[Cincinatus]

This will never happen -- the Kennedys and the Pelosis and the Rockefllers and the Heinz-Kerrys will never permit such a thing to pass.

Only the suckers who actually work for a living are to be plucked.

[Arm_Bears]

Actually, we had such a thing in Florida. In lieu of a state income tax, there was this creation called an intangibles tax that was levied on all personal financial assets. Each year, you toted up the value of your cash, savings and checking accounts, stocks, mutual funds, bonds, and any other monetary instrument (retirement savings were exempted) and paid a small percentage (around 1%-2%)of that amount. The system was scrapped several years back due to enforcement difficulties.

I think imposing a similar assessment on rich DemocRATS is a fine idea, but at a much higher percentage (say 25% annually). Dillweeds like Buffett and Gates don’t have much in the way of real income, so they can piously (and hypocritically) talk about raising income taxes on everyone else. I suspect they’d start singing a different tune once their wealth and assets were targetted and they actually had some skin in the game.

[Phlyer]

This will never happen -- the Kennedys and the Pelosis and the Rockefllers and the Heinz-Kerrys will never permit such a thing to pass.

Actually, they would - and quickly. When you get to a certain point, the amount of money you have in the bank is not the key issue. You're not consuming that wealth - you're using it to generate income. You need the income from it to live the lifestyle you want. If you institute a wealth tax and reduce the income tax, they might be better off for the rest of their lives. Yes, the principal would eventually be consumed - but not for many years, and in the meantime they get a greater income after taxes.

The real problem is that the really rich each have a lot of wealth, but there still aren't that many of them. The absolute quantity of wealth is greatest in the sum of all the upper middle class - those who have put money aside for retirement. The Pelosis of the world want access to all that 401K money. This is absolutely a ploy to capture that wealth.

And I'd bet all the wealth that I actually do have that they'll work out the law that seizes 401k funds in a way that establishes enough loopholes to shield their own wealth anyway. It'll be Obamacare all over again, with government workers and unions exempted from the rules that apply to the rest of us.

[Buckeye McFrog]

This will never happen -- the Kennedys and the Pelosis and the Rockefllers and the Heinz-Kerrys will never permit such a thing to pass.

ahhhh, but Dr. Frankenstein always had this funny way of losing control of the monster once he had built it.

[PapaBear3625]

This will never happen -- the Kennedys and the Pelosis and the Rockefllers and the Heinz-Kerrys will never permit such a thing to pass. Only the suckers who actually work for a living are to be plucked.

The wealth of the elites will be shielded in foundations and 501(c) "charitable" organizations like the Rockefeller Brothers Fund.

As an example, I hadn't know until now that the NFL is explicitly exempt for corp taxes under 501(c) sub-paragraph 6.

If you really want to make a dent in the national debt, withdraw the tax-exempt status of 501(c) organizations. Of course, the politician who tries that should ensure his life insurance is fully paid up.

[impimp]

Perhaps those wealthy who are actually trying to good will get a waiver. Those involved in the green economy or those who support expanded female reproductive health services are most deserving.

[5thGenTexan]

This will never happen -- the Kennedys and the Pelosis and the Rockefllers and the Heinz-Kerrys will never permit such a thing to pass.

But putting them in the position to have to publicly fight it would be eye-opening if the TEA Party could get it covered (I hold no hope for Republicans doing anything but giving Dems cover).