It is time for a NET WORTH TAX

[Actor]

Originally Posted by Tom

If Warren wins, we should ol have to pay 1/64th for a tax rate.

Why 1/64th?

[Dave Schwartz]

Originally Posted by davew

It is just not fair some people are using tax laws with depreciation, 'inflated expenses', and deferred compensation to become billionaires.

Candidate Warren recognizes this problem and feels it is time to tax NET WORTH.

Bloomberg seems to agree and feels he could distribute the money better than the money guys.

What a wonderful way to get all the richest of our nation to leave the country for good.

Pure idiocy.

[Lemon Drop Husker]

Originally Posted by davew

Even with a negative net worth, they will probably count all asset values that you do have.

I attended the FYRE Festival though. Do I not get a rebate?

[rastajenk]

Originally Posted by elysiantraveller

Won't this hurt the evullll globalists though?

Figured most would support it.

Proof that you are nothing but a troll. You have nothing left to offer, if you ever did. Contrariness for the sake of being contrary.

[elysiantraveller]

Originally Posted by rastajenk

Proof that you are nothing but a troll. You have nothing left to offer, if you ever did. Contrariness for the sake of being contrary.

Personal attack must have been easier than explaining seemingly contradictory positions.

Also not sure why you felt the need to comment. You hadn't posted anything in here yet.

[davew]

Originally Posted by Dave Schwartz

What a wonderful way to get all the richest of our nation to leave the country for good.

Pure idiocy.

They will have investigators to track worldwide income and assets. No more hiding illegal campaign donations or foundation bribes in a Panama bank account.

I am not even sure if renouncing citizenship will work.

By taking ultra rich peoples' money and giving it to everyone else, the world will become more equitable and people will have more time to stand in the street chanting politically correct phrases.

[Dave Schwartz]

Originally Posted by davew

They will have investigators to track worldwide income and assets. No more hiding illegal campaign donations or foundation bribes in a Panama bank account.

I am not even sure if renouncing citizenship will work.

By taking ultra rich peoples' money and giving it to everyone else, the world will become more equitable and people will have more time to stand in the street chanting politically correct phrases.

Oh, I understood what it meant just fine.

However, imagine what an American-based businessman with extreme wealth would do: Liquidate and leave.

The relentlessness you describe would be the equivalent to saying, "We've decided to tax a citizen of a foreign country because they used to live in the U.S."

That will never fly.

[davew]

Originally Posted by Dave Schwartz

Oh, I understood what it meant just fine.

However, imagine what an American-based businessman with extreme wealth would do: Liquidate and leave.

The relentlessness you describe would be the equivalent to saying, "We've decided to tax a citizen of a foreign country because they used to live in the U.S."

That will never fly.

I agree it is a bad idea. There are many businesses that are high capital with low return. Chopping off 2% equity every year is lunacy. I wonder how the socialists will eat after they break many of the American farms? I guess it will be like South Africa.

[Tom]

Originally Posted by Burls

Just wait for the
Warren/Ocasio-Cortez - 2020
bumperstickers coming out in a few months.

Cortez can't run.
Too young.

I doubt Warren's campaign could afford bumper stickers!
Her best bet is Warren License Plates - her people already in jail could make them for her.

[Tom]

Democrats have a Big Tent!
There is lots room for every stupid, moronic idea out there.

[AndyC]

Originally Posted by Dave Schwartz

What a wonderful way to get all the richest of our nation to leave the country for good.

Pure idiocy.

It's time to get an appraiser's license. In order to tax wealth you have to know the value. Much wealth is not always found in banks or brokerage accounts holding publicly traded stocks. There are massive amounts of wealth in private corporations, partnerships, LLCs, trusts, real estate, patents, copyrights, artwork, jewelry, personal property, etc. Every person wealthy person not in lock-step with the administration in power might find themselves in a messy little wealth audit.

[Actor]

Originally Posted by Buckeye

It's time to take the people's property away?

Isn't that the way all taxes work?

Is there any place on the entire planet where you can get away from that?

[Clocker]

Your income, earnings on investments, etc., were taxed when you got them. If they are earning more money, that additional income is usually taxable. The assets that are earning more income should not be taxed because they already were taxed when you got them. That would be double taxation. I'm sure many on the left would have no problem with that concept.

I don't know if any proponents are intelligent enough to figure it out, but the theory behind this has been around for some time: From each according to his ability, to each according to his need.

[Tom]

I don't know if any proponents are intelligent enough to figure it out,

I doubt it, but I bet we have several here who will 'splain it all to us!

[elysiantraveller]

Originally Posted by Clocker

Your income, earnings on investments, etc., were taxed when you got them. If they are earning more money, that additional income is usually taxable. The assets that are earning more income should not be taxed because they already were taxed when you got them. That would be double taxation. I'm sure many on the left would have no problem with that concept.

I don't know if any proponents are intelligent enough to figure it out, but the theory behind this has been around for some time: From each according to his ability, to each according to his need.

Leave it to "policy wonk" former academia to come up with the least effective way to unethically soak the rich.