Thread Rating:

Dalex64
Dalex64
Joined: Feb 10, 2013
  • Threads: 1
  • Posts: 1067
January 31st, 2019 at 6:29:56 AM permalink
They were talking about percentages of income taxes in the past several posts, that is what I was responding to, not the wealth tax of the OP.
RonC
RonC
Joined: Jan 18, 2010
  • Threads: 40
  • Posts: 4874
January 31st, 2019 at 7:04:23 AM permalink
Quote: Dalex64

They were talking about percentages of income taxes in the past several posts, that is what I was responding to, not the wealth tax of the OP.



I have edited my post and removed the quote of your post, since it was about a different part of the subject of taxes.
TigerWu
TigerWu
Joined: May 23, 2016
  • Threads: 21
  • Posts: 4022
Thanks for this post from:
Steverinos
January 31st, 2019 at 9:03:03 AM permalink
Donald Trump proposed a one-time wealth tax of 14.5% on $10 million or more back in the '90's.

Warren's wealth tax is a much lower percentage with a much higher threshold of wealth, but collected annually.
Dalex64
Dalex64
Joined: Feb 10, 2013
  • Threads: 1
  • Posts: 1067
January 31st, 2019 at 9:45:25 AM permalink
Bernie wants your estate:

https://www.cnbc.com/2019/01/31/bernie-sanders-proposes-big-estate-tax-hike-including-77percent-rate-for-billionaires.html

Sanders' proposed estate tax rates are:

$3.5 million to $10 million: 45 percent tax
$10 million to $50 million: 50 percent tax
$50 million to $1 billion: 55 percent tax
more than $1 billion: 77 percent tax

I'm not a fan of a wealth tax or an estate tax. And those numbers - that's a heck of a chunk!
RS
RS
Joined: Feb 11, 2014
  • Threads: 62
  • Posts: 8623
Thanks for this post from:
Dalex64
January 31st, 2019 at 3:18:44 PM permalink
Quote: Dalex64

Quote: RS

Quote: Dalex64

The proposal is to tax at 70% taxable income in excess of 10 million dollars.

From what I could tell, in 2014, the top 1% earned more than 456,000 dollars in adjusted GROSS income (which is greater than their taxable earnings)

What percentage of Americans earn more than 10 million in taxable earnings?


Emphasis mine.

Does it matter? No. Wrong is wrong.



The bold bit, about how many it affects, was aimed more to your statement "Fact is you (general) would be taxed at a rate of 70% on something."
I'm not sure exactly what you meant by that, but if only a fraction of 1% is affected, then you (general) would not be taxed at a rate of 70% on anything.


I was talking about the people in that tax bracket, or at least that’s what I intended to write.
FinsRule
FinsRule
Joined: Dec 23, 2009
  • Threads: 123
  • Posts: 3774
Thanks for this post from:
SteverinosMinty
January 31st, 2019 at 3:33:17 PM permalink
The reason a wealth tax is needed is that the tax rates have been way too low for high income earners.

Once the tax tables have been fixed, the need for a wealth tax will decrease.
Canyonero
Canyonero
Joined: Nov 19, 2012
  • Threads: 40
  • Posts: 509
Thanks for this post from:
SteverinosMinty
January 31st, 2019 at 5:44:13 PM permalink
Quote: Tanko



Add that to her new wealth bill, Ocasio-Cortez’ proposal for 70% top tax rate, Bernies Medicare for All, and Kamala’s ‘debt-free’ college, and the Party that oversaw seven of the eight past recessions, and eleven of the past thirteen bear markets is about to do it again.



I just checked my last tax statement. I happily paid my 0.318% wealth tax in Switzerland over the last few years. So to those that fear that a wealth tax, universal healthcare and free colleges would lead to a crumbling society: pay a visit to Switzerland, aka the richest country on the planet (no, Luxemburg doesn't count, and yes, per capita is the only metric that matters).

So I kinda get - from the American perspecitve - why a wealth tax would be a hard sell to some. The estate tax however - this not not money "deservedly earned through hard work". This is somebody elses (one's parents) hard work. Conservatives are all about "I built that" right? So you shouldn't become rich by inheritance. Everybody should do their own hard work. And even with 100% estate tax, it would still be very easy for rich people to give their children a head start in life. They'd still live in easy mode, even if they had to work with their own two hands a little.
RogerKint
RogerKint
Joined: Dec 5, 2011
  • Threads: 15
  • Posts: 1909
January 31st, 2019 at 6:01:26 PM permalink
Yeah get it together, Venezuela. It works when white ppl do it!
100% risk of ruin
Canyonero
Canyonero
Joined: Nov 19, 2012
  • Threads: 40
  • Posts: 509
January 31st, 2019 at 6:12:10 PM permalink
Quote: RogerKint

Yeah get it together, Venezuela. It works when white ppl do it!



Even sarcastic racism kinda rubs me the wrong way, so let's just say whatever the color of your skin may be, don't put an idiot bus driver in charge. (Nothing against hard working bus drivers either, but statistics show they rarely win any Nobel prizes.)
rxwine
rxwine
Joined: Feb 28, 2010
  • Threads: 172
  • Posts: 10346
Thanks for this post from:
Joeman
January 31st, 2019 at 6:15:12 PM permalink
Someone suggested a sales tax being harder on the low-middle and low income people, but I suppose you could offset it the way we offset already. Low income get some of that returned at the end of the year.

So, assuming you had a national sales tax with that provision, what else do you need? Do we still need all the tax loopholes?
Quasimodo? Does that name ring a bell?

  • Jump to: