Posted on 08/01/2018 12:06:00 PM PDT by Brian Griffin
I'm calling BS...on every post you have made here.
I have stock accounts....and I don't pay anything..until I sell it........
Moron...
Now...that...I could go for!!!!
here's the problem: THAT DOESN'T MATTER.
It is morally and financially unjust, and is in repudiation of everything this forum stands for.
Let me guess, next you'll come up with a Reasonable Idea About Restricting Semiautomatic Firearms.
Tell you what...if you're really concerned about the deficit, all of you're liberal buddies can write a check to the US Treasury to help pay off the debt.
Not if the spending stops dead.
Wealth is not a crime. Wealth is usually a result of several generations working their butts off to build opportunities for their descendants. Why do you want to rob them of generational effort?
Assets are relative and so is wealth. A $700K home in suburbia NY or LA is not equivalent to a $700K home in rural Alabama. So how is your tax scale equitable?
Why are you worried about tax revenues when we have 4% unemployment, that will naturally generate more tax revenues?
Why do you want to aggregate more money for the government instead of cutting government?
Under your rob-the-rich plan, nobody has an incentive to be anything other than lobster-foodstamps-surferdude - working just enough to afford couch surfing while sucking off the public teet.
Fail.
It could go to 100% of the wealthy and still not put a dent in the debt.
There are some other posts on other threads that seem to support your thesis.
I will ping you.
“Why should anyone that did not cause the issue (debt) be forced to fix it?”
A few years back conservatives actually came close to taming the beast.
However, NY financiers undermined their efforts.
Why, because really rich people don’t pay much tax as a percentage of their worth.
Rich people are often leftist because an expansion of government power can add millions and even billions in untaxed stock value gains to their wealth.
Warren Buffett may have paid less than $1 billion in total taxes personally in his entire life, yet he has a worth that might be around $75 billion.
If something like PPACA reinsurance coverage can make him an extra $1 billion a year in greater net worth, then he’ll be for the expansion of government power.
Remember, stock billionaires like Bezos, Buffett, Gates and Zuckerberg only pay income tax on stock sales and dividends.
Their net worth can increase by $10 billion in a year, but if they only sell $1 million in stock and get $20 million in dividends in that year, their federal tax liability is based on that $21 million, not that $10 billion in untaxed stock appreciation.
And 1% would be 10% in no time — and 99% of would officially be serfs before we knew what hit us.
bad idea.
One good tax idea would be to tax political contributions to a PAC or lobby group (above the personal limit) at about 33% , then tax the PAC expenditures at 33%. raise money and reduce corruption at the same time.
> I have stock accounts....and I don’t pay anything..until I sell it........ <
I lived for awhile in a Democrat-run county that did something like what the original poster suggested. They put a 1% tax on stock holdings. Not a 1% tax on your sale profits, but a 1% tax on all your holdings.
I just ignored that line on the county tax form. Left it blank. Never heard from them one way or the other.
But if this were done at the federal level, you can bet I’d hear from them.
“As long as the debt service is a manageable percent of the GDP there is no good reason to pay it off.”
This is a boom economy. All booms go bust.
The interest on the debt may take over 50% of individual income tax during a weak economy.
“Investors like the guaranteed return on Treasury paper, which is what the national debt is composed of.”
People like me buy that indirectly through the banks.
We are getting tired of the low returns and are running down our bank balances.
My money and your cheap debt financing are disappearing.
.
We have no legitimate purpose in a wealth tax.
What we need is a realistic poll tax.
.
.
Correctamundo!
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- William Paterson, Founder of the Bank of England in 1694
- Henry Ford
You seem to have a whole lot of free time on your hands.
Maybe if you did soemthign productive with it rather than dreaming up schemes you’d be a little less eager to tax everyone’s wealth
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