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21. Who is advocating for a tax on wealth...

Sat Nov 22, 2014, 01:08 PM

Nov 2014

Bill Gates was drawing a small salary when he became a billionaire. He didn't pay income taxes on that increased wealth, he paid income taxes on the salary.

A lot of what is categorized as capital gains should be categorized as income, but if one has worked hard to build a business that is increasing in value, they aren't taxed on that increased value (at least not by the federal government) until they sell the business, and even then it is not taxed as income, but rather as capital gains (a lower rate).

In other words: advocating for an increase in income tax rates is not the same as advocating for a tax on wealth. A tax on wealth (real and personal) would be historically levied on property taxes which go toward local expenditures such as schools, streets and police and fire. Typically not levied at the federal level, but rather at the local/city/county level.

While those should also be increased, when one talks about increasing income tax rates - that's not what they're talking about.

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This message was self-deleted by its author [View all] kentuck Nov 2014 OP

"a progressive income tax rate of up to 90% on income that is not invested in job creation" Nuclear Unicorn Nov 2014 #1

Advocating "Trickle Down"? Here? RiverLover Nov 2014 #4

You know, all those jobs created Lex Nov 2014 #6

Time for Supply side Jesus. Hassin Bin Sober Nov 2014 #15

This is awesome...never seen it before. thx pkdu Nov 2014 #64

It's from Al Franken's book. Iirc, Lies And The Lying Liars Hassin Bin Sober Nov 2014 #145

So people who do make their money building yachts deserve to be put out of work? Nuclear Unicorn Nov 2014 #22

It's not an "either - or" situation. nt Lex Nov 2014 #26

I'm not following. Nuclear Unicorn Nov 2014 #30

If you don't know, don't presume? What 3d party, libertarians? saidsimplesimon Nov 2014 #41

whuuuu? Nuclear Unicorn Nov 2014 #49

Where was Steve Jobs yacht built? LiberalArkie Nov 2014 #84

Same place as John Kerry's? Nuclear Unicorn Nov 2014 #90

Think of the poor rich people, who cannot afford to buy luxury yachts! Erich Bloodaxe BSN Nov 2014 #103

For those in the yachting industry it is a local endeavor. Nuclear Unicorn Nov 2014 #106

I'm not. Because, if you'd paid attention, Erich Bloodaxe BSN Nov 2014 #135

"the tax hike being suggested wasn't on 'yachts' or even on 'luxury goods'." Nuclear Unicorn Nov 2014 #137

And you're right back around to supply side trickle down nonsense. Erich Bloodaxe BSN Nov 2014 #138

You either do not know or do not acknowledge Nuclear Unicorn Nov 2014 #144

it IS an either-or semanticwikiian Nov 2014 #104

That's barely coherent and what is coherent is ridiculous. Nuclear Unicorn Nov 2014 #111

and your reply is 100% non-responsive semanticwikiian Nov 2014 #115

Luxury yacht repair and maintence is a huge business in Rhode Island hack89 Nov 2014 #50

I didn't say there weren't jobs at all. Lex Nov 2014 #56

I agree- there is room for all. Nt hack89 Nov 2014 #58

Exactly. Lex Nov 2014 #62

Well, everyone, you asked how many could REALLY work in it. Here's your answer.^^^ 7962 Nov 2014 #61

Very few jobs go to production of "luxury yachts" comparatively. Lex Nov 2014 #5

The 10% luxury tax on yachts introduced in 1990 almost destroyed the US boat-building industry. Nye Bevan Nov 2014 #8

In the article --> "the recession, tighter bank rules on financing and fallout from the gulf war" Lex Nov 2014 #11

Well it's not like we can do anything about the wars. Hassin Bin Sober Nov 2014 #19

Yep. GummyBearz Nov 2014 #25

The associated sales, repair and service jobs do, however hack89 Nov 2014 #54

Of course there are. Lex Nov 2014 #60

You mean Rhode Island, home to about 0.3% of the US population, is hunky dory? Thor_MN Nov 2014 #69

RI can't be all bad. John Kerry parks his yacht there to skirt MA state taxes. Nuclear Unicorn Nov 2014 #78

Nothing bad about Rhode Island, other that arguments about the US economy Thor_MN Nov 2014 #82

It's not insignificant to the people in RI who work in the yachting industry. Nuclear Unicorn Nov 2014 #88

People who work in the yachting industry are insignificant to the US economy. Thor_MN Nov 2014 #95

Sounds more like envious cranks whining. Nuclear Unicorn Nov 2014 #97

So torch the entire fucking nation for the sake of a couple of boat mechanics.... Thor_MN Nov 2014 #99

You spent the first part of this thread grousing that the yacht industry was Nuclear Unicorn Nov 2014 #101

No, you have you head so buried up "Trickle Down" that you can't see anything else. Thor_MN Nov 2014 #112

"basing policy for the US economy on it" Nuclear Unicorn Nov 2014 #116

Please cite one time in your line of distraction where you use "example" Thor_MN Nov 2014 #122

I have posted throughout this thread that yachting is not the end-all, be-all of the US economy. Nuclear Unicorn Nov 2014 #127

Good jobs are good jobs hack89 Nov 2014 #92

Good jobs for a very small fraction of 0.3% of the popuation is a mosquito on the ass of an elephant Thor_MN Nov 2014 #98

It is not like they are a drain on the economy hack89 Nov 2014 #117

More distraction... I'm not fucking over anyone, you are fucking over most of the US. Thor_MN Nov 2014 #119

Where did I state that I oppose fairer tax laws? hack89 Nov 2014 #121

The maintenance of luxury yachts is such a tiny portion of the US economy Thor_MN Nov 2014 #126

So there should be no luxury boats at all? hack89 Nov 2014 #130

What's better for an economy... JaneyVee Nov 2014 #9

Ask the craftsmen building the boats. Nuclear Unicorn Nov 2014 #14

I will. I'm going to ask them. JaneyVee Nov 2014 #17

Money stashed in tax havens in the Caribbean and Europe doesn't contribute to the real economy. CJCRANE Nov 2014 #10

"Money stashed in tax havens..." Nuclear Unicorn Nov 2014 #18

You tax it before it gets there. world wide wally Nov 2014 #37

Taxes on goods and services sold in the US does get taxed. Nuclear Unicorn Nov 2014 #47

That is why they set up HQ's at post offices in the Cayman Islands. Ask Mitt about that. world wide wally Nov 2014 #51

I'm not sure why you sound so upset with me about that fact. Nuclear Unicorn Nov 2014 #55

I'm not upset with you at all. I just want to point out that there was a time when we taxed up world wide wally Nov 2014 #72

This article, and about a dozen more like it, belie your premise... MANative Nov 2014 #13

How many luxury yachts would be necessary to support an economy of 300 million people? truebluegreen Nov 2014 #16

How on Earth did you come to make an argument about an entire economy based on yachts? Nuclear Unicorn Nov 2014 #20

It was the most obviously bogus part of your argument. truebluegreen Nov 2014 #27

I never argued on an economy based on luxury goods. You're fighting things that are not there. Nuclear Unicorn Nov 2014 #32

OK. truebluegreen Nov 2014 #40

Not every billionaire became such by gambling on derivatives and hedge funds. Nuclear Unicorn Nov 2014 #45

You are guilty of making assumptions since I am speaking generally, not categorically. truebluegreen Nov 2014 #48

Well, I never brought up derivatives. It was a very specific charge brought to an argument Nuclear Unicorn Nov 2014 #53

Whatevs. truebluegreen Nov 2014 #120

Who is advocating for a tax on wealth... Blanks Nov 2014 #21

But a Billionaire only buys so may yachts. Alittleliberal Nov 2014 #29

They buy enough to sustain an industry that pays good wages. Nuclear Unicorn Nov 2014 #33

But the banks aren't lending enough. They got the bailouts and QE. CJCRANE Nov 2014 #36

I despise the QE policy for exactly the same reason. It pumps money into the pockets of a Nuclear Unicorn Nov 2014 #42

I dont have one dime in a savings account or CD trekbiker Nov 2014 #108

Actually it's hidden overseas. onecaliberal Nov 2014 #52

Goods and services sold in the US are taxed. Overseas corporations do not get taxed on receipts Nuclear Unicorn Nov 2014 #59

See this onecaliberal Nov 2014 #94

I don't deny the existence of tax havens. I'm saying that taxes are paid on what is Nuclear Unicorn Nov 2014 #100

Nobody here understands you, Nuke. 7962 Nov 2014 #57

I'd be OK with them not understanding me but the lack of understanding Econ 101 is disheartening. nt Nuclear Unicorn Nov 2014 #63

I should've said they dont WANT to understand. 7962 Nov 2014 #73

George HW? I didn't know you used the internet... Thor_MN Nov 2014 #71

"buying of luxury yachts is good for the economy" Veilex Nov 2014 #65

"Billionaires aren't exactly keeping their money stuffed in mattresses" Spitfire of ATJ Nov 2014 #70

Even a tax shelter is an investment, of sorts. Nuclear Unicorn Nov 2014 #75

Yeah,...the Cayman Islands does us a world of good.... Spitfire of ATJ Nov 2014 #79

Do they make winter coats in the Caymans? Nuclear Unicorn Nov 2014 #85

Face it. The BIG companies have it rigged so they pay ZERO. Some even come out ahead. Spitfire of ATJ Nov 2014 #109

90% on all income above a certain level. Period. Helen Borg Nov 2014 #74

So you advocate a return to the feudal times so we can all work for the aristocracy?? on point Nov 2014 #81

Taxing luxury goods into oblivion isn't going to add 1 dime to your pocket. Nuclear Unicorn Nov 2014 #87

Sorry the supplyside experiment evidence is in. It is a FAILURE. on point Nov 2014 #91

"There can never be enough luxury yachts to support the economy for all." Nuclear Unicorn Nov 2014 #96

You make a very fine Republican argument, Nuclear Unicorn... kentuck Nov 2014 #102

yep azureblue Nov 2014 #113

Did you know that isn't a rebuttal but rather an admission of defeat? Nuclear Unicorn Nov 2014 #114

I don't want to silence you... kentuck Nov 2014 #123

Do you have an actual rebuttal or just an accusation of Wrong-Think? Nuclear Unicorn Nov 2014 #128

The rebuttal that I have is that supply-side economics has failed miserably... kentuck Nov 2014 #131

I don't know about supply-side economics but I do know that industries, such as yachting Nuclear Unicorn Nov 2014 #132

It is not about yachts... kentuck Nov 2014 #139

"They are going to buy their yachts, whatever the cost." Nuclear Unicorn Nov 2014 #146

Would you consider these "luxury" items? kentuck Nov 2014 #150

How does someone employing people to build and maintain a yacht sacrifice the 99%? Nuclear Unicorn Nov 2014 #151

You completely confuse the point. kentuck Nov 2014 #156

Why are the jobs going elsewhere? Nuclear Unicorn Nov 2014 #158

Surely you jest? kentuck Nov 2014 #161

Lots of people up and down this thread have felt the need to tell me Nuclear Unicorn Nov 2014 #162

Basically ... kentuck Nov 2014 #163

"Do you know why?" Nuclear Unicorn Nov 2014 #165

This message was self-deleted by its author kentuck Nov 2014 #173

And all those billions in stocks, munis, or a simple interest savings account will not be touched by whopis01 Nov 2014 #107

Maybe. Nuclear Unicorn Nov 2014 #124

You're right, they aren't stuffing their mattresses... awoke_in_2003 Nov 2014 #147

I've addressed that point half dozen times. Nuclear Unicorn Nov 2014 #148

The Obamas will probably earn well over $100 million during the 10 to 15 years after his presidency. Nye Bevan Nov 2014 #2

Maybe they don't need my vote? kentuck Nov 2014 #3

Break-away wealth is a threat to democracy and foreshadows oligarchy/feudalism HereSince1628 Nov 2014 #7

What do you mean by TBF Nov 2014 #12

Except for the $7 trillion that is hidden offshore. louis-t Nov 2014 #23

No kidding - TBF Nov 2014 #46

#3-Yes. Flat tax for corporations would do away with most of the tax evasion 7962 Nov 2014 #68

I will say this lancer78 Nov 2014 #152

True, it could stop some borderline purchases. nt 7962 Nov 2014 #168

But how does that help TBF Nov 2014 #170

Oh great, another authoritarian on DU. woolldog Nov 2014 #24

bwahahahahahahahahahahahahahahahahahah....<gasp> truebluegreen Nov 2014 #28

Does spending count as reinvestment? geek tragedy Nov 2014 #31

We had a surplus at the end of the Clinton era. NaturalHigh Nov 2014 #34

That was largely because Clinton managed to avoid wars. world wide wally Nov 2014 #39

Yes, there was that too. NaturalHigh Nov 2014 #43

Other than Serbia, Iraq, Noriega... I could probably find more... Sirveri Nov 2014 #167

We would have a surplus now lancer78 Nov 2014 #153

All money should be taxed the same too abelenkpe Nov 2014 #35

K.I.S.S. kentuck Nov 2014 #38

I am old enough to remember a much smarter America 60 years ago and the 90% tax rate. DrBulldog Nov 2014 #44

+1 +1 WestCoasterDude Nov 2014 #67

I bet you do not even know that you only pay that rate IF you draw a salary making VanillaRhapsody Nov 2014 #66

Make it so PAYROLL is classified as a "cost of doing business" deduction and see salaries skyrocket. Spitfire of ATJ Nov 2014 #76

It already is SickOfTheOnePct Nov 2014 #93

One of the best kept secrets by Republicans is employers pay into Social Security too.... Spitfire of ATJ Nov 2014 #118

Also restore equal treatment of Ordinary Income, Dividend, Capital gains tax rates so no games are played on point Nov 2014 #77

I think that's going too far Prophet 451 Nov 2014 #80

Yes. This is one possible way to wrest power from the 1%, and Zorra Nov 2014 #83

That's really the only weapon the people have.. kentuck Nov 2014 #86

This message was self-deleted by its author kentuck Nov 2014 #89

If you find anyone that pays PumpkinAle Nov 2014 #105

You are missing the point. Thor_MN Nov 2014 #129

The greed is only encouraged TBF Nov 2014 #171

A few things azureblue Nov 2014 #110

The Democratic Party has been locked into supporting 39% as top tax rate for everyone.... kentuck Nov 2014 #125

I think 39% is fine- but all income needs to be treated the same, at least n2doc Nov 2014 #133

I'm also against NAFTA.I'm also against the ending of Glass Steagal.I am also against war for profit TheNutcracker Nov 2014 #134

I'm going to go out on a limb and guess your threshold of 70% taught_me_patience Nov 2014 #136

Yeah SickOfTheOnePct Nov 2014 #140

I like your name... kentuck Nov 2014 #141

You're welcome to your opinion SickOfTheOnePct Nov 2014 #143

Would I work for half pay? kentuck Nov 2014 #149

Exactly lancer78 Nov 2014 #154

Tax rates are marginal SickOfTheOnePct Nov 2014 #172

90% seems a bit high hfojvt Nov 2014 #142

Request Denied BKH70041 Nov 2014 #155

Support Denied. kentuck Nov 2014 #157

Where is Tinsky, KY? BKH70041 Nov 2014 #160

I have no idea? kentuck Nov 2014 #164

It's on someone's profile at a website. BKH70041 Nov 2014 #166

Born in '47, could be a small town that may no longer be around. nt 7962 Nov 2014 #169

Those numbers need to be reversed. Brigid Nov 2014 #159