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

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The Sicatoka said:
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.
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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.
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There is NOTHING wrong with that. There is something to someone having TOO MUCH. This is logical financial policy for any civilized society.
 
ScoobyDoo said:
Company 401K.
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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.
 
ScoobyDoo said:
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.
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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.
 
The Sicatoka said:
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.
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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.
 
ScoobyDoo said:
Aaah yes. The old slippery slope whine fest. Whatever man.
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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 said:
Aaah yes. The old slippery slope whine fest. Whatever man.
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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.
 
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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.
 
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Kepler said:
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.
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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.
 
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The Sicatoka said:
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.)
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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.
 
The Sicatoka said:
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.
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That's not how marginal tax rates work.
 
Kepler said:
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 $22.8k.
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You counted your house, your retirement accounts, other funds (current accounts for cash), your cars, personal property, other investments. All that is "wealth".

0.03 * 750k = $22.5k plus your $6k ... $28.5k you'd owe. No further comment on your math. ;-)

Me, the $22.5, plus $60k on the next 1M (for $82.5k), and then 9% on wherever the final lands above $2M (if it does). Like I said, I've popped three-quarters of my gross annual income before the final number.
 
The Sicatoka said:
Me, the $22.5, plus $60k on the next 1M (for $82.5k), and then 9% on wherever the final lands above $2M (if it does). Like I said, I've popped three-quarters of my gross annual income before the final number.
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Correct. The idea is to drive everybody slowly into that $2M - $5M sweet spot. That's what you get as wealth. It's pretty sweet. Most of America has ZERO wealth.

Once you retire your wealth tax will be greater than your income if you are "comfortable." That's the whole idea-- stop hoarding wealth and distribute it to people who are suffering. End the philosophy that the morbidly obese guy is a hero. He's at best a pathetic, unhealthy freak.

If nobody was in need you might argue "I can get as fat as I want." But as long as people are suffering from the lack of necessities, no. Obesity is no longer something a good society will tolerate.

You have a right to be healthy, not to stuff your face as others starve.
 
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