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The Wealth Taxation Myth
Beyond the Cusp ^ | December 17. 2010 | B. Saunders

Posted on 12/17/2010 7:06:26 AM PST by bsaunders

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Thanks for reading. This came to me while listening to a pair of "talking heads" on radio. They both constantly talked about taxing the rich and taxing the wealthy but based each on income, which is untrue and another deception. They do not want to tax wealth, they want to tax productivity.
1 posted on 12/17/2010 7:06:31 AM PST by bsaunders
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To: bsaunders

Personally, I think it’s a better idea to tax consumption.


2 posted on 12/17/2010 7:13:35 AM PST by Oberon (Big Brutha Be Watchin'.)
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To: bsaunders; 50mm

IBTZ


3 posted on 12/17/2010 7:14:33 AM PST by mrreaganaut (See the wild curelom herds at Zion National Park!)
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To: bsaunders

OMG this story is so sad I almost want to cry... Poor little rich people, life is so unfair.


4 posted on 12/17/2010 7:18:35 AM PST by Tempest (Christian before conservative)
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To: bsaunders

The world is full of wealth bigots.


5 posted on 12/17/2010 7:26:47 AM PST by paulycy (Demand Constitutionality. Save America From Bankruptcy.)
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To: bsaunders

The real purpose of high income taxes is to keep the middle class from moving up. That’s why the wealthy are all for it.

I’ve been talking about this for years, in fact since the days of GW’s “tax cuts for the rich.” The demscums’ line on this is all a lie, marxist class warfare propaganda.

Sadly, our NEA dumbed down population has far too many people who are too economically illiterate to understand your point.


6 posted on 12/17/2010 7:30:46 AM PST by piytar (0's idea of power: the capacity to inflict unlimited pain and suffering on another human being. 1984)
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To: Tempest

If you really think that higher earners should be taxed at a higher rate, you need to be on DU, not FR. Those “poor little rich folks” as you call them, keep the jobs flowing and the economy running. Without them none of us would have jobs.


7 posted on 12/17/2010 7:33:10 AM PST by calex59
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To: calex59

Well I think they should tax consumption. Does that mean I’m one of the evil folks who should return to DU? ;)


8 posted on 12/17/2010 7:38:25 AM PST by BenKenobi
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To: paulycy

Wealth = Net Worth
Income = Net Work


9 posted on 12/17/2010 7:42:53 AM PST by stocksthatgoup (Wealth = Net Worth ...........Income = Net Work!)
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To: stocksthatgoup
Wealth = Net Worth
Income = Net Work

That's good!

10 posted on 12/17/2010 7:46:07 AM PST by paulycy (Demand Constitutionality. Save America From Bankruptcy.)
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To: Tempest
Poor little rich people, life is so unfair.
Are you saying that we SHOULD raise the taxes on the rich? On what basis do you propose this?

Here is a nice continuation of this post. The patriarch of the family that has 5 million dollars in the bank dies. But, because he passes away, they have to give $1,750,000.00 to the government - directly out of the bank - no "big" problem!

Now, the matriarch of the "working" rich passes away. They have a nice house, a few nice cars, a couple of rental properties and when added all together, they have over 5 millions dollars in valuables. Now this "working" rich family must SELL off enough of their assets to give Uncle Sam $1,750,000.00 due to the tax code - is that fair?

Your tag says, "Christian before conservative." Maybe you should remember the 10th Commandment and not covet "any thing that is thy neighbour’s."

These tax laws usually get both Democrat AND Republican POLITICIAN support because most of these guys are ALREADY rich! Which means they are in the first group which doesn't typically get hurt nearly as much as someone who is working to get into that group - they know this! But conservatives know that the "working" rich are adding to the GDP! They are growing the American Economy! They understand the old Reagan philosophy, "A rising tide lifts all boats." Conservatives want these "working" rich to keep working, to grow and hire and make business for everyone to enjoy the "tax" fruits of their labor and drive. If you over-tax this group, they will stop expanding and growing and the tax becomes punitive in nature (this is one of the reasons companies are leaving America - our corporate tax rates are OUTRAGEOUS).
11 posted on 12/17/2010 7:49:19 AM PST by ExTxMarine ("Convictions are more dangerous to truth than lies." ~ F. Nietzsche)
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To: bsaunders
Hauser's Law shows that regardless of the highest marginal tax rate, total tax revenues stays at about 19% of GDP. This held true when the rich were being soaked in the 1950s with marginal tax rates of 90%+ as well as after the rate reductions with JFK, Reagan and Bush.
12 posted on 12/17/2010 7:51:00 AM PST by The Great RJ (The Bill of Rights: Another bill members of Congress haven't read.)
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To: BenKenobi
Well I think they should tax consumption. Does that mean I’m one of the evil folks who should return to DU? ;)

No, you fit in quite well here at FR, but ONLY if you also agree that with the creation of a consumption tax, we ELIMINATE the income tax! You can NOT have them both!
13 posted on 12/17/2010 7:52:44 AM PST by ExTxMarine ("Convictions are more dangerous to truth than lies." ~ F. Nietzsche)
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To: ExTxMarine

Of course. I think that income taxes are horribly regressive because they penalize people for working and saving. The money that goes to income tax could be used for other things that would generate productive enterprises. Instead it’s a dead loss to the economy.


14 posted on 12/17/2010 7:57:12 AM PST by BenKenobi
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To: bsaunders

First of all, I doubt that anyone smart enough to have amassed $5 million and needing to live on the interest, leaves it in the bank at 2% interest. It’s liberal demagogery that implies the rich stick their money in mattresses and keep it out of the economy.

Second- an income of $100,000 does not provide a luxurious lifestyle for someone living on “the family estate” and paying all their own bills.

Get real. Property taxes alone would be tens of thousands of dollars- thats why so many rich democrats like Rangel, Pete Stark, Tom Daschle, falsely claim homestead exemption and skate on property taxes on their mansions in DC and Maryland


15 posted on 12/17/2010 7:57:57 AM PST by silverleaf (All that is necessary for evil to succeed, is that good men do nothing)
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To: bsaunders

Capital has to be aggregated to be invested and made productive in assets that produce. Econ 101 tells you that captial is one of the factors of production in a capitalistic society as ours. When you attack wealth and try to confiscate it, through abusive or punative income taxes or estate taxes, you are attacking capitalism at its heart. That, along with Fascist-style control of products produced by business activity through onerous regulation, is what these leftist/progressive/socialist/Marxist/CommieRat Democrats in the White House and Congress have been trying to do to us. . . attack our capitalistic society at its very heart.


16 posted on 12/17/2010 8:00:59 AM PST by RatRipper (I'll ride a turtle to work every day before I buy anything from Government Motors.)
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To: BenKenobi
Instead it’s a dead loss to the economy.
You and I, sir, agree completely!

By taking money directly out of my pocket, Uncle Sam kills a part of the initiative in people to spend the money that Uncle Sam lets us keep.

If they taxed consumption only, then everyone would get hit equally - yes EQUALLY.

You see, those of us who are NOT rich will spend our money on things we can afford, and we will buy the Ford Fiestas and shop at H-E-B for our groceries and pay taxes based on those items. Where as those that ARE rich will spend their money on diamonds and caviar and Mercedes' and they will be taxed far MORE than us non-rich, because they will be buying the nicer, more expensive items. Best part, as the middle class moves up, their taxes would increase because they would start buying better items and therefore, it would generate MORE tax revenue! THAT would the most "fair" tax policy that we could implement!
17 posted on 12/17/2010 8:10:20 AM PST by ExTxMarine ("Convictions are more dangerous to truth than lies." ~ F. Nietzsche)
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To: ExTxMarine
THAT would be the most "fair" tax policy that we could implement! Fixed it!
18 posted on 12/17/2010 8:14:41 AM PST by ExTxMarine ("Convictions are more dangerous to truth than lies." ~ F. Nietzsche)
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To: Tempest
I notice your tag line says "Christian before conservative." Me too.

I'd like to point out that the bible indicates we are not to treat the rich better than the poor, nor the poor better than the rich. Applying that principle to the tax rates, that means the rate should be the same for all (i.e. 15% or whatever). The rich would naturally pay more, because they have more money, yet everyone would be treated the same.

19 posted on 12/17/2010 8:52:07 AM PST by MEGoody (Ye shall know the truth, and the truth shall make you free.)
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To: The Great RJ

How did that law hold up under Stalin?


20 posted on 12/17/2010 9:31:22 AM PST by Defiant (There is no line on the march towards marxism that Democrats won't cross. Democrat=CPUSA)
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