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Lurker Deluxe

(1,085 posts)

122. Wealth

Fri Jan 18, 2013, 10:50 AM

Jan 2013

To begin to think that everyone who is on DU is some broke paycheck to paycheck barely scraping by Walmart worker is pretty telling.

Will I be a multimillionaire? I don't know ... More than likely I will break a mil before 60, the rest depends alot on factors that are out of my control.

I own 15 acres in Cut & Shoot Texas, that when purchased in 1985 was worth about $400/acre. Today that is worth about $5k/acre (alot being improvements), depending on sprawl that land could end up being worth $20k/acre. Depending on what happens, it could end up being worth about what it is worth today. No way to tell.

I own a condominium in Champions Forest, I owe about $30K on it. In the end I imagine it will be worth about $100K, but if the housing market goes crazy again I could get $125 out of it.

I contribute about $15K a year to my 401, my employer matches about $6K, the balance is north of $200K now with the market sitting where it is. I can see that being worth a solid $500K by the time I hit 60.

I occasionally toss a couple bucks here and there at some random stocks, and have a nice savings.

As far as a painting worth a mil?? Please tell me which artist today is going to die before his/her time and leave a couple of paintings lying around that could end up being worth huge sums of money. I have some paintings from some people who no one knows that are friends of friends ... never know.

I never do understand the deflection of "you will never be", "you will never have". I could never live my life with such thoughts, thinking that no matter what I do or how hard I work and save I will "never have", or "never be".

I believe in those who make more paying more in taxes, and I certainly pay my share of them. I would not get to awful upset if my tax rate were to go up by 2-3%, but once you stop to take in all the taxes that get paid to then say since I have been "lucky" and lived below my means and saved for 40+ years that somehow the government is now going to take some of my "wealth" is aggravating.

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We should tax wealth apart from income...and put a backstop to prevent capital flight [View all] srican69 Jan 2013 OP

How are you going to get every person in the US to file an asset listing yearly? dkf Jan 2013 #1

If it's such an onerous task Cirque du So-What Jan 2013 #9

what if you own bigapple1963 Jan 2013 #10

I don't know & I don't care Cirque du So-What Jan 2013 #12

Try cleaning up someone's estate. It's a huge pain. dkf Jan 2013 #17

For gods sake, it's in their insurance records! grahamhgreen Jan 2013 #30

Because people insure everything they own. dawg Jan 2013 #39

They overestimate, because they are dishonest, which is how grahamhgreen Jan 2013 #74

"hoard the foods???" n't a geek named Bob Jan 2013 #103

goods. There's plenty of gov't computing power to record insurance, real estate taxes, stock gains leveymg Jan 2013 #128

I disagree... You're simply penalizing savers... a geek named Bob Jan 2013 #130

We agree! Let's go back to the FDR taxes - 90 percent on $1 million or above. leveymg Jan 2013 #135

that's not even a half-arsed try at a redirect... a geek named Bob Jan 2013 #136

What do you know about half-arsed tries? ;-) leveymg Jan 2013 #141

No it isn't. All the financial stuff is who knows where. dkf Jan 2013 #40

Uh, no. Most people have not kept insurance valuations current pnwmom Jan 2013 #94

OMG. No one knows the value of their toys more than the hoarding class. grahamhgreen Jan 2013 #120

That's what I immediately thought of, too. n/t pnwmom Jan 2013 #92

It's not supporting the rich. It's supporting savers versus spenders. dawg Jan 2013 #41

"I don't know & I don't care" oldhippie Jan 2013 #51

I'll take punchlines for $800, Alex Fla_Democrat Jan 2013 #117

"I don't know and I don't care" naaman fletcher Jan 2013 #69

Try documenting and valuing everything you own. dkf Jan 2013 #15

and bigapple1963 Jan 2013 #21

It would be an administrative nightmare. dawg Jan 2013 #26

the wealthy have tons on money locked up in paintings ... but imagine the industry such a law will srican69 Jan 2013 #32

You got one word wrong there. dawg Jan 2013 #34

While I'm Not Going to Disagree With You But, How Would That Work? dballance Jan 2013 #2

every time wealth tax proposed here, every time cite 5th Amendment... AngryAmish Jan 2013 #3

How about a 10 million threshold or a 100 million .. srican69 Jan 2013 #14

There's really no reason to not plan for inheritance taxes TexasBushwhacker Jan 2013 #149

is this on bigapple1963 Jan 2013 #4

In some instances dipsydoodle Jan 2013 #5

Exactly. Savers would suffer. Spenders would be untouched. mainer Jan 2013 #7

intention is not punish savers .. but to get those who have gotten really wealthy to do their bit srican69 Jan 2013 #13

This is what the estate tax is for. dawg Jan 2013 #42

The bar needs to be over a million spinbaby Jan 2013 #16

agreed ... the number is besides the main point srican69 Jan 2013 #19

The number is NOT besides the main point mainer Jan 2013 #24

small business owner is Republicanese for corporation CE5 Jan 2013 #50

It's not a buzzword -- small businesses really do exist starroute Jan 2013 #54

I'm a small business owner mainer Jan 2013 #56

My husband is self-employed. Can't get a smaller business than that. (And yes, it is a business.) GreenPartyVoter Jan 2013 #127

Sure make the bar 50 million and adjust for inflation grahamhgreen Jan 2013 #35

Would also tax dipsydoodle Jan 2013 #23

Like everything else is. grahamhgreen Jan 2013 #36

like you pay income tax on full income ( after fica tax has been paid)? ... then Yes srican69 Jan 2013 #37

Would also probably be unconstitutional without an Amendment. dairydog91 Jan 2013 #46

You mean like my spending money from my wages is taxed twice? Starry Messenger Jan 2013 #105

That might depend on what you buy. dipsydoodle Jan 2013 #106

Like what? Starry Messenger Jan 2013 #108

so sad bigapple1963 Jan 2013 #6

The US is a third world country. Just look at our elections, healthcare, poverty. Scuba Jan 2013 #43

Third world country Lurker Deluxe Jan 2013 #125

Perhaps you need to visit southern Mississippi or rural Wisconsin... Scuba Jan 2013 #126

I used to travel alot Lurker Deluxe Jan 2013 #129

You don't get it. "No running water, no sewage systems" etc is true for lots of Americans. Scuba Jan 2013 #131

Kinda like the Lurker Deluxe Jan 2013 #132

If they stopped with the false equivalencies, they wouldn't have much to work with... a geek named Bob Jan 2013 #138

Something like what you said ... in the early years it was not as much of a problem, but RKP5637 Jan 2013 #8

That's what inheritance taxes were/are for, and that's why it needs to be tightened Egalitarian Thug Jan 2013 #11

I don't worry about income disparity ... holdencaufield Jan 2013 #18

very funny ... srican69 Jan 2013 #20

The word "obtuse" comes to mind. Wednesdays Jan 2013 #57

Tax people on the increase in their wealth. dawg Jan 2013 #22

At 65, with an expected lifespan of 85, assets of a million... mainer Jan 2013 #25

Does Costco sell caviar? holdencaufield Jan 2013 #27

And that's if you want to leave *nothing* for your children. dawg Jan 2013 #28

I have elderly relatives who have a "net worth" of more than half a million, because of their house, Nye Bevan Jan 2013 #31

Did you ever look at the net worth of members of Congress and the Senate? Nye Bevan Jan 2013 #29

DING DING DING ..... That is the final word on this thread .. srican69 Jan 2013 #33

Tax on over50 mil in assets would simply be a claw back on stolen money, IMHO grahamhgreen Jan 2013 #38

If someone dies with a $50 million dollar estate, we'll get a pretty big chunk of that. dawg Jan 2013 #44

I thought the "death tax" was nullified during Shrub's reign Wednesdays Jan 2013 #59

Only for one year. dawg Jan 2013 #62

We should 40 million as payback to the society that generated the wealth, I believe. grahamhgreen Jan 2013 #73

I think 50% over $5 million would be about right. dawg Jan 2013 #82

So Nancy Pelosi is a thief? Nye Bevan Jan 2013 #75

Yep, all those huge piles of idle money need to be fragmented and put back in circulation. bemildred Jan 2013 #45

Several Facts, Sir, Before This Is Spun Completely Up Its Fundament... The Magistrate Jan 2013 #47

amen.. srican69 Jan 2013 #48

In a nation in which Walmart is the largest employer ANY accumulated wealth is disproportionate Demo_Chris Jan 2013 #52

how bigapple1963 Jan 2013 #66

You Might As Well Argue From Superlative Athletes, Sir The Magistrate Jan 2013 #70

hm... bigapple1963 Jan 2013 #79

So You Concede You Cannot Defend the Actual Distribution of Wealth, Sir The Magistrate Jan 2013 #81

ok bigapple1963 Jan 2013 #83

You Are No Better At Expressing An Opponent's Points Than At Anything Else, Sir The Magistrate Jan 2013 #86

Oh, Well Done Sir! bemildred Jan 2013 #159

I agree. Tax wealth in whatever way we can. Demo_Chris Jan 2013 #49

Wouldn't that encourage accelerated production NoOneMan Jan 2013 #53

This thread sulphurdunn Jan 2013 #63

do you mean that bigapple1963 Jan 2013 #68

No sulphurdunn Jan 2013 #88

"There is no direct correlation between taxation and production" NoOneMan Jan 2013 #72

Who said anything sulphurdunn Jan 2013 #90

So, yes, you think the wealthy will not use their capital to adjust to this continuous wealth tax? NoOneMan Jan 2013 #95

No sulphurdunn Jan 2013 #98

By increasing the velocity of capital in the system NoOneMan Jan 2013 #99

I really don't sulphurdunn Jan 2013 #111

"but if it did that would be fine with me" NoOneMan Jan 2013 #112

You are suggesting sulphurdunn Jan 2013 #114

"if we make them poorer they will actually have fewer resources with which to kill us all" NoOneMan Jan 2013 #116

We already possess sulphurdunn Jan 2013 #121

Now thats a romantic cultural narrative NoOneMan Jan 2013 #124

Is it your position sulphurdunn Jan 2013 #134

Post removed Post removed Jan 2013 #139

I posit that we need to scale back our consumption and growth or we will die NoOneMan Jan 2013 #144

Its my position that if we knew better, NoOneMan Jan 2013 #143

I am very sympathetic sulphurdunn Jan 2013 #150

And I am to yours NoOneMan Jan 2013 #154

The world sulphurdunn Jan 2013 #156

It doesn't need you to advocate for it NoOneMan Jan 2013 #157

Sad but true. AverageJoe90 Jan 2013 #152

Until I see real world proof... NoOneMan Jan 2013 #155

All biological activity sulphurdunn Jan 2013 #158

The ecosystem is a necessary system for life NoOneMan Jan 2013 #160

You are correct sulphurdunn Jan 2013 #164

"climate change may be averted" NoOneMan Jan 2013 #165

I definitely support this in theory, but the devil is in the enforcement details Wednesdays Jan 2013 #55

That would destroy many urban fringe farmers and small businesses. Xithras Jan 2013 #58

In practice this is probably not true Demo_Chris Jan 2013 #91

How many farmers do you know? mainer Jan 2013 #163

We should remind them that Lenin seized the White Russians' assets Taverner Jan 2013 #60

That's why it's been drummed into all of us for 130 years Wednesdays Jan 2013 #65

I think you hit on the winning argument: "Not as bad as the bolshevik revolution". (nt) Nye Bevan Jan 2013 #84

This will go a long way towards getting our deficit under control. Undaunted Jan 2013 #61

A Sales Tax with Exemptions for Food, Healthcare, Education, Clothing, and Housing Would Be Better Yavin4 Jan 2013 #64

The state I grew up in had sales tax exemptions for food and medicine Wednesdays Jan 2013 #67

exemptions up to a certain amount perhaps Demo_Chris Jan 2013 #89

Tax all money the same: income, dividends and capital gains. nt abelenkpe Jan 2013 #71

Real estate? Farmland? These are all forms of wealth mainer Jan 2013 #76

Hence the adsurdity of the suggestion dipsydoodle Jan 2013 #107

Farmers are already payiing tax on their land, tractors, Downwinder Jan 2013 #146

I suspect a "wealth tax" would be ... 1StrongBlackMan Jan 2013 #77

one bigapple1963 Jan 2013 #78

Yes ... 1StrongBlackMan Jan 2013 #80

hm... bigapple1963 Jan 2013 #85

Okay ... 1StrongBlackMan Jan 2013 #87

Every business owner faces the same risks, but only the investor class enjoys low taxes on the profi Demo_Chris Jan 2013 #93

The vast majority of people hit by a wealth tax would be retirees, who are already pnwmom Jan 2013 #96

This already exists Spider Jerusalem Jan 2013 #97

"why should an American citizen..." NoOneMan Jan 2013 #100

Which is why I think the US should do what France has done. Spider Jerusalem Jan 2013 #102

Thatd work for me! NoOneMan Jan 2013 #104

Totally agree... Deep13 Jan 2013 #101

Hear! Hear! indepat Jan 2013 #109

Please define "wealthy" mainer Jan 2013 #110

If you have assets worth 1 million you are WEALTHY Demo_Chris Jan 2013 #115

And the retiree whose wealth is all tied up in his home... mainer Jan 2013 #118

He can sell his million dollar home and buy an entire street in most of the country. Demo_Chris Jan 2013 #147

I don't know where you live in the country mainer Jan 2013 #162

Psssssssst Fla_Democrat Jan 2013 #133

I'll leave you to do the math as far as how many centuries it would take Demo_Chris Jan 2013 #148

I'm a socialist - of course we should tax wealth OutNow Jan 2013 #113

+1 Starry Messenger Jan 2013 #119

Wealth Lurker Deluxe Jan 2013 #122

well, yeah. What you said. mainer Jan 2013 #123

It's an old trick, from a 165 year old playbook... n/t a geek named Bob Jan 2013 #140

Don't be confused - you are not rich OutNow Jan 2013 #142

Funny Lurker Deluxe Jan 2013 #145

Ah, but some people here do consider him rich mainer Jan 2013 #161

Terrible Idea - Will Never Happen FreeJoe Jan 2013 #137

yes yes yes limpyhobbler Jan 2013 #151

Tax the rich? No way Jose. tama Jan 2013 #153