It is time for a NET WORTH TAX

[Clocker]

Originally Posted by Burls

Leave America for good?
And go where? ...

Certainly not to France.

Senator Elizabeth Warren says she wants a 'wealth tax' - an increased income tax for America's top earners.
Say, that reminds me. Let's think about that while we look at this headline from 2017, shall we?...

Wealth tax is forcing 12,000 millionaires PER YEAR out of France, says Prime Minister

Oh, you mean super rich people have the spending power to pick up their entire life and move to a different country? Imagine that. Tell us more?

Last year alone, 12,000 millionaires emigrated from France - the highest outflux in the world.

Wow! 12,000 rich people took their money and left the country? A reasonable person could only imagine how much that must have hurt the economy.

https://wrno.iheart.com/featured/the...-it-in-france/

[therussmeister]

Originally Posted by JustRalph

Come on......if you’re net worth is fifty mil or more you can live anywhere you want......and there are great places that don’t tax you to death.

If you are an American citizen you owe taxes to America regardless of where you live. Even people who are American citizens by virtue of being the offspring of American citizens, but have never in their lives set foot in this country have to comply with our tax laws.

There are only two other countries that have similar laws, Eritrea and North Korea.

[TJDave]

Originally Posted by therussmeister

There are only two other countries that have similar laws, Eritrea and North Korea.

Canada.

[Dave Schwartz]

Senator Elizabeth Warren says she wants a 'wealth tax' - an increased income tax for America's top earners.

A question... Since the wealthiest people in our country contribute the most money to election campaign funds, what would cause such a wealthy person to help her get elected?

[Tom]

Originally Posted by Dave Schwartz

A question... Since the wealthiest people in our country contribute the most money to election campaign funds, what would cause such a wealthy person to help her get elected?

1. Concussion
2. LSD
3. Hypnosis
4. Children kidnapped
5. Rabies

[Actor]

Originally Posted by davew

was it Louis Blanc or Étienne-Gabriel Morelly or New Testament Acts 4:32–35 ?

Acts 11:29 and Acts 4:35

[Clocker]

Originally Posted by Dave Schwartz

A question... Since the wealthiest people in our country contribute the most money to election campaign funds, what would cause such a wealthy person to help her get elected?

I think that anyone rich and active in politics would give the chance of a wealth tax passing as close to zero, as is the chance of such a law being upheld by SCOTUS. It would take a super-majority of Dems in the Senate to pass it.

So they fund her because they are party loyalists. Or she is the lesser of two evils. Or they contribute to both sides to cover all bases. Etc.

[Actor]

Originally Posted by Dave Schwartz

A question... Since the wealthiest people in our country contribute the most money to election campaign funds, what would cause such a wealthy person to help her get elected?

The wealthiest people overwhelmingly contribute to Republicans. Democrats depend on small contributions from many contributors. At least that's the theory.

[Tom]

George Soros is a republican?

[Actor]

Originally Posted by therussmeister

If you are an American citizen you owe taxes to America regardless of where you live. Even people who are American citizens by virtue of being the offspring of American citizens, but have never in their lives set foot in this country have to comply with our tax laws.

I could be wrong but I don't think the U.S. has ever mounted a Zero Dark Thirty type operation to apprehend those who never return to this country.

Of course the IRS could seize assets in absentia.

[davew]

Originally Posted by Tom

George Soros is a republican?

He has many non-profit groups that get his and governmental funding that make many small contributions to democrats and other progressive pursuits to destabilize the world.

[ultracapper]

Originally Posted by Clocker

She is one of the most extreme socialists in Congress. She advocates an Office of United States Corporations to charter and regulate large corporations. Among other things, 40% of the directors of such corporations would be elected by its employees.

She wants an Office of Drug Manufacturing, a federal organization that would produce and distribute many generic drugs. She is also pushing an affordable housing program that would use billions of tax dollars to subsidize developments in rural, low-income, and middle-income communities. She would kill zoning laws that supposedly work against low-income housing. It would provide federal money to assist minorities to become first-time home buyers and to fight discrimination against minorities, including gender identity and sexual orientation. Most of this would be paid for by large increases in the inheritance taxes.

A prelude to Atlas Shrugged. Anybody with anything going on will find a way to get out.

Haven't seen anybody bring up double taxation. It would seem to apply here in some form.

[JustRalph]

Originally Posted by therussmeister

If you are an American citizen you owe taxes to America regardless of where you live. Even people who are American citizens by virtue of being the offspring of American citizens, but have never in their lives set foot in this country have to comply with our tax laws.

There are only two other countries that have similar laws, Eritrea and North Korea.

You can renounce your citizenship and escape. There are law firms who specialize in it.

[ultracapper]

Originally Posted by Actor

The wealthiest people overwhelmingly contribute to Republicans. Democrats depend on small contributions from many contributors. At least that's the theory.

That's the theory, far, far from the reality. The Democrat Party, since it's transformative leftward shift in the decade before WW1, has seen no shortage of funding from the New England educated elitists. In the last 50 years they have been joined by the "enlightened", extremely wealthy, and very vocal, entertainment industry.

[Clocker]

Originally Posted by ultracapper

A prelude to Atlas Shrugged. Anybody with anything going on will find a way to get out.

Haven't seen anybody bring up double taxation. It would seem to apply here in some form.

A prelude to Catch-22. One of the characters sums up Catch-22 as "They have a right to do anything to us that we can't stop them from doing."

Is paying income tax to the feds and states, using some of that money to buy property, and then paying property tax double taxation?

A big road block to a wealth tax is in the Constitution. The original language says that direct taxes, as opposed to things like tariffs on imports, have to be allocated among the states according to population. So if State A has twice the population as State B, the total wealth tax revenue from State A would have to be twice that from B. But if State A has more billionaires per capita than State B, the rate for State A billionaires would be lower.

That language in the Constitution blocked the imposition of a federal income tax until the 16th Amendment exempted income taxes from that requirement. I fearlessly forecast that I will never see another Constitutional Amendment in my lifetime.