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rxwine
rxwine
Joined: Feb 28, 2010
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MichaelBluejay
January 27th, 2019 at 2:41:50 PM permalink
Quote: onenickelmiracle

I think I would rather talk about lottery dreams than the plight of people worth over $50,000,000.




Some worry about 80,000 people who don't get paid for a month., and others worry about 70,000 people worth 50 million.
Quasimodo? Does that name ring a bell?
Boz
Boz
Joined: Sep 22, 2011
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jjjoooggg
January 27th, 2019 at 3:09:09 PM permalink
Quote: rxwine

Some worry about 80,000 people who don't get paid for a month., and others worry about 70,000 people worth 50 million.



The politics of jealousy and anger at personal responsibility.

Let me guess, you are debating which 2020 Democratic candidate to donate to. Or who is offering more freebies that match the 80,000’s lot in life.

While Phillip Morris stock continues to grow in value making money selling cancer sticks to the so called “poor”.

https://news.gallup.com/poll/105550/among-americans-smoking-decreases-income-increases.aspx

So either we accept the “poor” are stupid and don’t understand smoking kills or we accept they are so depressed at their life choices they smoke to forget. Or we can also accept they are so smart that they realize the cigarette companies are smart enough to understand the studies are BS and no company would ever sell something that would kill their good customers.
Last edited by: Boz on Jan 27, 2019
jjjoooggg
jjjoooggg
Joined: Jul 13, 2012
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Boz
January 27th, 2019 at 3:16:04 PM permalink
This looks more like a business tax. Big corps have bankrupted. Entrepreneur is a risk. Casinos have bankrupted.

Yes, Billionaires live off the cream of their business in luxury.

But businesses are seeing 2% cut in profits, which means that they may have to pass the 2% tax on to the customer.

We've been running a restuarant for 60 years. I've had bad years as a restaurant owner. We've lost money. My employees and the city in general refuse to believe that we've had many years where we lost money.

There was a rumor that we didn't pay the construction workers. That was totally false. This rumor ran through Merrill Lynch and our office. Until it was obvious that it was a lie. I ain't going to believe anything they say about donald trump unless i see it for myself.

After a cop friend whose dad works with the university leaders got us to donate to the university. Most hated us for donating. It is about hatred. Our business took a dive for the last 9 years. Even compartmentalized university personel were bad mouthing my dad. They think that we bribed the university for something. My dad graduated 60 years ago with a bachelors. Most donations are done quietly, just for this reason. I meet 100 donors at banquets. Most are not there. Some buildings that are donated, you will not find anything online about them. I saw people wearing sunglasses at the groundbreaking. Because they fear the public.

I met a business man that said that employees from other companies would brag about stealing because their owner goes hunting. What is more American that hunting. BTW he wrote the book on the industry methods

But somehow, if a group of tradesmen poach on my land, I'm the bad guy for kicking them off. They could have been in jail.
Last edited by: jjjoooggg on Jan 27, 2019
Born in Texas and lived in Texas my whole life.
Minty
Minty
Joined: Jan 23, 2015
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January 27th, 2019 at 5:39:39 PM permalink
The income disparity only seems to get larger as time goes on, and I wonder if it would ever reach a point where there's no reversing it. The wealth tax would be a good way to correct for it, at least for awhile.
"Just because I'm not doing anything illegal, doesn't mean I won't have to defend myself someday." -Chip Reese
billryan
billryan
Joined: Nov 2, 2009
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January 27th, 2019 at 5:45:01 PM permalink
I'd be curious to see how such a propsal would work.
One suggestion was people up to a certain net worth pay income tax, and those above it pay a wealth tax instead.
How about something like this-
Step 1) A one percent annual wealth tax on individuals worth $100 million dollars. Suppose it affects 5,000 people. The government brings in $250 billion dollars.
Step 2) government buys $250 billion dollars of visa/mastercard type prepaid debit cards from banks , keeping or creating jobs.
Step 3) government distributes these cards to everyone who filed a tax return. Individuals get X, returns with more than one person get multiple X.
Step 4) government and businesses push a certain week where businesses discount these cards to get the money into the economy.
Step 5) the debit cards expire after 90 days and that money is credited back to either the original 5,000 or goes into the pool next year.

It creates jobs, gives back to the hundred million or so middle-class tax payers and pumps a quarter trillion dollars into the U.S. economy.

The middle class gets something, business has something and 5,000 uber rich get all the benefits a strong economy brings them.
In return, those 5,000 get exempted from any estate taxes.
Minty
Minty
Joined: Jan 23, 2015
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January 27th, 2019 at 5:48:15 PM permalink
That's not bad. Any idea what the difference to society would be trading an estate tax for a wealth tax?
"Just because I'm not doing anything illegal, doesn't mean I won't have to defend myself someday." -Chip Reese
happahero
happahero
Joined: Dec 8, 2011
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RS
January 27th, 2019 at 5:52:09 PM permalink
Although I have great respect for Mr. Gates, I am going to have to respectfully disagree.

He has done far more good for the world than his riches even come close to. The efficiency gains from businesses being able to utilize the MS platform have raised the living standards for everyone across the world.

Yes he got rich while doing it, but that should be something of pride. That’s how capitalism works problem solver should get rich & the efficiency gains benefit everyone. He should not have to apologize for being sucesful or feel like he owes the government more money.

My respect for Mr. Gates goes even further. Although he already changed the world with MS, he also spends much of his time & personal wealth trying to better humanity. That’s a personal choice and it shows he’s a genuinely kind person. I am sure when he spends his money on charitable causes it’s spent way smarter than having Trump or Nancy Pelosi decide where it goes.

I would like to see more smart people like Mr. Gates deciding where capital needs to be allocated instead of seeing him say rich need to pay more taxes & assuming these politicians know what to spend it on.
Dost thou even hoist
Boz
Boz
Joined: Sep 22, 2011
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January 27th, 2019 at 6:02:08 PM permalink
More money to be made with a National Sales Tax of 1%. It would bring in more money, and would get much of the illegal economy not currently in the tax system.

While there would still be scammers finding ways around paying, it would tax purchases of drug dealers, EBay sellers and others screwing hard working Americans, it would work.

It’s the computer age, track purchases, deposits and other cash transactions and prosecute them as needed. Even the illegals pay for their share and we all win.

Buy a jet, you pay, buy gold, you pay. Buy crack and the dealer buys anything, you pay. Win/ win.
billryan
billryan
Joined: Nov 2, 2009
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January 27th, 2019 at 6:16:01 PM permalink
Quote: Minty

That's not bad. Any idea what the difference to society would be trading an estate tax for a wealth tax?



I do not, but I think it is worth looking into it.

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