(03-27-2022 11:06 AM)tanqtonic Wrote:  

(03-27-2022 10:49 AM)RiceLad15 Wrote:  

(03-27-2022 09:29 AM)OptimisticOwl Wrote:  

(03-27-2022 07:26 AM)RiceLad15 Wrote:  

(03-26-2022 07:19 PM)OptimisticOwl Wrote:  Biden giving in to Progressives

As usual, the first bite is the smallest. I would expect it to eventually expand down to all of us.

The lies have already started. Advertised as a tax on billionaires, the starting point is 1/10 of a billion.

Also, it is not an income tax, but a wealth tax. I guess Elizabeth Warren is giddy.

I wonder whose word they will take on the value of certain assets - many assets do not have a defined value. Real estate, art, literary rights, contingency clauses, others. Opening up a can of worms, IMO.

Isn’t this similar to a policy I’ve see you advocate for, where people who are poor have to pay a minimum amount of federal income tax?

You say you have seen me advocate for this before, but where is the evidence?

Fact is,I advocate for the Fair Tax, in which nobody pays any federal income tax at all. The income tax is wholly replaced by a consumption tax.

I also advocate for certain basic expenses to exempted, to make it less regressive. Groceries, medicines, auto parts, gasoline, others.

This plan has many advantages over the current plan.

First, everybody has a stake in tax increases. So when a politician wants to increase taxes, everybody will go to the polls with that in mind. Near 100% turnout in elections involving tax increases. More involvement by the electorate is good, I think.

Second, it taxes the underground economy the same as if the money was earned in a paycheck. Drug dealers, lawn carers, baby sitters, poker players, all taxed when they spend their money. Nobody dodges taxation.

Third, 42 states and DC already collect sales taxes, and this collection could piggyback on that with little effort. The excess IRS personnel could be turned to auditing businesses to ensure they are collecting and remitting the tax money.

Fourth, it is fair. A person buying a $80K car would pay 4x the tax of one buying a $20k used car car. But everybody pulls the tax wagon according to their means.

You have me confused with somebody who advocates the Flat Tax. At least I hope it is confusion, and not stereotype.

I wasn’t trying to suggest you were advocating for a flat tax - I know you’ve posted about how there are those who don’t pay any federal income tax and you want them to have skin in the game.

If that isn’t correct, then I apologize for misunderstanding your previous comments.

They way I read it, is that the tax is not on wealth. It says 'if you are worth over X, then your tax rate on whatever source of income shall be a minimum of 20%'.

I think Warren's idea is a huge disincentive to investment, tbh.

There is a very real reason why there is a differentiation between capital gains rates and normal income rates.

The entire issue is underpinned by that differentiation.

But Warren and the other morons who think the tax system is a big enabler to redistribution either dont understand that, or are so caught up in the redistribution process and the acceleration of class envy that they dont care.

That’s how I read it too - hence to connection to statements advocating that everyone have some skin in the game in terms of federal taxes. It’s the same principle, but it’s been scaled up.

Where do you see the disincentive to investment happening? Are you thinking it would encourage those above the specific bracket to move funds away from business and into liquid assets? Or something else? I just don’t immediately see what change in behavior this would have in respect to investment behavior.