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CU Guru [1907]
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Warren wealth tax
Oct 11, 2019, 6:15 PM
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Ponder this for a bit if you will. Now say she is elected and gets it passed will the ultra wealthy chose to give it to the guberment or simply raise wages for the workers. Hmm, me I would give it to the workers in higher wages, seems like a win win in my book. Indirectly the guberment gets some of it in taxes on higher wages in the end after all.
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CU Guru [1907]
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Re: Warren wealth tax
Oct 11, 2019, 6:19 PM
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Toss in her way higher tax rates on the earnings of the ultra wealthy too.
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Valley Legend [12646]
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would need an amendment to the constitution
Oct 11, 2019, 6:23 PM
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especially if RBG retires or takes her dirt nap before 2024
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Ultimate Clemson Legend [108419]
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And that creates inflation. No freaking way.
Oct 11, 2019, 6:52 PM
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That's why dems never touched minimum wage during the Obama years. Even when we had a dem Congress. It's a big game. No way we tax the rich or touch minimum wage. That's the corner we're painted into. Status quo until the rich get screwed.
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CU Guru [1907]
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Re: And that creates inflation. No freaking way.
Oct 11, 2019, 8:23 PM
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Actually you got it wrong here. What it actually does is to simply move money from 1 person to many. No need to raise cost of anything as that would only force higher wages or more taxes for Bezos. Not that hard to figure out. Yes, inflation would rise without making them choose between wages or taxes since their goal would be more money to themselves in an artificial wage increase.
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Ultimate Clemson Legend [108419]
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You forgot to take into account that the cost of increased
Oct 11, 2019, 9:12 PM
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taxes WILL be passed on to the consumer. Tax Bezos more, he will raise prices. The rich are not going to just say OK, taxes went up, guess I'll be poor again. NOPE.
Furthermore, they will not pay anymore anyway because they don't earn "income" like you and I. Capital gains will always keep their bracket lower. Now increase capital gains, then you have a major problem too. Whatever "salary" Bezos earns is a pittance compared to his income from capital gains.
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CU Guru [1907]
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Re: You forgot to take into account that the cost of increased
Oct 11, 2019, 9:18 PM
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Still got it wrong, that is why the wealth tax and higher income taxes. You are not grasping corporate taxes will also rise to force the issue.
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TigerNet Champion [121142]
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Re: Warren wealth tax
Oct 11, 2019, 7:25 PM
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I believe it adds up to 2% annually for owned wealth after 50 million, 3% after a billion.. I am going to assume that does not affect any one on this forum. She claims it could relieve student loan debt, and subsidize a robust single payer system.
I have no problem here if the math adds up.
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Ultimate Tiger [37804]
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retarded...when have we EVER taxed wealth? Never***
Oct 11, 2019, 7:27 PM
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TigerNet Champion [121142]
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True
Oct 11, 2019, 7:31 PM
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but why is that point even relevant.? People with wealth make the rules. Certainly you would expect them to act their own self interest?
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Ultimate Tiger [37804]
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please run on this***
Oct 11, 2019, 7:32 PM
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TigerNet Champion [121142]
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Re: please run on this***
Oct 11, 2019, 7:33 PM
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will this affect you? you have more than 50 million?
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Ultimate Tiger [37804]
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it's called the American Dream...go ahead and kill it***
Oct 11, 2019, 7:38 PM
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TigerNet Champion [121142]
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Making 100k per month
Oct 11, 2019, 8:10 PM
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would be the American Dream for me, and I would still fall well below Warren's proposed wealth tax.
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CU Guru [1907]
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Ultimate Clemson Legend [102420]
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Yes, if you work or pay taxes this will effect you.
Oct 11, 2019, 8:07 PM
[ in reply to Re: please run on this*** ] |
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There's no way congress is going to raise taxes on the wealthy without leaving them a loophole. Folks have been talking that chit for over a hundred years.
Imo, it's like, 'I won't stick it all the way in, checks in the mail and I love you now lay down and cooperate.' It ain't happening.
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CU Guru [1907]
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Re: Yes, if you work or pay taxes this will effect you.
Oct 11, 2019, 8:15 PM
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Yeah like Trump and the swamp. Since we have not tried it does not make it wrong or not viable now does it?
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TigerNet Champion [121142]
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Re: Yes, if you work or pay taxes this will effect you.
Oct 11, 2019, 8:15 PM
[ in reply to Yes, if you work or pay taxes this will effect you. ] |
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It just confounds me as to how some of you can defend people that have more money than they can spend in 10 life times.
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Valley Legend [12646]
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its their money***
Oct 11, 2019, 8:41 PM
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CU Guru [1907]
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Re: its their money***
Oct 11, 2019, 8:46 PM
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So, let me ask if they were still vastly wealthy and paid employees well what does it hurt. I had that attitude from a purely philosophical view but crossing 60 recently and over the course of my life seeing the situation get dramatically worse something has got to change.
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Valley Legend [12646]
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private property rights***
Oct 11, 2019, 8:52 PM
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CU Guru [1907]
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Re: private property rights***
Oct 11, 2019, 9:07 PM
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Taxation on incomes or wealth is little different than property taxes in your example. Also Congress shall have the ability to levy taxes without apportionment.
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Valley Legend [12646]
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income tax is legal, wealth tax is not***
Oct 11, 2019, 9:15 PM
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CU Guru [1907]
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Re: income tax is legal, wealth tax is not***
Oct 11, 2019, 9:29 PM
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Do not believe that amendment says that at all.
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Valley Legend [12646]
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something about a "Direct" tax is not allowed
Oct 11, 2019, 9:41 PM
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from what i understand it has been argued several times through SCOTUS and shot down as unconstitutional
she knows it too, just an old white privileged gas bag trying to buy votes
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CU Guru [1907]
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Re: something about a "Direct" tax is not allowed
Oct 11, 2019, 10:27 PM
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Well, a few say it is unconstitutional but many more say it is in fact legal. Guess we will see if she is elected. I am not sure I would like to be standing before SCOTUS attempting to argue against a wealth tax when code applies a 40%( will rise to 60%) tax to a persons net worth when renouncing US citizenship to expatriate.
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Valley Legend [12646]
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if there was a legal way to do it, it would have started
Oct 11, 2019, 10:50 PM
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years ago
states may be able to do it, so California and NY should lead the way
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CU Guru [1907]
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Re: if there was a legal way to do it, it would have started
Oct 11, 2019, 11:02 PM
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Wrong , it was not ever really discussed as it is now .
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Valley Legend [12646]
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sure sport***
Oct 13, 2019, 5:58 PM
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Ultimate Clemson Legend [102420]
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I'm not defending the rich.
Oct 11, 2019, 10:54 PM
[ in reply to Re: Yes, if you work or pay taxes this will effect you. ] |
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Disregard the fact that some of that wealth was inherited, some was earned with good business sense and a ton of luck and some of them just took advantage of the economic weak and exploited them.
They are the forces of economic growth. We'll always have the poor and the wealthy. I'm more concerned with the middle class.
That's my problem with social programs. Taxes don't hurt the rich, they just hunker down and hide the money. The poor don't pay taxes, they never have and they never will, so who does that leave to support the social programs?
No, they don't spend, they invest. They invest in the market which grows businesses, they invest in new business and banking which excites the economy. I don't envy them, I do not lust or covet their wealth or their possession. Sometimes their wives...J/K.
Warren is appealing to the greed of the poor and the self-righteousness of the middle class. I pull for Trump because I believe his agenda is good for all Americans. Yes, the rich are getting richer but the poor are working.
That's all I ever wanted or expected from a POTUS during my working years.
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CU Guru [1907]
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Re: I'm not defending the rich.
Oct 11, 2019, 11:05 PM
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You fail to grasp the system is way too far skewed by the power that wealth buys. While these taxes will cause the wealthy to take notice it may prompt those who own/run companies to increase wages. BETTER TO EMPLOYEES THAN THE GUBERMENT RIGHT?
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Ultimate Clemson Legend [102420]
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Imo, that's a roll of the dice.
Oct 13, 2019, 2:19 PM
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I can't claim I'm right anymore than you can claim you're right. However, history supports my position. Show me where anything but pure economic forces, demand for labor, or government intervention in the form of minimum wage increases has caused businesses to raise wages.
While your at it you can explain why the businesses slowed due to price increases of the higher wages on the products and services they supplied. You're over your head here, tdad.
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CU Medallion [20802]
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All-Time Great [88659]
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Ultimate Tiger [37804]
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not true***
Oct 11, 2019, 7:58 PM
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CU Guru [1907]
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Re: not true***
Oct 11, 2019, 8:38 PM
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It depends upon where their income was produced in fact. That is why regardless if it was earned by working or investing it is taxed the same.
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Ultimate Clemson Legend [102420]
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So the rates are nearly even.
Oct 11, 2019, 10:57 PM
[ in reply to Anything to correct this: ] |
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OK, raise the wealthy's tax rate to 24%. Fair is fair.
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CU Guru [1907]
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Re: So the rates are nearly even.
Oct 11, 2019, 11:06 PM
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Only if all income be it investments or whatever is all taxed at that rate.
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Ultimate Tiger [35003]
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Does it bother you that the study includes state and local..
Oct 13, 2019, 3:22 PM
[ in reply to Anything to correct this: ] |
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taxes in its analysis, yet only comments on change to the federal tax code? The piece is wildly misleading.
If you look at the IRS stats of federal income tax, you'll find that the federal tax code is clearly progressive, where any division drawn up to the top 50% pay more share of federal tax $'s than they represent in share of income.
And on that note, the IRS hasn't released the 2018 figures yet, that I can see. If that's true, then how is the impact of the new tax law enacted at the end of 2017 being considered in this study?
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Ultimate Clemson Legend [102420]
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She's like Robin Hood and Pocahontas rolled into one.
Oct 11, 2019, 8:03 PM
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Pochahood or Robinonatas?
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All-TigerNet [5876]
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Re: Warren wealth tax
Oct 11, 2019, 10:09 PM
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Give it a decade and they’ll lower the requirements so they can tax everyone’s savings
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CU Guru [1907]
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Re: Warren wealth tax
Oct 11, 2019, 10:34 PM
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Maybe but it will be far longer than a decade to reduce it down from $50m to where it matters to most folks.
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