Elizabeth Warren proposes "Wealth Tax"

[Perfectson]

As a homeowner that's called property taxes. I and all other homeowners pay it annually. My home is the majority of my net worth and that's the same for most of the middle class. The wealthy pay property taxes on their homes and land holdings as well but that may not make up a majority of their net worth. They have large assets in form of stocks, bonds and various other forms of assets that are not taxed that make up the majority of their net worth. This law would basically have most people paying a similar percentage of their net worth in taxes.

That is the way I heard it explained that makes the most sense to me. I don't care what anyone else buys but I want certain policies to be implemented (M4A & GND) and those policies need to be paid for, according to the people that oppose them. A tax like this that has a precedent already and doesn't hurt anyone and could help a lot of people is a good way to do that.

Okay. Here's my counter .

1. As you mentioned everyone is fairly taxed on property so we agree here

2. Land is not owned, it leased, government can take it whenever they chose under imminent domain as we all know. So you're paying a tax for leasing.

3. Stock, bonds, and investments are taxed through dividends, capital gains, and interest taxes federally. So if this is an issue rich people are paying a fair tax on these similar to an average Joe.


4. Asset tax would then require some assessment of what you have in your possession like paintings and other possessions . After such appraisal is done is the way to assess a tax, so you're basically being taxed for having more than someone else. You could have inherited something or just amassed random things but youre being targeted just because you're rich. It doesn't make sense. When you bought items you're taxed why do we need a residual tax on these items ?

 

[Perfectson]

If you close the loopholes, you end up taxing the rich more than with the wealth tax. What are you whining about? Really.



They do have a progressive tax system. Taxation in Sweden - Wikipedia


EDIT: Nordic as in Nordic countries. Not Norway in particular. So yeah, Norway does have a flat tax.

EDIT2: You got me, breh. Good one. Norway does have a flat tax. A progressive tax. And a wealth tax as well. Tax rates Norway

Here's an example of it - Comparing Tax Rates in the U.S. and Norway

Youre wining about a targeted rich tax that makes no Commons sense. I know closing loop holes will tax rjch more but that's the point isnt it!!!???


Lol aye you had time to edit it, but youre too honest haha.

 

[Perfectson]

The fear that the ultra-rich will not just lowball their fortunes, but pack up and take them to a rival country, is a significant reason the wealth tax has declined. In France, President Emmanuel Macron replaced the country's decades-old wealth tax with a narrower tax on real estate partly in response to data suggesting 60,000 millionaires had left the country since 2000.

In one prominent case, famed actor Gérard Depardieu moved across the border to less-taxed Belgium while criticizing France's policies. It wasn’t just the wealth tax — the previous government also imposed a 75 percent tax rate on income for millionaires, a policy that bears similarities to a proposal by Rep. Alexandria Ocasio-Cortez, D- N.Y.

Warren's plan would apply to Americans based on citizenship, not where they live or where their money is earned, so the ultra-rich couldn’t easily move to avoid it. If they renounced their citizenship, they’d have to pay a one-time 40 percent "exit tax" on their net worth.

You know what, hope the rich all move to Nigeria, China, or something - watch america go down the tube because of these stupid policies. If Warren is even close to be elected, you will see a mass exodus of CEO's and other wealthy patrons. You won't have any new funds for all your social programs and you will still fund them some other way, meanwhile the jobs and other things Americans enjoy will just move off to another country. Macron would be smart if he lowered his tax rates and invite all Americas exiting to France. LOL

 

[Secure Da Bag]

Youre wining about a targeted rich tax that makes no Commons sense. I know closing loop holes will tax rjch more but that's the point isnt it!!!???


Lol aye you had time to edit it, but youre too honest haha.

So you're whining about nothing then. Warren's tax is less of a burden than closing loopholes. Closing loopholes affects the rich and exist for the rich in the first place. Either way, it's a tax on the rich. You're right. I'm too honest to be fake appalled about non-existent warfare.

But the question is: which loopholes gets the money that needed?

 

[Perfectson]

So you're whining about nothing then. Warren's tax is less of a burden than closing loopholes. Closing loopholes affects the rich and exist for the rich in the first place. Either way, it's a tax on the rich. You're right. I'm too honest to be fake appalled about non-existent warfare.

But the question is: which loopholes gets the money that needed?

It's a stupid tax , it makes no sense... im whining about trickery thievery and stupidity. The rich aren't to blame for poor people being poor. Stop trying to point the blame through these different initiatives when you can easily fix the tax code and do the same thing!


Fair tax !!!

 

[chico25]

It's a stupid tax , it makes no sense... im whining about trickery thievery and stupidity. The rich aren't to blame for poor people being poor. Stop trying to point the blame through these different initiatives when you can easily fix the tax code and do the same thing!


Fair tax !!!

Since the rich destroyed labor unions, keep wages stagnant, undercut small businesses and keep healthcare prices high, I would argue they are the reason that the poor are poor.

We have plenty of well educated unemployed/underemployed people drowning in student debt they can't get rid of through bankruptcy. Can't get loans to start businesses because their credit is jacked up.

The rich have lobbied for policies that allow them to keep more of their profits at the expense of wages. They've succeeded in making it harder to go from poor to rich than ever before.

 

[Secure Da Bag]

The rich aren't to blame for poor people being poor.

Well. I don't think there's anything else for us to say. Is there.

 

[Perfectson]

Since the rich destroyed labor unions, keep wages stagnant, undercut small businesses and keep healthcare prices high, I would argue they are the reason that the poor are poor.

We have plenty of well educated unemployed/underemployed people drowning in student debt they can't get rid of through bankruptcy. Can't get loans to start businesses because their credit is jacked up.

The rich have lobbied for policies that allow them to keep more of their profits at the expense of wages. They've succeeded in making it harder to go from poor to rich than ever before.

Thats a lot of blame placing, rich lobbying to keep profits is a taxation issue. No matter how much the government taxes, the poor will be poor. So your either blaming the government or the companies. People are now more employed than ever and if you make a decision to take out a loan for 4 years to get an education in literary or math and wonder why you are making 30k a year and can't pay back a 100k loan, that's on you.

 

[AnonymityX1000]

Thats a lot of blame placing, rich lobbying to keep profits is a taxation issue. No matter how much the government taxes, the poor will be poor. So your either blaming the government or the companies. People are now more employed than ever and if you make a decision to take out a loan for 4 years to get an education in literary or math and wonder why you are making 30k a year and can't pay back a 100k loan, that's on you.

Literature and math majors are the only majors not paying back their loans y'all and it is all their fault. lol

 

[Perfectson]

Literature and math majors are the only majors not paying back their loans y'all and it is all their fault. lol

Everyone that went to college took out massive loans and can't pay them back
....except me who managed through it ,because of my uber rich benefactor

Tf am I Oliver twist

 

[AnonymityX1000]

Everyone that went to college took out massive loans and can't pay them back
....except me who managed through it ,because of my uber rich benefactor

Tf am I Oliver twist

 

[gangreen]

Keepin her foot on these one percenters' necks

 

[FAH1223]

 

[GnauzBookOfRhymes]

the billionaire pac spending in 2020 is going to be something out of this world...

 

[Mook]

Everyone that went to college took out massive loans and can't pay them back
....except me who managed through it ,because of my uber rich benefactor

Tf am I Oliver twist

After further review, this is a cac.