Wealth TAX??? Is this even America anymore?

Quote: billryan

The Founding Fathers, among many others.

We shouldn't care what the Founding Fathers would think about how the country is run 250 years into their future.

Imagine if we tried to criticize people 250 years from NOW about how they ran things, without knowing anything about their contemporary society, culture, politics, etc.

Just because a majority answer wrong it does not make the answer right.

Quote: FinsRule

How about for president in 2020, every citizen 18 or older gets to vote.

Whoever gets the most votes, is president.

Who could ever be against that?

2 wolves and 1 sheep vote on what to have for dinner.

Quote: RS

2 wolves and 1 sheep vote on what to have for dinner.

Ok, so billionaires voting on a wealth tax doesn’t make sense then. Got it.

If the majority of assets of most billionaires is held in equities, how do you collect that in tax form?

Hold the equities in some kind of fund or escrow and sell it off piecemeal over the years?

You couldn't just make, say, Jeff Bezos sell $50 billion in Amazon stock for cold hard cash and just hand it over.

Quote: TigerWu

If the majority of assets of most billionaires is held in equities, how do you collect that in tax form

If a non-billionaire owes money in taxes, but doesn’t have the cash to pay, how is it collected?

Quote: TomG

If a non-billionaire owes money in taxes, but doesn’t have the cash to pay, how is it collected?

Monthly payment plan?

Quote: FinsRule

Ok, so billionaires voting on a wealth tax doesn’t make sense then. Got it.

Saying 60% or whatever figure they spouting nowadays of people support some new wealth or income tax is the exact same thing. Except a billionaire’s money is HIS money, not anyone else’s. People are generally going to vote for whatever is in their best interest or what they perceive to be in their best interest. It’s easier to convince 51% of people to support a system where they don’t have to work as hard and they get stuff for free or cheap, than to convince 51% of people to work hard so they too can be successful and provide for themselves.

Rich or poor, both should be equally entitled to the fruits of their labor under the law. Personal property including capital should be respected in this country. Regardless if I have a little or a lot, wealth redistribution does not respect anyone’s rights it’s just simply mob rule/tyranny of the majority.

Capital flows to where it’s treated best. It’s much easier for a rich person to move around the world than somone of humble means. Rich people won’t stand for this, if things get bad enough they will just pack up and invest elsewhere.

Oh what you say??? Just introduce capital flow restrictions that will keep them a prisoner & investing in the US.

If and when that comes, it will be the saddest day of all. America, land of the free can’t even move capital around the world anymore. Be careful someday Ms. Warren might use that border wall to make sure rich people stay in America.

Quote: TigerWu

If the majority of assets of most billionaires is held in equities, how do you collect that in tax form?

Hold the equities in some kind of fund or escrow and sell it off piecemeal over the years?

You couldn't just make, say, Jeff Bezos sell $50 billion in Amazon stock for cold hard cash and just hand it over.

Sure you could. And he would owe capital gains tax on that sale too.

Assuming the wealth tax passed constitutional muster, of course.