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re: Warren’s Wealth Tax
Posted on 7/25/19 at 2:26 pm to boogiewoogie1978
Posted on 7/25/19 at 2:26 pm to boogiewoogie1978
so lazy. which of the results is your chosen definition. My God. I lost respect for the U of Chicago today. You are legitimately a moron. How can you not have the capacity to articulate the meaning of a question you asked? How can you be so ignorant of basic tax principles, yet feel confident enough to opine with such hubris? I’ll ask a 4th time. Define goal list economy. 
0
Posted on 7/25/19 at 2:27 pm to tigerfoot
It is also a basic diversification strategy for the wealthy. It would not be the smartest move for a wealthy person to keep all of their assets in one currency. Or in one country.
This post was edited on 7/25/19 at 3:00 pm
Posted on 7/25/19 at 2:27 pm to SlidellCajun
quote:
Warren’s Wealth
Am I the only one that immediately thought of Warren G and Regulators?
Posted on 7/25/19 at 2:28 pm to SlidellCajun
quote:
i think the rationale is that they could create a tax revenue stream large enough to pay for her college debt bailout, global warming and free housing
Forbes
Funny, she could have enough for just her healthcare plan for 10 years, using CBO estimates if she confiscated every single penny of wealth in this country
That article is from 2017 so its a higher number but the same premise still stands. They can't fund any of their massive public programs with ALL household wealth for more than a decade. Ridiculous premise. She's a tyrant.
Posted on 7/25/19 at 2:38 pm to SlidellCajun
Whole bunch of stupid in this thread.
Warren wants this measure just to win votes.
You could never accurately assess a true net worth to most people with assets over say $10 million or so.
How do you value a business that is privately owned? It would be all over the map.
How do you value real estate? Again, it would be all over the map.
Let's say it is a 2% tax. So the gov't takes 2% this year. Then it takes 2% the next year, and on and on.....
That is stealing. What if the value of say a apartment complex drops from $20 million on year to $18 million the next due to market factors? Is the owner now entitled to recoup the taxes paid last year? Yeah, good luck with that.
And, what does taxing these people accomplish?
It is just a liberal feel good thing because of "wealth inequality". Which is such BS.
You could steal all the billionaire's wealth and divide it with the rest of us. In 5-10 years, we would probably be right back where we started with "wealth inequality" all over again.
Money ends up in the hands of those that know how to produce something of value and then to hold on and grow their wealth. Not to those that make $35k a year with the latest Iphone at $1000 and a big arse F150 for $60k.
Any tax that targets a group because they make more is BS IMO.
Warren wants this measure just to win votes.
You could never accurately assess a true net worth to most people with assets over say $10 million or so.
How do you value a business that is privately owned? It would be all over the map.
How do you value real estate? Again, it would be all over the map.
Let's say it is a 2% tax. So the gov't takes 2% this year. Then it takes 2% the next year, and on and on.....
That is stealing. What if the value of say a apartment complex drops from $20 million on year to $18 million the next due to market factors? Is the owner now entitled to recoup the taxes paid last year? Yeah, good luck with that.
And, what does taxing these people accomplish?
It is just a liberal feel good thing because of "wealth inequality". Which is such BS.
You could steal all the billionaire's wealth and divide it with the rest of us. In 5-10 years, we would probably be right back where we started with "wealth inequality" all over again.
Money ends up in the hands of those that know how to produce something of value and then to hold on and grow their wealth. Not to those that make $35k a year with the latest Iphone at $1000 and a big arse F150 for $60k.
Any tax that targets a group because they make more is BS IMO.
Posted on 7/25/19 at 3:07 pm to deathvalleytiger10
Fwiw, it’s done now in a few european countries so it’s certainly possible.
Also fyi, local municipalities have been taxing real estate annually for hundreds of years.
Also fyi, local municipalities have been taxing real estate annually for hundreds of years.
Posted on 7/25/19 at 3:14 pm to SlidellCajun
quote:
european countries
Thanks for another reason that we should not consider this policy.
Posted on 7/25/19 at 3:32 pm to SlidellCajun
quote:
Fwiw, it’s done now in a few european countries so it’s certainly possible.
And many have abandoned it and most have found it counter-productive
Posted on 7/25/19 at 3:45 pm to AbuTheMonkey
anyone who supports this is a commie and should be deported to Siberia or is a complete retard who should be in a mental hospital. Warren is off her rocker and its time for her to go down to florida with the rest of the retirees.
Posted on 7/25/19 at 3:48 pm to SlidellCajun
quote:
Warren’s Wealth Tax
Wealth tax = Envy
We have so much scum in this country.
Reparations , forgiving college debt and a wealth tax.
Our country is full of worthless POS !
Posted on 7/25/19 at 3:49 pm to SlidellCajun
quote:
So is this an idea that you care about? Do you think it could ever happen here?
One of the biggest hurdles would be valuation of the stocks. When do you value them? How do you value them? I can imagine there would also be some liquidation tax like Bernie Sanders wants which would increase your tax burden another .5% or so when you cash the stock to pay for the stock you own
Posted on 7/25/19 at 4:00 pm to ScoopAndScore
quote:
Am I the only one that immediately thought of Warren G and Regulators?
I'm gettin jacked, I'm breakin myself
I can't believe they're taking Warren's wealth
Posted on 7/25/19 at 4:03 pm to SlidellCajun
They should just fix the income tax so people like Mitt Romney and Warren Buffett isn't paying 14% due to all the loopholes.
Everyone should just pay the same rates based on the scales we have today without all the loopholes. It shouldn't matter where your income comes from.
Everyone should just pay the same rates based on the scales we have today without all the loopholes. It shouldn't matter where your income comes from.
Posted on 7/25/19 at 4:06 pm to StormyMcMan
quote:
One of the biggest hurdles would be valuation of the stocks. When do you value them? How do you value them?
Arguments over valuations on a 706 can last years. Could you imagine having to do that annually? You bring up a really good point. Tax attorneys would make a ton of money, though!
Posted on 7/25/19 at 4:11 pm to lsu13lsu
The tax code and fricking with it is the government’s biggest stick for controlling behavior.
Therefore it will never be simplified
The “loopholes” you speak of are all there to drive people to particular behaviors.
Therefore it will never be simplified
The “loopholes” you speak of are all there to drive people to particular behaviors.
Posted on 7/25/19 at 4:27 pm to gthog61
quote:
The tax code and fricking with it is the government’s biggest stick for controlling behavior.
Therefore it will never be simplified
The “loopholes” you speak of are all there to drive people to particular behaviors.
Completely agree. But, it needs to be pointed out that the entire problem with the wealthy's taxes is that they have too many loopholes.
Posted on 7/25/19 at 4:28 pm to lsu13lsu
quote:
Completely agree. But, it needs to be pointed out that the entire problem with the wealthy's taxes is that they have too many loopholes.
Such as? What percentage of the overall tax burden should the top 1 percent be responsible for?
Posted on 7/25/19 at 4:32 pm to lsu13lsu
quote:
Completely agree. But, it needs to be pointed out that the entire problem with the wealthy's taxes is that they have too many loopholes.
Damn near half the population is paying net negative taxes. I’m OK with the other half having outlets for lowering their effective rates.
Posted on 7/25/19 at 4:33 pm to SlidellCajun
quote:
So is this an idea that you care about?
I don't care about it beyond it being a moronic idea that will just drive those people out of the country (taking their millions and billions with them).
Posted on 7/25/19 at 4:34 pm to BBONDS25
quote:
Such as? What percentage of the overall tax burden should the top 1 percent be responsible for?
For example, I think we should not have so many loopholes where people can make the same amount of income but pay different rates on it based on whether working a regular job, passive income in real estate or Long Term capital gains. I am sure there are countless other loopholes that I don't even know about.
The example I gave is Mitt Romney and Warren Buffett. Both CEO's of companies and pay in the teens in tax rates. Plenty of other CEOs that pay over 30%.
This post was edited on 7/25/19 at 4:35 pm
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