A Wealth Tax?

AmericanFurryBoy

Yeah, these people work hard to earn their money, and so does everyone else, except everyone else isn’t a billionaire. Point being, if we were to tax the rich more, we could create programs that would support jobs for the poor which would create more business and in turn support our economy and give more money to the rich, which allows for more taxation and job growth.

MayCaesar

I do not understand your point, so cannot comment on your reasoning in particular. The biggest problem I have with the proposed "Wealth tax" (and I have many) is that it is a double jeopardy tax: the person gets taxed every year on the same assets. Such taxes are extremely immoral, and also harmful for the economy, as they incentivise people to consume uncontrollably, knowing that keeping the money makes it shrink. People who otherwise would be investing their money in stocks, for example, helping the economy grow, will now be buying expensive jets and supercars they do not really need, just so they do not lose the money - this already happens to some extent, when people buy things they do not need to evade excessive taxation (see Grant Cardone's video on why he bought a personal jet, where he explains the system quite well).

Elizabeth understands this well. I do not think she seriously intends to introduce this tax in case she is elected; most likely it is a way to pander to the masses, and will not result in anything of substance.

smoothie

I thought about a flat income tax, but it would not produce economic freedom for all, it is not equal.

I support... all of these but none on their own

1. Introducing a UBI for the poor to counteract a higher sales tax

2. Removing the income tax entirely

3. Abolishing the IRS

4. Increasing the sales tax to make up for removing the income tax

This way everybody has an even playing field and people have an incentive to get rich to keep the money instead of mass spending it to avoid heavy taxes. It only makes sense that the people who consume the most should spend the most taxes, regardless of income. The government should not celebrate mindless spending with no results.

Some may call this idea radical but I think it is the solution to end the tyranny of the IRS and give people more freedom of where their money goes, for ALL incomes.

This chain reaction would be nearly impossible to achieve with only one republican or democrat president as it is. The closest modern candidate that would introduce the first step would be Yang who has a very slim chance of even being nominated. However just having the UBI on its own would not have much benefit or results, all four steps would need to occur for complete economic freedom.

I would compromise if the flat tax included incentives for the poor and did not screw them over so bad. It is far from economic freedom.

TKDB

@smoothie

Would your "Tax Ideology notion," benefit the United States as a whole, or just yourself, and those other individuals who share in the your Tax Ideology notion? 

I think that those who are poor, if they are purposefully poor, because of their own choice, then they being poor is fair and equal balance unto themselves.

Because their efforts, made themselves poor to begin with, regardless of their race, their sex, or their nationality.

They self compromised themselves, and their compromised self, shouldn't have to rely on other individuals, to bail themselves out of their own self caused economic problems.

"I would compromise if the flat tax included incentives for the poor and did not screw them over so bad. It is far from economic freedom."

HamzaShabbir

@TKDB
The wealthy didn't work more so they should deserve their earnings without any tax on it instead they stole our wealth and build their empire. You might have heard about 'economic inequality' which is a result of the wealthy getting richer. They don't provide healthy working conditions for their workers and make them work overtime without any extra paycheck. they are producing so many goods and consuming our natural resources at such a rapid speed that our world is destabilizing. The wealth tax is not just a tax, it is a penalty that every billionaire in the world should deserve for the exploitation of the working class and our planet.

TKDB

@HamzaShabbir (Welcome to the website.)

Where is your evidence to support your claims?

"The wealthy didn't work more so they should deserve their earnings without any tax on it instead they stole our wealth and build their empire."

Where is your legitimate evidence?


You might have heard about 'economic inequality' which is a result of the wealthy getting richer.

Where is your legitimate evidence?


"They don't provide healthy working conditions for their workers and make them work overtime without any extra paycheck."

Where is your legitimate evidence?


"They are producing so many goods and consuming our natural resources at such a rapid speed that our world is destabilizing."

Where is your legitimate evidence?


"The wealth tax is not just a tax, it is a penalty that every billionaire in the world should deserve for the exploitation of the working class and our planet."

Where is your legitimate evidence?

From what News sources?

NPR, CNN, MSNBC, OAN, FOX news, ABC, CBS, NBC, or maybe from YouTube? 


And Unemployment in the United States, is at a healthy level isn't it?

HamzaShabbir

@TKDB
Do you know who else shares a similar idea to you - Bill Gates! no one is poor by choice but they are poor because they are left with no choice. 

TKDB

@HamzaShabbir

Where is your legitimate evidence, outside of your own perception? 

smoothie

@TKDB

"Would your "Tax Ideology notion," benefit the United States as a whole, or just yourself, and those other individuals who share in the your Tax Ideology notion?"

It would benefit everybody in the fact that nobody gets screwed by flucuating income tax the richer you get. It is similar to your flat tax in this way. It would tax people the more they consume services and resources of society, a much more reasonable approach to taxation.

"I think that those who are poor, if they are purposefully poor, because of their own choice, then they being poor is fair and equal balance unto themselves."

Not everybody is poor because of their own decisions. People are born into poor families and have no idea how to get out of being poor and people are born in areas with terrible education. The parents of poor children will almost never help their poor children pay increasingly high college expenses. Paying debt for life isn't reasonable; higher education sometimes isn't just a "choice". If you tax everybody the same amount, the poor remain poor and will not be able to leave poverty when taxes would take huge sums of their income.

TKDB

@smoothie

"Not everybody is poor because of their own decisions."

I've seen the homeless in Colorado getting high on weed, how did were those poor homeless people able to afford their weed? 



"People are born into poor families and have no idea how to get out of being poor and people are born in areas with terrible education."

How many SCHOOLS are there across the country, giving ANY person the ability to go to school, in order to help themselves get an education, and to help themselves from become free from their previously poor situations?

"The parents of poor children will almost never help their poor children pay increasingly high college expenses."

ANY KID, can depend on themselves, to work before going to college, to help themselves fund their own college education.
Even it it means going to a much less expansive community college.

"Paying debt for life isn't reasonable; higher education sometimes isn't just a "choice". If you tax everybody the same amount, the poor remain poor and will not be able to leave poverty when taxes would take huge sums of their income."

, you can make excuses for those individuals, for whom you're lamenting over.

The TRUTH is, anyone has the ability to better their own lives, if they are taught the right tools, or learn to become dependent on themselves, and stop listening to people, who tell them, that they deserve this or that because they believe in the poor stereotypes, that some have been preaching to them, in this or that poor neighborhood. 

Your Fair Tax rhetoric is open to fraud, and manipulation.

The FLAT TAX is fair to everyone, who isn't looking to be fraudulent or manipulative when it comes to a FLAT TAX. 

smoothie

I've seen the homeless in Colorado getting high on weed, how did were those poor homeless people able to afford their weed?

Irrelevant stereotype.

How many SCHOOLS are there across the country, giving ANY person the ability to go to school, in order to help themselves get an education, and to help themselves from become free from their previously poor situations?

So you are telling every poor student to:

1. Abandon their homeplace

2. Pay even more for out of state tuition and suck it up

instead of communities to fix their local schools? Unreasonable. This would concentrate everybody into a few areas and then prices would raise even more.

The TRUTH is, anyone has the ability to better their own lives, if they are taught the right tools, or learn to become dependent on themselves, and stop listening to people, who tell them, that they deserve this or that because they believe in the poor stereotypes, that some have been preaching to them, in this or that poor neighborhood.

I didn't say poor people should listen to excuses and stereotypes. Anybody can work out of being poor, but it takes great difficulty. Your flat tax makes your proposed "work independently for college" much more difficult. It makes life more difficult even for the common man. The flat tax would make life more difficult for the common voter, thats why most candidates don't endorse it.

How is Fair Tax open to fraud and manipulation any moreso than your flat tax?

How is the flat tax fair to everybody when it only benefits a small amount of people?

TKDB

@smoothie

It's not a stereotype, it's a fact.

Some of the poor and homeless, are purposefully poor and homeless, and smoked weed, while being homeless and poor, thousands of other people, see it nearly everyday in Denver Colorado as well besides me.

(I've seen the homeless in Colorado getting high on weed, how did were those poor homeless people able to afford their weed?)

"Irrelevant stereotype."

(How many SCHOOLS are there across the country, giving ANY person the ability to go to school, in order to help themselves get an education, and to help themselves from become free from their previously poor situations?)

"So you are telling every poor student to:

1. Abandon their homeplace

2. Pay even more for out of state tuition and suck it up."

"instead of communities to fix their local schools? Unreasonable. This would concentrate everybody into a few areas and then prices would raise even more."

Nope, that's what you're stating to me.

So your word's are yours to treat, however you mind decides to treat them.

(The TRUTH is, anyone has the ability to better their own lives, if they are taught the right tools, or learn to become dependent on themselves, and stop listening to people, who tell them, that they deserve this or that because they believe in the poor stereotypes, that some have been preaching to them, in this or that poor neighborhood.)

"I didn't say poor people should listen to excuses and stereotypes. Anybody can work out of being poor, but it takes great difficulty. Your flat tax makes your proposed "work independently for college" much more difficult. It makes life more difficult even for the common man. The flat tax would make life more difficult for the common voter, thats why most candidates don't endorse it."

Again, your word's are yours to treat, however your mind decides to treat them

"How is Fair Tax open to fraud and manipulation any moreso than your flat tax?"

Look at how many people in the United States, have filed fraudulent claims, after a natural disaster, or a hurricane has come through an area in the United States, where people were killed, or were displaced from their homes?

You try to be fair to people, and they're robbing their own communities, and the taxpayers, out of that same Disaster Relief money, that wasn't theirs to begin with?
Waste Fraud, and Abuse.

How is the flat tax fair to everybody when it only benefits a small amount of people?

Any U.S. citizen, is going to benefit, from what they have honestly earned for themselves.

Regardless of race, sex, or nationality, or whether they are poor or homeless, and are productively working to better their own lives, whether it's for themselves, or others. 

smoothie

@TKDB

Nope, that's what you're stating to me.
So your word's are yours to treat, however you mind decides to treat them.

Not when you imply that all education is equal EVERYWHERE. Poor communities tend to have poor levels of education in their high schools, which is a requirement to attend college.

Some poor middle school children can't even do 2nd grade math. You think these children can live the dream and go to college?

https://www.thenation.com/article/how-unequal-school-funding-punishes-poor-kids/

They would have to leave their poor communities, again, unreasonable.

TKDB

@smoothie

https://www-wesh-com.cdn.ampproject.org/v/s/www.wesh.com/amp/article/florida-business-owner-offers-homeless-man-job/28412707?amp_js_v=a2&amp_gsa=1&usqp=mq331AQCKAE=#aoh=15774847903731&referrer=https://www.google.com&amp_tf=From %1$s&ampshare=https://www.wesh.com/article/florida-business-owner-offers-homeless-man-job/28412707

"Florida business owner offers homeless man job, when man refuses, tables are turned"

An interesting article on some of the poor, and the homeless in the United States.

TKDB

@smoothie

Show me, where no child in the United States isn't able to get an equal and fair education?

"Not when you imply that all education is equal EVERYWHERE. Poor communities tend to have poor levels of education in their high schools, which is a requirement to attend college."

Then the School system, that some of the Second Graders, that your maybe alluding to, those School employees have some explaining to do then, to the parents, and to the communities then, wouldn't you think?

"Some poor middle school children can't even do 2nd grade math. You think these children can live the dream and go to college?"

https://www.thenation.com/article/how-unequal-school-funding-punishes-poor-kids/

"They would have to leave their poor communities, again, unreasonable."


The way that those School employees are managing their School's and teaching their students, are being unreasonable.

Every day in the United States, there are various Taxation and Revenue coffers, that are being used to fund, those very Schools, and Education in general.

So if there is a funding problem, then I would recommend a state wide audit, to find out why there might be a funding problem, for any Schools or Educational systems, shortage of funds? 

Wouldn't that make better sense?

This way those same School or Education systems, are operating at a Reasonable level, and their Second Grade students, are benefiting from a fair and equal education, because the funding is being properly managed. 

MayCaesar

@TKDB

School choice in the US is fairly limited, for some bizarre reason. Teacher unions push hard against the school choice proposals, using the most abysmal arguments to justify their stance, and as a result many families are forced to send kids to failing schools in bad neighborhoods. Elizabeth Warren recently suggested significantly cutting down the funding and the legal rights of charter schools, and taxing private schools more than ever, to encourage parents to send kids to public schools - all in the name of equality, of course.

The solution to this problem, however, is not to tax the right even more. It is the opposite: to get the government out of education and economy. But this is a very unpopular proposal nowadays, sadly.

In any case, flat tax is definitely more fair and economically justified, than progressive tax. It makes more sense to free up people's money for investment; private investment tends to find its way into education more efficiently than public spending, because, unlike public spending, private assets actually are bound by strong accountability, and simply throwing money at something with no effect has serious consequences for the investment recipient. Quite different from public funds, which can be wasted, and the worst that will happen for those who have wasted it is a lost reelection.

AlofRI

A report came out, what? Yesterday? That over 90 Fortune 500 companies PAID NO TAXES! The national debt is skyrocketing and some are saying they have NO responsibility to support the country that made them rich?? The Trump Tax Cut(?) threw $Billions INTO the Stock Market, and, wonder of wonders … IT ROSE! The money that seeded the market is not being returned to the coffers as a percentage of the profit it made for some! A farmer who plants seeds expects a return, not only for himself, but, those around him. Not a lot of billionaires are like farmers …. though. So WE have to make up what THEY should be, generously, paying to keep the country out of debt …. and surviving!

The debt is skyrocketing, the cost of living is WAY up, the cost of health care could/is bankrupting thousands, housing is through-the-roof, education is unaffordable OR crippling, many can't afford a small vacation, many work more than one job. Those Fortune 500 entities are doing FINE! ;-)
The fact that THEY are "doing fine", to some, makes this a "great economy"! It COULD be for the rest of the country who's money they take … if they would pay their fare share! WE wouldn't have to replace the money they take. WE could enjoy a PART of the good economy they've made FOR THEMSELVES.
Many people today haven't lived through a good economy. They don't know what one looks like! I have lived through a couple, this is NOT one of them. 

TKDB

@MayCaesar

My suggestion, take your perceptions up with those individuals in charge of the Educational system in your locality.

Their standards should be about bettering the Educational experience for all students across the country.

But if they aren't maintaining that simple standard, then something is wrong, with how they apparently want to manage the Educational system, that they work for.

Hold them accountable. 

all4actt

Refer to history the of over taxing of the wealthy which has proven to be a disaster to the economy in the past. 

Look to taxing practices prior to the "Regan year's".

When a lot of those taxes were lowered some citzens were outraged yet the a economy  boomed following them.

Phil413

There are two types of people who want a wealth tax: 1. Those who blast the rich but who in reality are rich themselves but blast them because they know the vast majority of people don't know a lick about wealth and economics, and they take advantage of that and 2. Those who are envy of a wealthy person's finances, no matter how they got it. I guarantee that if a poor person suddenly became wealthy, they would change their tune pretty fast. 

Dee

Well you Americans need to do something, maybe you’s should tax the lowest paid more so the billionaires can pay themselves more seeing as a fair majority of Americans think a minimum wage is an “ abomination” and that their should be no cap on a billionaires salary as they are entitled to every luxury and reward available

 Americans claim the lowest paid are well able to afford college education, healthcare and housing on minimum wage which is utter B S why do middle class Americans hate lowly paid Americans so much and would deny them even a minimum wage yet cry in outrage when some say that a Billionaires salary ought to be limited ? 

Nearly 80 percent of American workers (78 percent) say they’re living paycheck to paycheck, according to a 2017 report by employment website CareerBuilder. Women are particularly vulnerable: 81 percent of them report living paycheck to paycheck, compared with 75 percent of men.

Minimum Wage Workers Can't Make Ends Meet
The majority of workers (81 percent) have worked a minimum wage job, and 71 percent of them were not able to make ends meet financially during that time — more than half (54 percent) had to work more than one job.

To alleviate some financial burden, 83 percent of employers that are hiring minimum wage workers this year (45 percent) will be raising the minimum wage at their organization.

MichaelElpers

@Dee. Its because i dont think i get to tell other people what to do with their money.

People arent meant to live off minimum wage jobs...they are entry level positions.  People with good work ethic dont stay at minimum wage positions too long.

Also if you want large corporations to take over while bankrupting smaller ones...a high minimum wage is a good way to do that.

Dee

@MichaelElpers

**** Its because i dont think i get to tell other people what to do with their money.

Yes that would indeed be shocking if one golds billionaires business owner maybe he/she could improve workers conditions a bit?

*****People arent meant to live off minimum wage jobs...

Well they actually are and it’s something you’re totally against 

****they are entry level positions.  

Who states that? 

****People with good work ethic dont stay at minimum wage positions too long.

Tell that to the millions working the same job for years with no improvement in salaries 

****Also if you want large corporations to take over while bankrupting smaller ones...a high minimum wage is a good way to do that.

Nonsense , whats a “ high minimum “ wage in your opinion? People on low income in the U S are reliant on food stamps you think this is fair? How much does it cost your government yearly to provide such when a raise from low income would do away with such?

TKDB

Any individual who wants to better themselves financially, is going to find a way, to make their financial outlook better, go back to school, and increase their knowledge level.

Or learn their current job, from an even deeper level.

In other words, cross learn, from the other job positions around you.

Be a self starter, outwork the other workers around you, and take the initiative, this way making the management at your job, notice you, as you stand out from the rest of the worker's around you.

This way, not worrying over what someone else is making, because you're making your own money, to fund your own future, regardless of your race, sex, cultural background, or nationality?