The Wealth Taxation Myth

Beyond the Cusp ^ | December 17. 2010 | B. Saunders

[calex59]

Did I say I was for TAXING anyone? My comment was aimed at a person who was being sarcastic about the "po rich folks", as if they should be taxed higher than other people. I am all for a sales tax(sounds better than a consumption tax, to me anyway)and eliminating income taxes, and other payroll taxes, altogether. At least a person would then have a choice on whether to buy something or not.

Try reading and comprehending what others write, it may save you an a** chewing some day.

[JD_UTDallas]

Capital is not only a factor of production it is also the most mobile of all the factors of production. That’s taught in Global Econ at the graduate level. I took that class last semester it was awesome. Our Prof shot down every progressive marxist kid that though they knew a hoot about real world economics with cold hard facts and GAO data.

[RatRipper]

Sounds like an awesome professor and class. All I had was two quarters of econ on my way to an accounting degree, then 25 years as a state bank examiner and 6 years on the banking side. I missed some of the good stuff along the way. The most mobile factor of production makes sense, though, and the highest corporate tax rates in the world is gonna scare some of it away. I hate commies . . . this was a great place until they came along.

[Tempest]

I love how false Christians only believe what they want...

[Tempest]

Is that from the Judas translation or the Goldman sachs bible?

[Tempest]

Wealth bigots??? Bwhahahaha!!! This thread is better than smoking crack.

[fml]

Your tag line is misleading.

Just saying...

[Tempest]

I hope it’s more accurate now.

Viva la Wall St. rape!

[Darnright]

>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<

Excellent points. In addition, let's pretend the person above did leave his money in the bank. Where does the OP think money to loan comes from, Obama? No, it comes from those people who deposit their wealth which is then available for others to use, instead of for government to fritter away on cash for the UN, or for studies of the mating habits of prairie dogs.

As an aside, if this wealthy person is elderly and his capital is incrementally reduced, his ability to produce income will be reduced, perhaps permanently.

[ladyjane]

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

If you work really hard and make some sacrifices you could be rich some day.