Posted on 12/24/2019 11:44:33 AM PST by karpov
“valuations of real property, art, jewels”
A wealth tax will make jewels and gold a popular investment. The rich will buy gold and just stash it somewhere safe (hidden). The government won’t be able to tax wealth they can’t find.
Buying $1 billion in gold (and storing it in a vault in Monaco) saves $60 million in taxes every year. That is a 6% rate of “return”.
The wealth tax won’t bring in nearly as money in revenue as the libs pretend.
Envy is predominant among all classes. How do you think we ended up with a Federal income tax in the first place? Voters across the country approved the 16th amendment because they believed it would only affect rich Northeasterners. In the long run that didn’t work out too well.
You’d need liquid assets to buy gold but otherwise I agree, it is a 6% return if you can stash it. Of course, then you need to protect it from thieves, government, and draw up a treasure map for your descendants/inheritors.
Jewels, not so sure. It is a good way to move large sums of money - that has been going on for millennia and even today to avoid that pesky $10,000 limit - just put it on your neck, finger, wrist and fly overseas. But in modern times the market for diamonds (the supply) is tightly controlled by the syndicates. They could flood the market. Indeed, I read earlier this week that DeBeers sold 12% fewer diamonds in 2019 vs 2018. But that could be because of the trade war tightening up Chinese demand.
“Voters” had little to do with the 16th Amendment. No amendment is ratified by voters. Only indirectly. It passed via state ratification (some believe improperly/incompletely). I am sure a great deal of corruption took place to get that amendment pushed through the statehouses.
“ The wealth tax won’t bring in nearly as money in revenue as the libs pretend.”
*
Farmers, ranchers, will kill this. Most of them are land rich but cash poor. Many of them are multi-millionaires if you add up the value of their land, capital equipment such as tractors, trucks, combines, etc, etc. they won’t be able to raise the money to pay a wealth tax each year without selling something, most likely land. So, each year their property will become smaller thus ability to generate revenue continually diminishs till they have to liquidate and sell the farm, ranch, small business. It will kill small family businesses. RIP.....
Fewer people are marrying.
"Voters" had to be convinced that the 16th wouldn't matter to them or they would have been outside of state houses with torches and pitchforks. Legislators had careers to consider then just as now and pocketbook issues brought out the beast in people then just as now. You want a modern example? Try messing with social security.
Anyway, it no longer matters and it's Christma. Have a blessed day.
Nothing like limousine liberals. tax the piss out of the working class but we are above the small people
Good points but I feel the Soros and Gates of the world might as well have hundreds of thousands of votes right now. Let’s face it, they use their money to influence a great many people into voting a certain way.
However, if you have to be net contributor to be able to vote, it will change voting patterns. It’s amazing how those who have been government dependents are the ones that scream the loudest when money they have earned is taken from them to be given to those in the same position they were just in.
In addition, George and Bill have tons of lawyers working long hours to ensure that George and Bill pay as little income tax as possible. The vote per tax would be based on personal income tax, not corporate taxes. Most rich folks have their money coming in if forms other than W2 reported income to avoid the tax man.
Still, your concerns are valid and I thank you for bringing them up.
Hope you had a blessed Christmas as well.
I’m sure the people were placated by the idea that the tax would be very low (1% if I recall correctly), and only impact people of high income. And the politicians still try to tell us that the idea of the slippery slope is a conspiracy theory.
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