My Tax Plan - Tax Net Worth Growth Over $10 Million As Income - Give Workers Tax Cuts

[DanieRains]

Have high net worth individuals (see Pandora Papers) with a net worth of around $10 Million or more do an inventory. As their wealth grows over $10 Million we tax the wealth accumulation. Includes Social Security and Medicare like they take from my paychecks.

We could collect so much money, we could cut taxes workers pay in half. Maybe someday people who work their asses off could possibly accumulate $10 Million. Get it? They can't accumulate wealth if they pay up to half their wages in taxes. One year I (my business) lost $20,000 and I still had to pay my own payroll tax (both sides) and lots of property, and sales tax, along with dozens of other taxes. Thank god I could borrow money to survive.

President Biden even mentioned taxing "unrealized" capital gains. There ya go.

This will be an ongoing thread.

My Tax Plan.

Tax wealth accumulation over $10 Million like wages. Lower taxes on wages.

Make sense?

(anyone that purposefully hides their wealth goes to prison)

[genxlib]

1. I am not opposed

But I think it is complicated in down markets.

If you are taxing growth, are you also crediting unrealized losses?

Overall, it could bring in more money but the income stream would be outrageously variable from year to year. In down years, the tax revenues could be much smaller than in growth years. Hell, if you credited losses, it could be negative in a bad market.

It seems really unstable

[IbogaProject]

2. Asset audit

Enumerate all assets and who owns them for amounts above some level 50K per individual investment, all assets for folks with net worths above some amount. the catch is it will have to be global. I'd say ignore the offshore accounts, as they are subject to reporting require all tax treaty partners to require and publish the same details. Enumerate the hard assets and the currency and its equivalents. Then figure how to tax it. I think we need to do historical searches to say defund thysen Krup, Bayer and any other Natzi collaborators. The Royal and "noble" families need to get a big tax and increased obligations. I'd say anyone over a certain wealth or income level should be under an extended statute of limitations.

[Hoyt]

3. Fine with increasing taxes on wealthy, but there are no working class people paying half their

income in taxes. Not sure where you come up with that.

[DanieRains]

4. Property tax, sales tax, social security. Medicare

Income tax.

I have paid over 100% of my income before.

All taxes combined.

[Hoyt]

6. Sorry, don't think so. I suppose one in 50 million might pay that

if they own an expensive house but didn’t earn any money one year.

Someone who makes $75 K pays a MARGINAL fed tax of 22%.

[TheRealNorth]

5. I was initially hesitant about a wealth tax....

But I am coming to see that there may be no other way with all the schemes the wealthy have to avoid investments being counted as income.

[RustyWheels]

7. Progressive Business Income Tax Rates

We also need to have progressive income tax rates for businesses to benefit small businesses that don't get the tax breaks large corporations get.

Example:

15% - $0 - $1 million
20% - $1 million - $5 million
25% - $5 million +


And get rid of all the tax breaks Congress has given corporations over the years...