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Started By
Message
Warren’s 6% wealth tax is equivalent to an income tax of well over 100%
Posted on 11/1/19 at 11:19 am
Posted on 11/1/19 at 11:19 am
quote:
James Pethokoukis
@JimPethokoukis
Consider a taxpayer who holds a long term bond with a fixed interest rate of 3 percent each year. A 2 percent wealth tax = a 67 percent income tax. A 3 percent wealth tax = a 100 percent income tax rate.
@ewarren wants a 6 percent wealth tax. Massive.
This is insanity.
A 6% wealth tax seems small to joe blow, but it would lead to an outright collapse in capital investment
27
Posted on 11/1/19 at 11:20 am to HailHailtoMichigan!
Funny thing.
Constitution doesn't allow for a wealth tax.
Constitution doesn't allow for a wealth tax.
Posted on 11/1/19 at 11:21 am to HailHailtoMichigan!
Might as well make the death tax 100% because nobody will be able to amass a fortune with those clowns stealing it all.
Posted on 11/1/19 at 11:23 am to HailHailtoMichigan!
The bad thing is 50% of Americans see no problem with this
Posted on 11/1/19 at 11:25 am to HailHailtoMichigan!
That's an annual tax too right?
6% of your wealth this year
6% of your wealth next year
6% of your wealth the following year.
Constantly chipping away...
6% of your wealth this year
6% of your wealth next year
6% of your wealth the following year.
Constantly chipping away...
Posted on 11/1/19 at 11:25 am to HailHailtoMichigan!
quote:
A 6% wealth tax seems small to joe blow, but it would lead to an outright collapse in capital investment
But consider feelings you elitist capitalist pig. Little Suzie Martinez died because her parents can't afford her inhaler. But as long as you can afford your yacht who cares right?
Posted on 11/1/19 at 11:26 am to HailHailtoMichigan!
quote:
but it would lead to me becoming an expat in the BVI
Posted on 11/1/19 at 11:26 am to nugget
quote:
The bad thing is 50% of Americans see no problem with this
Which makes 50% of Americans immoral
Posted on 11/1/19 at 11:28 am to HailHailtoMichigan!
How long will it be before Liawatha and Bernie advocate confiscating private savings accounts?
Posted on 11/1/19 at 11:28 am to udtiger
quote:
Constitution doesn't allow for a wealth tax.
Didn't allow for an income tax either, but we know how that worked out.
Posted on 11/1/19 at 11:29 am to TigerMyth36
quote:
Might as well make the death tax 100% because nobody will be able to amass a fortune with those clowns stealing it all
I've seen and argued with liberals on other sites that support this. Their view is that *any* inheritance passed on gives a person an "unfair advantage" over another person who inherits nothing. So the only solution to "level the playing field" is to have the government take everything from a person when they die. These libs were serious too.
Posted on 11/1/19 at 11:36 am to udtiger
quote:
Constitution doesn't allow for a wealth tax.
So considering how open she is about a wealth tax, she knows that she would have to increase the exit asset tax by a magnitude so large that the opportunity cost of leaving the country would be too high to consider denouncing citizenship.
She better be able to confiscate guns too. She is so over her skis it's not even funny.
Posted on 11/1/19 at 11:39 am to HailHailtoMichigan!
Don't worry guys, it'll only apply to the SUPER DUPER rich, just like the income tax was supposed to when they implemented it.
Posted on 11/1/19 at 11:40 am to imjustafatkid
quote:
Didn't allow for an income tax either, but we know how that worked out.
It actually required a constitutional amendment (16th) because the SCOTUS said one that had been passed by Congress was an unconstitutional direct tax.
Posted on 11/1/19 at 11:41 am to TideCPA
Is it time to start investing in Mason Jars yet?
Posted on 11/1/19 at 11:43 am to HailHailtoMichigan!
So this tax she proposes is based on account balances or investment earnings? shite goes by balances you will see a run on banks like never before. I know the bulk of my money doesn’t earn 6% and there is basically no way to do so without incurring risk of principle.
This post was edited on 11/1/19 at 11:44 am
Posted on 11/1/19 at 11:46 am to udtiger
quote:
It actually required a constitutional amendment
The passage of which is dubious in itself.
Posted on 11/1/19 at 11:46 am to HailHailtoMichigan!
The Govt will need more X-Ray and detector crews. People will pull money out of banks, and hide it like very cash rich bookies, drug dealers, restaurateurs, bar owners, etc.. Joe Vito Mastronardo type castle raids will increase. People vacationing to banking money havens will skyrocket..people will take cruises to them to avoid airport detectors. Floor and hidden pocket wall safe sales will skyrocket..etc..
Posted on 11/1/19 at 11:48 am to HailHailtoMichigan!
Have a friend in the U.K. They have something similar, goes by age. Figure you won't need the money so they take it as some form of taxation.
He's 66 or so and every year they look at his net worth and tax him accordingly. Told me he floats somewhere around 1.8M and it's practically impossible for him to grow it because of the taxes.
He's 66 or so and every year they look at his net worth and tax him accordingly. Told me he floats somewhere around 1.8M and it's practically impossible for him to grow it because of the taxes.
Posted on 11/1/19 at 11:49 am to udtiger
quote:
Constitution doesn't allow for a wealth tax.
You think that'll stop them? You'll have to show me specifically where an income tax is constitutional.
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