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Riots and Racists and Looting...OH MY!!!

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Re: Riots and Racists and Looting...OH MY!!!

mookie1995 said:
With the proliferation of multiple houses being bought when needs to be done constitutionally to start a federal property tax?
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Piketty's 1% global wealth tax would go a long way towards fighting poverty. It would be a nightmare to assess and enforce (Russian oligarchs are almost as dangerous as American oligarchs), but given the trillions of dollars in tax cheating by the global .01% it would be cost-effective. Plus it would drive the Usual Suspects into such a tizzy that we wouldn't even need the Comedy Channel, we could just watch them clutch their pearls.
 
Kepler said:
Piketty's 1% global wealth tax would go a long way towards fighting poverty. It would be a nightmare to assess and enforce (Russian oligarchs are almost as dangerous as American oligarchs), but given the trillions of dollars in tax cheating by the 1% it would be cost-effective. Plus it would drive the Usual Suspects into such a tizzy that we wouldn't even need the Comedy Channel, we could just watch them clutch their pearls.
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I am not concerned about global anything, just USA.

If you own property here it's easy to indentify. If you don't pay its repossessed......... Don't need rocket science :)
 
Re: Riots and Racists and Looting...OH MY!!!

We don't need a property tax or a wealth tax. Both are terrible ideas. No offense or anything.
 
Re: Riots and Racists and Looting...OH MY!!!

dxmnkd316 said:
We don't need a property tax or a wealth tax. Both are terrible ideas. No offense or anything.
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None taken. I consider them useful cudgels while we figure out what to really do. Think of them as egalitarian tasers.
 
Re: Riots and Racists and Looting...OH MY!!!

I found out recently that when someone dies, the cost basis of their investments are reset. So if I buy a share of stock for $1 today and it increases to say $10,000 (lol), if I still own it when I die, the cost basis is reset to $10,000 and my heirs could sell it for $10,000 without paying a dime in capital gains.

THAT needs to change.
 
Re: Riots and Racists and Looting...OH MY!!!

mookie1995 said:
I am not concerned about global anything, just USA.
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This is great in theory, but the wealth the 1% steals just goes wherever it is most sheltered. If we're going to restrict it to the US, then we're going to have to annex the Caymans for a start.
 
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dxmnkd316 said:
We don't need a property tax or a wealth tax. Both are terrible ideas. No offense or anything.
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States use property tax to supply services to residents

A graduated one for federal could earmark funds to meet needs. One wouldn't be able to hide income in tax havens. The property is readily identified.
Homes < $400k exempt
400k-750k some %
750k-1mm another graduated tax (you get the picture)

Any 2nd home your rate increases by a 1.5x factor.

Benefit is if you ****** property values it is easier to build affordable housing since the economic benefit from free market capitalism isn't there.
 
Re: Riots and Racists and Looting...OH MY!!!

I just don't like the idea of taxing wealth or property annually.

It seems just wrong. And it's not like I'm wealthy by any stretch of the imagination.
 
dxmnkd316 said:
I found out recently that when someone dies, the cost basis of their investments are reset. So if I buy a share of stock for $1 today and it increases to say $10,000 (lol), if I still own it when I die, the cost basis is reset to $10,000 and my heirs could sell it for $10,000 without paying a dime in capital gains.

THAT needs to change.
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That's the trade-off for the estate tax. I've said before I'm fine eliminating the estate tax so long as the stepped up cost basis provisions are eliminated.

The real loopholes involve things that are jointly held with your spouse. Those are primarily tax free and get the stepped up basis as well.
 
Re: Riots and Racists and Looting...OH MY!!!

I'm fine with an estate tax and elimination of the cost basis step up (I couldn't think of the term for it :) ).
 
Re: Riots and Racists and Looting...OH MY!!!

Kepler, in how many of these scenarios did the "victim" do everything right? That's not to say cops didn't eff up in at least two events of recent note, but let's be real about why they often find themselves in the crosshairs to begin with.
 
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Re: Riots and Racists and Looting...OH MY!!!

I don't think it's meant to be racist but in the context of this thread and the fact that just about every police brutality victim that's been discussed in this thread is black, not to mention the constant whitesplaining he does, it kinda comes off as an us vs them narrative (even though that's probably not what's intended).
 
Re: Riots and Racists and Looting...OH MY!!!

Kepler said:
Means-tested free education, housing, health care, and child care. It's not that complicated -- the best way to pull people out of poverty is to remove the barriers to them doing it themselves. Poverty is multi-generational because there is (unsurprisingly) a very close correlation between the assets (time, money, skills) you need to get out of poverty and the very assets you lack when you are impoverished. So simply break that link -- ensure that no matter how poor you are you kids will get an even shot. That should also short-circuit all the moralistic arguments about whether people deserve their poverty or not. Doesn't matter -- nobody is going to argue that the newborn deserves its poverty.

So that's how you attack poverty. How you pay for it is obviously a different political battle, and I have plenty of thoughts on how to rearrange both our tax system and national priorities to do that. But that's a separate, very difficult, issue. What's easy -- and why we've been criminally neglectful since it is so easy yet we refuse to do it -- is how to break the cycle of poverty.
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I could have sworn that we'd spent trillions of dollars over the past 50 years or so in a "war on poverty." Must have been misinformed. As to giving poor kids an "even shot," send 'em all to Cornell, to major in agriculture (like the hockey players). Problem solved. One of our most pernicious iron triangles consists of beneficiaries of various programs, the congressmen who represent them (the raison d'etre for the Congressional Black Caucus) and the heavily unionized employees and bureaucrats who administer them. Zero motivation to look for more effective solutions. Years ago the National Alliance of Businessmen had a devastating print ad that showed 4 generations of black females from the same family, all of whom were on assistance, none of whom had any realistic prospect of getting off. For the money we're spending, we should get better results.
 
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Re: Riots and Racists and Looting...OH MY!!!

The whitesplaining that I do? That's never happened, but more importantly they referred to the victims in question whomever.
 
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