on 4/5/26 at 6:22 pm to HailHailtoMichigan!
The average dumbass leftist voter thinks Elon has hundreds of billions of dollars in a HYSA. It wouldn't shock me if we tried it, but it won't work.
The least productive organization to "give" money to is the government.
The least productive organization to "give" money to is the government.
Posted on 4/5/26 at 9:28 pm to SlidellCajun
quote:
business does not want any obstacle to growth and it’s certain that tariffs and consumption taxes can hinder buying habits.
You think that businesses would prefer corporate income tax and payroll taxes to consumption taxes?
You think American businesses would prefer corporate income tax and payroll taxes to an outsized proportional tax on imported goods?
Posted on 4/6/26 at 5:32 am to Rize
quote:On the positive side, I've never seen a Warren wealth tax proposal likely to pass Constitutional muster. Though there are ways to potentially structure, a wealth tax as "indirect," she doesn't seem to be working along those lines.
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.
The Constitution requires that direct taxes be "apportioned" among the states by population. If a wealth tax is a "direct tax," then a state with 10% of the U.S. population would have to pay 10% of the total revenue regardless of the actual wealth its residents collectively hold (obviously a nonstarter).
One of the chilling aspects though, even for those not subject to the tax itself, would be the dispositive elements of the law.
The federal government would claim a need to know the wealth and holdings of all Americans in order to determine who would, and who would not be subject to the tax. It would comprise an opportunity for major intrusion into financial privacy. Depending on the depth and detail of the requirements, it could also be an expensive undertaking for individuals nowhere near the threshold.
Posted on 4/6/26 at 6:08 am to meansonny
quote:
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 people supporting wealth taxes typically don't understand this.
They think Elon has multiple Scrooge McDuck vault-pools. They don't get how this is largely paper wealth from unsold stock, which is why they believe this wealth is taking from others.
Posted on 4/6/26 at 8:23 am to meansonny
quote:
You think that businesses would prefer corporate income tax and payroll taxes to consumption taxes?
Some would. Some wouldn’t. Retailers generally do no favor any sort of consumption tax.
For me, I would prefer a consumption tax over any form of taxation. Not both though.
Posted on 4/6/26 at 9:23 am to SlidellCajun
quote:
quote:
You think that businesses would prefer corporate income tax and payroll taxes to consumption taxes?
Some would. Some wouldn’t. Retailers generally do no favor any sort of consumption tax.
The only businesses that would prefer corporate income tax to VAT would be the unprofitable kind. It is typically the only advantage that they have versus a superior competitor.
That includes retail establishments.
Posted on 4/6/26 at 9:47 am to SlowFlowPro
quote:People are so unbelievably stupid
The people supporting wealth taxes typically don't understand this.
Posted on 4/6/26 at 10:26 am to DraggingPride
These same people will pretend Elon does nothing because he's not a scientist directly working on problems and Telsa was started by someone else. So yeah, uninformed and dumb.
Posted on 4/6/26 at 11:33 am to HailHailtoMichigan!
Not a wealth tax per se, however tax benefits for 401ks and ira's will be "means tested" - we're talking about people with a million dollars in retirement accounts! these programs were never meant to help millionaire fat cats like that.
This tax will, of course, be scheduled to go into effect 24 hours after the last baby boomer dies.
This tax will, of course, be scheduled to go into effect 24 hours after the last baby boomer dies.
Posted on 4/6/26 at 2:33 pm to Cold Cous Cous
Im not sure what you mean.
Can you elaborate?
Can you elaborate?
Posted on 4/6/26 at 3:04 pm to NC_Tigah
quote:
On the positive side, I've never seen a Warren wealth tax proposal likely to pass Constitutional muster. Though there are ways to potentially structure, a wealth tax as "indirect," she doesn't seem to be working along those lines.
The Constitution requires that direct taxes be "apportioned" among the states by population. If a wealth tax is a "direct tax," then a state with 10% of the U.S. population would have to pay 10% of the total revenue regardless of the actual wealth its residents collectively hold (obviously a nonstarter).
Along with that, there's also the realized/unrealized aspect.
For those who don't understand what I mean (I know NC does), here's the text of the 16th Amendment:
quote:
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
In Commissioner v. Glenshaw Glass Co., SCOTUS found "income" to be defined as:
quote:
undeniable accessions to wealth, clearly realized, and over which the taxpayer has complete dominion
The key part here is "clearly realized," which is underscored by "over which the taxpayer has complete dominion." The very generalized tl;dr version is that an asset of value has to have been either converted to cash (sold) or transacted (given, if $18k or more, or inherited if over ~$13M-$14M) with the tax year in order to be taxed by the federal government. In other words, something like the gain on the value of stocks (say NVDA goes up $20 per share) can't be taxed because the gain is unrealized, meanwhile dividends paid out are realized gains.
Without a whole new Amendment, the federal government cannot tax unrealized gains.
This post was edited on 4/6/26 at 3:25 pm
Posted on 4/7/26 at 6:25 pm to HailHailtoMichigan!
In certain places. yes
Posted on 4/8/26 at 4:59 pm to Neauxla
quote:
Not much in there for the middle class.
It’s a game. Get more money, allocate it towards consulting firms, non profits, business owned and run by friends and family. If 10% gets where it was promised I’d be shocked.
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