This will not happen, because the people who actually run things do not want it to happen.
Posted on 06/14/2021 12:15:41 PM PDT by ChicagoConservative27
I’m actually not opposed to this.
These are the people who are turning our country into North Mexico.
Let them pay for it.
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You think it would stop with people who have $10M in assets? Review the history of the Federal Income Tax.
The wealthy these days are very aware that their wealth could be suddenly hit with new taxes in various jurisdictions, and they have contingency plans in place.
Keeping homes in several countries gives them real flexibility.
Hiding assets through layers of holding companies all over the world makes it even harder to track their ownership.
Electronic funds transfers can move their money around in a matter of seconds.
Defeating a wealth tax is so easy a rich monkey could do it.
They would need a thousand art experts on the IRS payroll just to deal with the value of fine art....what a joke...
None of these economy sabotaging laws that might be passed while the ideological leftists dominate our government, are irreversible. But we need someone other than mindlessly grazing RINOs in office to restore sanity.
This is why the Democrat leftists are the greatest threat to America in our lifetimes, even superseding China. The Democrats will cavalierly diminish and destroy our Constitution. But they will scream bloody murder if anyone thinks of touching their corrupt and idiotic taxation legislation. So, bloody murder it is.
“A government big enough to give you everything you want, is a government big enough to take away everything that you have.”
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If anybody believes that they are taxing themselves and their contributors....forget it. They are not going to do that. Common sense ought to kick in when we hear stuff like this. They will tax those that don’t fall in line with them.
“I’m actually not opposed to this.
These are the people who are turning our country into North Mexico.”
I’m not an economist, but I did stay in a Holiday Inn Express. Study after study has proven that the lower the tax rate, the more tax money is collected. Why is this? Let’s view it as the speed of money...that’s actually something economists study. Let’s say that there’s a total of 100 hundred dollars in a particular economy. AS people buy and sell that money moves around the economy, and, it moves efficiently. People buy things they need, therefore stimulating other people to grow or build more of those things. If everyone buys something say, once a month, in our hypothetical economy, then the 100 dollars moves around slowly...meaning the economy is moving relatively slowly. But if everyone buys something every day, it’s as if the economy has more money in it and the speed of that money is comparatively fast. Now, introduce a ten percent tax. So, ten dollars is removed from the economy. This slows down the speed of money in both of the above examples. But, you say, the government will spend the ten dollars. Yes, but they will spend it on things like high speed rail...which does nothing for the economy. Or, they’ll use it to pay someone in the economy not to produce anything, which further slows the economy.. And, government does this type of thing every day.
The economy that is freeist, and has the lowest tax (those things are related) grows the fastest. A fast growing economy floats all boats. The slower the economy, the more people in poverty. Taxes are bad...and, since the government can blink any amount of money into existence that it wants, why do we still have taxes? Because the government wants control what you do with your money. You can’t spend your money as efficiently as they can...they believe. Also, if you have extra money you’ll do something stupid with it, like donate it to Donald Trump.
They can’t stand other people’s success.
No. I would support the ending of all tax shelters like the creation of “foundations” and fake non-profits used to enrich these kinds of people and allow them to retain use of the money while avoiding taxes. I would also support a true alternative minimum tax for very high income people such that their marginal tax is a true 35% without any deductions allowed for income about 5m/yr. I do not support any kind of wealth tax. I would prefer a consumption tax to replace the income tax.
This will not happen, because the people who actually run things do not want it to happen.
The tax shelters exist because the wealthy bribed Congress to create them.
There is no way to get that toothpaste back in the tube (imho).
Term limits could give you a Congress that _might_ be willing to seriously address the issue, but in the real world Congress-critters are commodities for the rich, bought and sold like toilet paper.
Many of those “Rich” people are dems and contributed to campaigns for politicians who want to take and spend YOUR money.
Hey all you rich dem backers, hope they spend YOUR money well.
“a ‘Patriot Tax’ on Multimillionaires”
I’m fine with that, considering the way most of these people are behaving. Only gripe is that it should be called a “Traitor Tax”.
Even a packed SCOTUS cannot work around this one: A WEALTH tax, like the INCOME tax, is a DIRECT tax against the people of the individual states.
The US Constitution expressly FORBIDS the US Government from levying a DIRECT tax. That is why the 16th Amendment had to be passed.
The 16th Amendment explicitly mentions an Income Tax … not a Property Tax.
I just found out that almost all parents will soon receive monthly checks for their children. This was a part of the stimulus bill. Guaranteed income. Don’t remember anybody fighting this.
Who is going to pay for this? Where on earth is the money supposed to come from?
This is how communism works. Take from one, give to another, until everyone is broke. It kills incentive to work.
You nailed it. Sadly, liberals don’t know the difference between income and wealth.
Nothing patriotic about and it won’t be “one time”.
I have an idea. Forget millionaires. Let’s have a patriots tax on the wealth on members of congress. We’ll even let the Dem members tax fund be used exclusively for reparations for their favorite identity group. Republican members will fund more aircraft carriers or building more prisons for the felons who vote for Dems
Yep...and that capital portability scares the crap out of me. Biden’s driving wealth out of the country even faster than Trump’s policies brought it back into the country.
Take all of Gates, Bezos, Soros, and that Twitter guy’s money and you will won’t be able to fund Biden’s wish list.
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