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AZRWinger 10-01-2019 05:39 PM

Warren’s Wealth Tax Revenue May Not Meet Expectations
 
Elizabeth Warren has been campaigning on a wealth tax proposal.

Quote:

What would Warren do? She’d tax net wealth (defined as assets less liabilities) in excess of $50 million at a rate of 2 percent and net wealth above $1 billion at 3 percent. She’d include nearly every type of asset in her tax base—from the money in the bank to the very expensive jewels in the vault. Publicly-traded stocks and bonds, pensions, and the value of privately held family businesses also would be taxed.
Naturally her followers are all in favor of seeing the rich punished for being successful especially if they think they would get a share of the loot in the form of an expanded ration from the welfare state. As always when the government taxes A and gives to B, B likes it. Notice that although Warren is quite wealthy her family wouldn't be paying the tax.

The unintended consequences, the requirement for the Federal government to create and maintain a comprehensive database of all private assets with valuations and the shift from an ownership society to one where assets are only rented from the government as long as the value tax is paid. :eek

https://www.taxpolicycenter.org/taxv...t-expectations

cnredd 10-01-2019 11:02 PM

Re: Warren’s Wealth Tax Revenue May Not Meet Expectations
 
This is beyond illegal...

"Double-taxation" is one thing, but to repeatedly tax the same assets year after year is despicable...:yes :mad

GetAClue 10-02-2019 06:54 AM

Re: Warren’s Wealth Tax Revenue May Not Meet Expectations
 
Once again, the left rolls out a proposal that appeals to their uneducated base that sounds good on the surface but has serious ramifications if/when put into practice. It is convenient knowing that a majority of your audience bases their political positions not on reason and logic, but on emotional reflexes to proposals that target people they perceive have it better than they do without understanding the consequences of such policies.

I don't blame the politicians or constituents, I place blame squarely on the NEA for infiltrating our schools and indoctrinating our youth with their leftist mindset instead of teaching critical thinking skills. If children had been taught to think for themselves during their formative years, the left would not have a chance to even propose such stupidity.

jimbo 10-02-2019 09:21 AM

Re: Warren’s Wealth Tax Revenue May Not Meet Expectations
 
So Liz finds that stealing 20-30% of what you earn is insufficient to fund her free stuff for all ideas, and so is demanding 2-3% on what you already have, which will soon be 5%, is a good plan.

There is a reason that the left is comfortable with over half the population being wards of the state.

GetAClue 10-02-2019 11:29 AM

Re: Warren’s Wealth Tax Revenue May Not Meet Expectations
 
Quote:

Originally Posted by jimbo (Post 978699)
So Liz finds that stealing 20-30% of what you earn is insufficient to fund her free stuff for all ideas, and so is demanding 2-3% on what you already have, which will soon be 5%, is a good plan.

There is a reason that the left is comfortable with over half the population being wards of the state.

It plays right into their plans. The more people they can make dependent upon the government, the larger the voter base. Generally speaking, the people that view welfare as a lifestyle choice are the uneducated base needed to believe every left wing, socialist policy that is put forward.

GottaGo 10-02-2019 11:41 AM

Re: Warren’s Wealth Tax Revenue May Not Meet Expectations
 
Quote:

Originally Posted by cnredd (Post 978690)
This is beyond illegal...

"Double-taxation" is one thing, but to repeatedly tax the same assets year after year is despicable...:yes :mad

Business personal property taxes at least are tied to depreciation of the asset, but really is a version of the double taxation (State and locality). On personal property in NC for an individual, you best keep it to a non-motorized scooter.... https://www.mecknc.gov/AssessorsOffi...-Property.aspx

AZRWinger 10-02-2019 11:57 AM

Re: Warren’s Wealth Tax Revenue May Not Meet Expectations
 
Quote:

Originally Posted by GottaGo (Post 978706)
Business personal property taxes at least are tied to depreciation of the asset, but really is a version of the double taxation (State and locality). On personal property in NC for an individual, you best keep it to a non-motorized scooter.... https://www.mecknc.gov/AssessorsOffi...-Property.aspx

The same IRS that engaged in political repression to help Obama get re elected will determine the value of your property. No doubt your political connections will influence your valuation. :eek

Dog Man 10-03-2019 11:42 AM

Re: Warren’s Wealth Tax Revenue May Not Meet Expectations
 
I wonder if Liz will exempt rich entertainers from those extra taxes.

Or would they tax Oprah's Private custom jet? and her Yacht?

I saw on line that Paul Allens mega Yacht was up for sale, and then I got baited and hooked into looking at all the mega yachts that people own. Low and behold, the vast majority were owned by entertainers. Beyoncé, Depp, etc.. And I hope P. Diddy doesn't have to pay extra tax on his 72 million dollar yacht.

FrancSevin 10-03-2019 12:49 PM

Re: Warren’s Wealth Tax Revenue May Not Meet Expectations
 
This is the third step in the trans formation to socialism

First the government spends money it doesn't have on social programs which indenture the population to the government.
Then the government takes higher taxes to pay the deficits.
Then it begins to tax and attach the accumulated wealth of it's citizens

Proof positive that when socialism runs out of money they steal it from the people who have it. The rich then hide their money. Once that happens, and the common people's cash is gone or inflated, the system fails altogether.

saltwn 10-04-2019 11:15 PM

Re: Warren’s Wealth Tax Revenue May Not Meet Expectations
 
Quote:

Originally Posted by AZRWinger (Post 978683)
Elizabeth Warren has been campaigning on a wealth tax proposal.



Naturally her followers are all in favor of seeing the rich punished for being successful especially if they think they would get a share of the loot in the form of an expanded ration from the welfare state. As always when the government taxes A and gives to B, B likes it. Notice that although Warren is quite wealthy her family wouldn't be paying the tax.

The unintended consequences, the requirement for the Federal government to create and maintain a comprehensive database of all private assets with valuations and the shift from an ownership society to one where assets are only rented from the government as long as the value tax is paid. :eek

https://www.taxpolicycenter.org/taxv...t-expectations


Some sort of wealth tax is needed to run the danged country or would you build roads and bridges and fund the military with middle and poor people tax cuz that isn't enough
every successful civilization has depended on rich people for tax; every successful civilization has had at least 2 things: taxes and a good census.

jamesrage 10-05-2019 08:42 AM

Re: Warren’s Wealth Tax Revenue May Not Meet Expectations
 
Quote:

Originally Posted by saltwn (Post 978766)
Some sort of wealth tax is needed to run the danged country or would you build roads and bridges and fund the military with middle and poor people tax cuz that isn't enough
every successful civilization has depended on rich people for tax; every successful civilization has had at least 2 things: taxes and a good census.

No one is saying wealthy people shouldn't be taxed.

loboloco 10-05-2019 05:41 PM

Re: Warren’s Wealth Tax Revenue May Not Meet Expectations
 
Quote:

Originally Posted by saltwn (Post 978766)
Some sort of wealth tax is needed to run the danged country or would you build roads and bridges and fund the military with middle and poor people tax cuz that isn't enough
every successful civilization has depended on rich people for tax; every successful civilization has had at least 2 things: taxes and a good census.

And every society that has changed from taxation to confiscation has found itself in deep trouble. Since the above discussed scheme is nothing more than confiscatory, as well as unconstitutional, it would be one more slide into h*ll for this country.

GottaGo 10-05-2019 06:57 PM

Re: Warren’s Wealth Tax Revenue May Not Meet Expectations
 
Quote:

Originally Posted by saltwn (Post 978766)
Some sort of wealth tax is needed to run the danged country or would you build roads and bridges and fund the military with middle and poor people tax cuz that isn't enough
every successful civilization has depended on rich people for tax; every successful civilization has had at least 2 things: taxes and a good census.

Why are you so eager to make a discriminatory tax based on wealth? How about a tax on a voluntary participation activity, like video games, or soda? Perhaps a higher tax on alcohol? Gee, I wonder why those won't work....

Your wealth envy has slowly overtaken your understanding of human nature.

cnredd 10-06-2019 01:36 AM

Re: Warren’s Wealth Tax Revenue May Not Meet Expectations
 
Quote:

Originally Posted by GottaGo (Post 978784)
Why are you so eager to make a discriminatory tax based on wealth? How about a tax on a voluntary participation activity, like video games, or soda? Perhaps a higher tax on alcohol? Gee, I wonder why those won't work....

Your wealth envy has slowly overtaken your understanding of human nature.

How about we put a tax of $5 on every time a Liberal accuses someone of racism?...

We'd have the debt settled in a week and a half...:yes

Bat 10-06-2019 08:48 AM

Re: Warren’s Wealth Tax Revenue May Not Meet Expectations
 
I remember when the AMT (Alternative Minimum Tax) was only going to apply to the 'extremely wealthy'. It now affects millions in the middle class. If a wealth tax on millionaires were implemented it would soon affect many in the middle class the same way the AMT does.

GetAClue 10-07-2019 07:32 AM

Re: Warren’s Wealth Tax Revenue May Not Meet Expectations
 
Quote:

Originally Posted by saltwn (Post 978766)
Some sort of wealth tax is needed to run the danged country or would you build roads and bridges and fund the military with middle and poor people tax cuz that isn't enough
every successful civilization has depended on rich people for tax; every successful civilization has had at least 2 things: taxes and a good census.

If you had a clue as to what you were talking about, I would engage in a conversation with you on the matter. However it is quite apparent that you have no idea what you are talking about in relation to this story and therefore would have nothing valuable to add to the discussion.

CindyB 10-11-2019 12:10 PM

Re: Warren’s Wealth Tax Revenue May Not Meet Expectations
 
https://i.postimg.cc/dLsdHq0g/FBE9-D...76610-D302.jpg

jimbo 10-11-2019 12:42 PM

Re: Warren’s Wealth Tax Revenue May Not Meet Expectations
 
Quote:

Originally Posted by saltwn (Post 978766)
Some sort of wealth tax is needed to run the danged country or would you build roads and bridges and fund the military with middle and poor people tax cuz that isn't enough
every successful civilization has depended on rich people for tax; every successful civilization has had at least 2 things: taxes and a good census.

Or, Salty, possibly the country could live within its means. That's what I do when I can't pay my bills.

Tell me once again why the 9% that pay more than half the taxes, are not paying their fair share yet the half that paying nothing is.

Another thing. If a so called wealth tax looks like it might pass, I'm buying stock in foreign investments. That US wealth will disappear before the ink is dry on the bill.


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