Business, Economics, and Taxes: Capitalism. Yay? >=(

[ScoobyDoo]

Again, wealth can be deceptive (book value is not realized value).

If you were taxed based on the book value ("wealth") of your house today, and then your market crashes, you were overtaxed.


Tax realized income.

I don't think a wealth tax is going to kill anyone. You guys think it applies to regular people or something. Here are the details.

Sen. Elizabeth Warren, Sen. Bernie Sanders and other Democrats on Monday proposed a 2% annual tax on wealth over $50 million, rising to 3% for wealth over $1 billion.

There is NOTHING wrong with that. There is something to someone having TOO MUCH. This is logical financial policy for any civilized society.

[The Sicatoka]

Company 401K.

Didn't do it until the last 10 years or so, but I'll pull from a company 401k to my private (Edward Jones) accounts as soon as I can and not take a loss or tax hit. The company 401k plan takes their vig and is genericized to the average person; my EJ guy (Bismarck office) configures to me and my realities, and he knows he need perform or I can go down the street.

[The Sicatoka]

I don't think a wealth tax is going to kill anyone. You guys think it applies to regular people or something. Here are the details.

The income tax didn't apply to the majority of people (just top 2% of incomes) when it was instituted either.

But as all taxes, like bad undapantz, they keep creepin' up on ya.

[ScoobyDoo]

The income tax didn't apply to the majority of people (just top 2% of incomes) when it was instituted either.

But as all taxes, like bad undapantz, they keep creepin' up on ya.

Aaah yes. The old slippery slope whine fest. Whatever man.

[ScoobyDoo]

Didn't do it until the last 10 years or so, but I'll pull from a company 401k to my private (Edward Jones) accounts as soon as I can and not take a loss or tax hit. The company 401k plan takes their vig and is genericized to the average person; my EJ guy (Bismarck office) configures to me and my realities, and he knows he need perform or I can go down the street.

I probably will index my new 401K to a fund that is configured for my retirement age. I have not decided what to do with my old account. It has been doing great the last 3 years or so after slowly recovering from the 2008 disaster.

[Deutsche Gopher Fan]

Aaah yes. The old slippery slope whine fest. Whatever man.

Kind of like woman’s rights. Give women the right to vote, next thing you know they’re taking men’s jobs and wanting control over their own bodies

[ScoobyDoo]

Kind of like woman’s rights. Give women the right to vote, next thing you know they’re taking men’s jobs and wanting control over their own bodies

Exactly. The Bastages.

[Kepler]

Aaah yes. The old slippery slope whine fest. Whatever man.

Free the slaves and now there are no white corner backs.

[The Sicatoka]

Aaah yes. The old slippery slope whine fest. Whatever man.

Not at all.
I'm saying refurb what we have (income tax, but make it on realized income), and don't create a whole new genre of taxation that even dx has laid out the complications of.


How the < bleep > y'all got to "white men can't jump" from that just tells me about your mindreading delusions.

[Kepler]

If we were starting over in an ideal world, I would only tax wealth. 0% up to $250k, 3% to $1M, 6% to $2M, and so on up the chain until you get to 99% above $31M (I think I did that right). Every year.

Do it on Juneteenth and reserve 10% of the revenue for black people for the first 100 years.

[The Sicatoka]

If we were starting over in an ideal world, I would only tax wealth. 0% up to $250k, 3% to $1M, 6% to $2M, and so on up the chain until you get to 99% above $31M (I think I did that right). Every year.

Do it on Juneteenth and reserve 10% of the revenue for black people for the first 100 years.

If I may, what bracket would you be in?

Add up the "wealth" I have under your definition (house book value, 401k current book value, other cash accounts, personal property, cars, yadda-yadda) and I'm in your $2M bracket.

At 6% my tax would be roughly my present gross annual salary.

Edit: No, wait, at over $2M "wealth" I'm in the 9% bracket. I'd be well, well over my gross annual salary. Or did you mean 3% on the $750k (from 250k to 1M), and then 6% on the 1M from 1-2M, and then 9% on the 1M from 2-3M, etc, a graduated approach? Even then, we're over 75% of my present gross annual salary.


You may 'rectally insert' your plan.

[jerphisch]

Inheritance has already been earned and taxed. My mother worked over 40 years (librarian). She (her offspring) shouldn't be taxed again for her 40 years of paychecks and saving. (It had two commas in the number.)

It's kinda funny that the same group who is all about the bootstraps gets super whiny about a bunch of money they didn't earn.

[Kepler]

If I may, what bracket would you be in?

0% for the first $250k, 3% of the next $750k ($22.5k), then 6% for everything above it (roughly $6k).

So my tax burden would be $28.5k. (Fixed because I'm an idiot.)

[Kepler]

If I may, what bracket would you be in?

Add up the "wealth" I have under your definition (house book value, 401k current book value, other cash accounts, personal property, cars, yadda-yadda) and I'm in your $2M bracket.

At 6% my tax would be roughly my present gross annual salary.

That's not how marginal tax rates work.

[The Sicatoka]

That's not how marginal tax rates work.

Note my edit. I didn't realize you intended marginal rates.