Wealth TAX??? Is this even America anymore?

Think the new referendum will end Swiss-EU migration ?
Swiss population 8.2 Million Largest City Zurich 1.2 Million
Black population 0.6%
And civil rights ?
https://www.swissinfo.ch/eng/blacks-feel-rejected-by-the-swiss/1017892

Hardly a blue print for USA

If your argument is that we are different than Switzerland because there aren't issues with race here I don't think it's a real solid argument. From police brutality to incarceration rates to employment, black individuals face many issues in American society.

Quote: jackmagic777

Think the new referendum will end Swiss-EU migration ?
Swiss population 8.2 Million Largest City Zurich 1.2 Million
Black population 0.6%
And civil rights ?
https://www.swissinfo.ch/eng/blacks-feel-rejected-by-the-swiss/1017892

Hardly a blue print for USA

It is not my opinion that Switzerland is a perfect country. And racism is definitely an issue.
But if the notion is that a wealth tax will somehow lead to a depression - no it will not.

In fact, it stimulates growth since it puts money back into circulation (e.g. by the government buying much needed infrastructure) that would otherwise just be a number in a bank account or investment portfolio.

Quote: RS

Fact is you (general) would be taxed at a rate of 70% on something.

okay, I'll take the bait

give me just one example of what you fear you will be taxed at a rate of 70% on

this post from RS is 𝐭𝐨𝐭𝐚𝐥𝐥𝐲 bogus BS typical of the fearmongering from the right




I guess you just post your nonsense hoping nobody will actually read it and challenge you
because you know if they do your post is toast

Quote: lilredrooster

okay, I'll take the bait

give me just one example of what you fear you will be taxed at a rate of 70% on

this post from RS is 𝐭𝐨𝐭𝐚𝐥𝐥𝐲 bogus BS typical of the fearmongering from the right




I guess you just post your nonsense hoping nobody will actually read it and challenge you
because you know if they do your post is toast

Income above $10M, whether it’s someone else’s or mine. Much wow, I got very toasted. Lulz

Quote: RS

Income above $10M, whether it’s someone else’s or mine.

doesn't fly dude because that's not what you said or meant

you said this:

Quote: RS

Fact is 𝐲𝐨𝐮 (𝐠𝐞𝐧𝐞𝐫𝐚𝐥) would be taxed at a rate of 70% on something.

you were obviously referring to average people, not people with income above $𝟏𝟎 𝐌𝐢𝐥𝐥𝐢𝐨𝐧



your dog won't hunt

Quote: rxwine

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?

I have always thought a national sales tax would be a sensible* way to replace the Fed Income Tax. I think it wouldn't be to difficult to determine a value for purchasing a year's worth of necessities. Then, like you say, rx, you could rebate the taxes on that amount for each person. And people would be happy that they still get the rebate checks that some depend on*** with today's tax system.

Although, I think we'd start see a lot of untaxed trade and barter corp up to avoid the sales tax. Also, I could see where people would buy less since everything costs more. But, maybe not, since they will have more disposable income.

Have you tried running some numbers on that?

Quote: lilredrooster

doesn't fly dude because that's not what you said or meant

you said this:




you were obviously referring to average people, not people with income above $𝟏𝟎 𝐌𝐢𝐥𝐥𝐢𝐨𝐧



your dog won't hunt

If you are interested, you can read my other posts in this thread. Hopefully it’ll clear up some confusion.

Quote: Canyonero

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.

Talk about apples and oranges. A land locked little country of 8 million, who profited in WW2 selling weapons to Allies and Axis, a totally non-diverse population. main industry is tourism and banking.
Oh, by the way Federal Taxes on $500,00 income in Switzerland 40K-45K. Property races 0.3-0.5%. I can see Switzerland supporting 70% tax rate in USA. More Swiss accounts for US citizens hiding money from IRS