Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I would probably not really look to the income tax code because it won't work. The best solution would be to implement some form of "net worth" tax for people over x amount of net worth. Steve Jobs makes $1 in income. OK, obviously he gets dividends and has income that's taxable from other sources I'm sure, but it wouldn't surprise me if his W-2 shows less than $1,000,000 per year. Basically, creating capital gains brackets would be the best way to go.
I would probably not really look to the income tax code because it won't work. The best solution would be to implement some form of "net worth" tax for people over x amount of net worth. Steve Jobs makes $1 in income. OK, obviously he gets dividends and has income that's taxable from other sources I'm sure, but it wouldn't surprise me if his W-2 shows less than $1,000,000 per year. Basically, creating capital gains brackets would be the best way to go.
If you get a chance, take a class in economics.
I think what you are seeing is depreciation credits.
The last thing you want to go is discourage people from spending.
I think what you are seeing is depreciation credits.
The last thing you want to go is discourage people from spending.
Thanks. I have a degree in it. OK a minor, still. I'm well versed in economics. And I'm not really seeing your point. I'm 100% against tax increases, I'm just asking why libearals want to raise taxes through the income tax brackets when that won't be effective.
People who have a compelling need to make the "rich" pay more than everyone else have serious self-esteem problems. They believe they can never be successful, therefore they feel the need to attack those who are successful. Only truly pathetic retches feel the need to resort to class warfare, which explains why it is so popular among socialists/Democrats.
I would probably not really look to the income tax code because it won't work. The best solution would be to implement some form of "net worth" tax for people over x amount of net worth. Steve Jobs makes $1 in income. OK, obviously he gets dividends and has income that's taxable from other sources I'm sure, but it wouldn't surprise me if his W-2 shows less than $1,000,000 per year. Basically, creating capital gains brackets would be the best way to go.
Income tax isnt close enough to theft for you? You have to use actual theft?
Taxing net worth is very problematic to me. Warren Buffett's wealth is nearly 100% in Berkshire Hathaway stock. BRK has never paid dividends, so Buffett has almost no dividend income. Since he sells very little of his holdings, he has little capital gains to tax. His income is otherwise a pittance.
Buffett is probably almost a one-of-a-kind investor so his case is unusual.
But I have difficulty with the concept of taxing net worth. That is not much different than a property tax. Homeowners and landowners pay property taxes, just not at the federal level.
I would probably not really look to the income tax code because it won't work. The best solution would be to implement some form of "net worth" tax for people over x amount of net worth. Steve Jobs makes $1 in income. OK, obviously he gets dividends and has income that's taxable from other sources I'm sure, but it wouldn't surprise me if his W-2 shows less than $1,000,000 per year. Basically, creating capital gains brackets would be the best way to go.
the problem with increasing capital gains taxes is that those that benefit from the capital gains then reduce their investments to avoid the taxes, and that means less money being put into the economy, which reduces the tax base.
as for "net worth taxes", how are you going to determine true net worth? for instance anyone can set up a blind trust, and put themselves in the position of administrator of the trust, and then they own nothing, the trust owns everything. again reducing the tax base.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
