Elizabeth Warren proposes "Wealth Tax"

[Perfectson]

Wealthy people- and I believe there’s a difference between someone rich and someone wealthy. Always move their wealth offshore anyway. ‘Pushing rich people away’ is a line used to advocate even lower taxes for the super rich. All that does is put middle class people in the position of doing most of the work. Many wealthy people earn billions a year but run to put their money elsewhere because they want to horde wealth they’ll never be able to spend. Most wealthy people don’t even live in the countries with low or 0% tax. They just buy property there which shoots up the price of houses making it harder for the average man/woman. What I think is ridiculous is hording money so vast that neither I, my future children, grandchildren or great grandchildren could spend, but that’s just me.

I’m not advocating closing legal loopholes because many people who earn a decent amount but aren’t super rich use them. I’m referring to the wealthy using loopholes and hording wealth offshore at the same time.

Breh rich or wealthy regardless, should be taxed for income generating and actual money spent on the country they reside. Thats all I'm saying. Yes people move assets offshore all the time but if they are generating income in the US it's unavoidable to pay taxes unless they take advantage of loop holes. So instead of this ridiculous tax on wealthy , clean up tax code and close loopholes . No one is talking about it because they just wanna slap together a quick fix tax and attack wealthy people over and over again, as if they are the problem. It's easy politics to say "hey that person is making way more than you , let's attack them!"

That line about driving up prices for land may be true in certain settings but poor people were there before and couldn't afford houses and truely the government could produce/incentivize mix use housing...they don't want to .

As for most wealthy people not living in 0% countries, it's because most countries treat them fairly. Europe wealth tax is 1% , which inthinknis dumb and doesn't work but 3% is outrageous. ..just a government money grab.

We already have property taxes, which is a form if wealth tax. You saying that you don't favor closing tax loopholes is mind boggling to me....we want fair taxes but only when it affects an income bracket that we are "envious" of.

 

[Scaaar]

The minute they do they forfeit their citizenship. And we are still taking the money. Let them go live elsewhere.

 

[---]

The only way to pull this off is to get other countries to do the same tax and at the same rate or wealthy people will leave in droves. Hell I have friends that were getting double taxed on income abroad and they threw the deuce sign to American citizenship.

I will give her an A+ for concept and F for failure and implementation. Good idea but at least 3 decades too late.

 

[YaThreadTrashB!]

How would this work?

Most people won't have the liquid cash

 

[Secure Da Bag]

How would this work?

Most people won't have the liquid cash

Most people who own 50M in assets won't have the cash.

Explain this to me. No, seriously. I want to understand.

 

[YaThreadTrashB!]

Most people who own 50M in assets won't have the cash.

Explain this to me. No, seriously. I want to understand.

They won't have liquid cash fool

shyt will be tied up in investments


If they have 50m in assets that doesn't mean they 50m in cash

 

[Secure Da Bag]

They won't have liquid cash fool

shyt will be tied up in investments


If they have 50m in assets that doesn't mean they 50m in cash

Ok. So you don't know what you're talking about. Carry on.

 

[ill]

Ok. So you don't know what you're talking about. Carry on.

He does. You don’t seem to grasp it. Your bank account can have $1000 cash in it but you own a large building in NYC that’s valued at $50million. Your net worth is $50mil+$1k cash.

Your liquid is only $1000.

That’s what he’s saying. You don’t get that $50mil unless you sell the building. That makes you illiquid to pay the tax.

The part homie missed is there’s a 5-yr deference period so they’ll have 5 years to liquidate enough assets to cover their new tax bill.

 

[Secure Da Bag]

He does. You don’t seem to grasp it. Your bank account can have $1000 cash in it but you own a large building in NYC that’s valued at $50million. Your net worth is $50mil+$1k cash.

Your liquid is only $1000.

That’s what he’s saying. You don’t get that $50mil unless you sell the building. That makes you illiquid to pay the tax.

The part homie missed is there’s a 5-yr deference period so they’ll have 5 years to liquidate enough assets to cover their new tax bill.

2% wealth tax does not mean you have to have the value of that wealth on hand as liquid tax. You own a building that's worth $51M. That doesn't mean you need to pay $51M at any given moment, or even at the end of the year.

The Grasp is not with you, breh.

 

[ill]

2% wealth tax is not having the value of that wealth on hand as liquid tax. You own a building that's worth 51M. That doesn't mean you need to pay $51M at any given moment.

The Grasp is not with you, breh.

2% is about $1million dollars. That’s your tax bill for this new law. Having a $50mil asset doesn’t guarantee you have cash flow or the cash on hand to pay the new tax.

Given my previous example, the person only has 1k cash on hand. They’ll have up to 5years deference period to come up with $1mill cash total to pay the bill. It will take them time to liquidate that $50mill asset.

Now that’s very simplistic and usually if you have a $50mil asset, you’re producing cash flow and that cash can be used to pay the tax. But the essence of what he’s saying is correct. It’s not guaranteed that people have X amount of liquid cash on hand. But that’s why there’s a 5-yr deference period to get your shyt in order.

 

[Secure Da Bag]

But the essence of what he’s saying is correct.

They won't have liquid cash fool

shyt will be tied up in investments

If they have 50m in assets that doesn't mean they 50m in cash

You changed his argument enough for it to work, but you got it, breh.

I'll just leave this here.

But seriously, 2%. What rich people is flipping out about paying 2%? They can certainly afford that. Plus, in terms of tax hikes, that's more than reasonable. Why would any rich person, that's that rich, be against it or vehemently against it? They'd make that money back in interest, dividends, leases, or rent.

 

[King Kreole]

Elizabeth.

 

[Kenny West]

The justice system should look to prosecute white collar crime with large monetary penalties.

If folks want to "just take the assests off shore" then give them something to lose for that course of action. And the govt something to gain for prosecuting it


with all the nationalist "america first" sentiment nowadays I could see an idea like that being supported. Dont just let these rich fukks pillage the country and run away

 

[FAH1223]

 

[King Kreole]

IT'S HER TIME! IT'S HER TIME! IT'S HER TIME!