Posted on 03/15/2021 9:19:36 AM PDT by Red Badger
It’s called “accelerationism.”
I made a mental note to never move to Missouri again.
I the old days in OK , the county assessors would hire airplanes to fly them over farms to count the cattle. My uncle always kept 80 acres of timber. They would put round bales in there and fence about half their herd in the trees. County always counted cows in late spring.
You can't get any cheaper than no state income taxes at all.
No sales taxes on groceries or feed for my livestock.
No county property taxes on my acre family cemetery. Very low taxes on my 30 acre, agricultural exempted beef cattle farm.
I pay less taxes overall than I have paid in my entire 5 decades of paying taxes.
That's something common folks don't understand ("common" mostly refers to liberals). Goods are taxed multiple times from inception to purchase, and beyond. Social Security was a promise that it wouldn't be taxed when dispensed. Now when you receive SS benefits, it's taxed. You earn money from your job and it's taxed, then taxed again when you're trying to get interest to counter inflation, and taxed again when you spend the money. You sell your goods that were previously taxed at purchase, and the "profits" are taxed again. We used to have the ability to have deductions on our tax forms to offset taxes, but they were removed or limited to near nothing. On our California taxes we're being asked if we made purchases out of state (so this state can tax it) and we're saying "Hell no". Greedy government thieves at all levels.
Why not just confiscate everything over a billion?
The original Federal Income Tax enacted in 1913 after the ratification of the 16th Amendment were as follows:
0% on income up to the first $10,000 per year (equivalent to $265,670 in 2021)
1% on income between $10,001 and $20,000 per year (equivalent to $531,341 in 2021)
2% on income between $20,001 and $60,000 per year (equivalent to $1,595,024 in 2021)
3% on income between $60,001 and $100,000 per year (equivalent to $2,656,707 in 2021)
5% on income between $100,001 and $250,000 per year (equivalent to $6,641,768 in 2021)
6% on income between $250,001 and $500,000 per year (equivalent to $13,283,535 in 2021)
7% on income greater than $500,000 per year.
There was little opposition to the first income tax because it only affected “the rich” and rates weren’t that “high.”
By 1918, due to the costs of World War I, the 1% tax rate was replaced by a tax rate of 16% on annual income over $10,000 (equivalent to $6,557 in 1913). The top rate was 72%.
Fast forward 98 years and the minimum tax rate is 10% on your first dollar of income. “The rich” today who were taxed 7% in 1913 are taxed at 37% today.
If a Wealth Tax is enacted, it won’t end up being just on the rich, and the rate won’t stay at 2%.
If the history of the Federal Income Tax is any guide, it will soon be 20% a year on everything anybody owns.
If there are any multimillionaires left, they will be taxed at a 40% rate on any wealth in excess of $50 million. If there are any billionaires left at that point they will be taxed at 74% a year on any wealth in excess of $1 Billion.
It all depends on if you are a Whitey.
Bkmk
Sure is going to ramp up “creative accounting” and work for the nation’s tax lawyers. The rich will have only one goal. Find accounts who can show them broke on paper. They will also start renting and leasing more.
The wealth tax is a relative of the estate/death tax.
Scotus will certainly declare the wealth tax constitutional.
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