Tax Wealth Accumulation Not Wages

[DanieRains]

We have been tax screwed for so long it is insane.

We pay tax on income, but folks with massive wealth can double or triple their net worth and pay zero taxes.

Wal-Mart takes it's profits an buys its shares driving their stock price up. The people that own most of their stock can double their wealth and not pay ANY TAXES until they sell some shares.

Someone who works pays income tax, social security, and medicare out of their wealth (paycheck) and there is nothing they can do.

Our system of who gets taxed what is INSANE!!!!!!!!!!!!!!!!!!!!!!!!!!!

Tax any increased net worth over $10 million as income. Don't tax anyone's income till they hit 10 million in wealth.

The country fixed.

We have brainwashed into thinking this could never work while the 1% has half of everything, and 90% of the political power.

Tax wealth accumulation not wages.

Balance the budget and pay off our debt.

Easy.

[Wounded Bear]

1. Agree on the concept. Long overdue...

but the method, that's where the difficulty lies.

[unblock]

2. taxing wealth directly probably requires a constitutional amendment, which ain't happening

although there probably are ways to shoehorn something close to a wealth tax into the income tax.

but the more straightforward solution is to do things like tax all forms of income equally, tax marketable investments annually, and make the tax rate structure vastly more progressive.

[MH1]

3. Yup, everything you said.

I would also say consider increasing "luxury" and "sin" taxes (e.g. yachts, casino gambling) but a lot of people might not like that if they have one of the sins, like gambling. But anyway the point is that being able to afford these things means one has expendable wealth. Of course not all "sinners" can afford their "sins" ... that's a different issue that absolutely should be addressed, but separate from the tax aspect.

[DanieRains]

5. Inheritance Tax And Eliminate Trusts 100%

Our founding fathers wanted a high inheritance tax.

Trusts are the biggest ripoff of working folks there is.

Untaxed billions handed off to the spawn of the wealthy.

Then you just simply cheat like Trump's dad.

Time to fix this mess.

[unblock]

6. add to that restoring the irs workforce.

no one likes an audit, but the cut in the irs workforce was a deliberate move to enable more and more cheating by rich people.

the irs has a much easier time catching straightforward, smaller cheating that ordinary people might do, and then can't afford big lawyers to defend them.

the irs has a real tough time going after rich people with elaborate concealment schemes and small armies of lawyers. you know, like donnie.

[DanieRains]

4. My Customers Pay Sales Tax On My Labor

But not on a lawyer's fees.

What's the difference?

[ooky]

7. Agree with the concept but such legislation would, of course, be challenged by the rich.

Given the current 5-4 right wing make up of the Supreme Court I don't realistically see it surviving the challenge.

[Roland99]

8. Capital gains taxes need to be doubled. Or something other than the ridiculously low rate now

Ever read Capital in the 21st Century - Thomas Piketty?

[Johnny2X2X]

9. Flat tax on all income over $200K a year

First $200K is exempt for everyone, period. Then figure out what % is needed to roughly meet our obligations, flat tax after $200K. Whether that's 45%, 75% or whatever. No taxes for anyone who makes less than $200K a year.

[DanieRains]

11. Wealth Accumulated Not Income

That is the problem. Our

If your $10,000,000 stock portfolio doubles in value you don't pay taxes until you get dividends or sell stocks at a profit.

Someone who works pays taxes on every penny they are paid.

We get hung up on the word income.

Tax accumulation not just wages.

[Johnny2X2X]

13. So what about when the stocks go down?

Say I have $400K in my 401K and it rises to $500K one year, I then pay taxes on that gain. Then the next year it drops to $300K. Do I get my taxes back?

[DanieRains]

14. Over 10 Million

No taxes until your net worth is 10 million.

We are taxing the slaves so the slave owners can get off scot free to make more $$$ and buy more slaves.

[DURHAM D]

10. Why not just have a federal intangible tax for everyone?

A tax on the value of intangible assets such as stocks, bonds, money market funds, CDs, life policies and bank account balances.

[DFW]

12. Enteignung by any other name

Smells the same.

[GulfCoast66]

15. Not a good idea and probably unconstitutional. But there is a better way to achieve the same goal.

Raise income taxes on the high income and make the capital gains tax equal to the income tax.

The rich don’t hide their money in the backyard. They invest it and pay insanely low taxes on the income it earns. Taxing that as income would greatly reduce the continued hoarding of investment profits, it would, especially with good tax law, encourage the rich to put their wealth into areas that can help society rather than just getting richer.

It’s what we did in the 50’s and 60’s and the rich hated it.