General Discussion

mainer

(12,555 posts)

89. Why this thread scares me

Wed Jul 11, 2012, 12:41 PM

Jul 2012

My income has already been taxed once. I am self-employed, so I've also had to pay self-employment taxes over the years. And no, I don't work as a banker, I don't exploit my workers (unless you call my own long hours at the job self-exploitation) and I produce a product that actually gets exported and brings money INTO the U.S. I don't trust any safety net to protect my retirement, so I have been faithfully saving for decades, in secure investments such as municipal bonds and CDs. I have accumulated enough to help my kids out with their college educations.

And now, because I've been scrupulous about saving and a careful investor, this OP would levy an extra tax on me, for no reason except that I've socked away enough for a comfortable retirement?

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Taxing wealth is the next logical step [View all] NNN0LHI Jul 2012 OP

Yes, yes, yes and hells yes. Taverner Jul 2012 #1

As if the bought off whores in congress do logic. MrSlayer Jul 2012 #2

Extremely obvious. Shows how bought are government and institutions are as a society. nt PufPuf23 Jul 2012 #3

You realize that most wealth isn't in the form of cash, right? TBMASE Jul 2012 #4

Then let's take homes and other assets... Comrade_McKenzie Jul 2012 #5

and sell them to whom and for how much? TBMASE Jul 2012 #8

Then tax it BIG TIME as it moves overseas. Zalatix Jul 2012 #57

Houses and Real Property don't go overseas TBMASE Jul 2012 #70

Actually it is in cash rather than homes or other assets as you suggest NNN0LHI Jul 2012 #6

So you want to take cash from businesses TBMASE Jul 2012 #7

Businesses can either invest it themselves hiring workers or the government will tax them and do it NNN0LHI Jul 2012 #9

so to hell with their need to pay existing workers TBMASE Jul 2012 #10

This message was self-deleted by its author HangOnKids Jul 2012 #11

Because I know why corporations keep cash? TBMASE Jul 2012 #12

Raising the corporate tax rate even by a substantial amount would coalition_unwilling Jul 2012 #16

Did you read the OP? TBMASE Jul 2012 #17

The very first word of the OP is 'taxing'. I'm saying that coalition_unwilling Jul 2012 #23

He says tax, then follows up with Use or Lose TBMASE Jul 2012 #24

That's just verbiage for a 'wealth tax' (or a 'tax on savings'). The idea coalition_unwilling Jul 2012 #27

and the seizure of said property? TBMASE Jul 2012 #28

Money is property Blanks Jul 2012 #51

Taking of real property where the owner is compensated TBMASE Jul 2012 #67

There's nothing in the OP to indicate it would all be 'seized' muriel_volestrangler Jul 2012 #65

Use or Lose isn't seizure? TBMASE Jul 2012 #68

No, it's a slogan muriel_volestrangler Jul 2012 #74

It's not seizure? TBMASE Jul 2012 #77

Print up gold coins. Blanks Jul 2012 #81

I'm sure businesses would jump at the chance TBMASE Jul 2012 #83

Probably not a gold coin worth significantly less than what you're taking from them. Blanks Jul 2012 #90

It would be legal tender, correct? TBMASE Jul 2012 #95

That wasn't my plan. Blanks Jul 2012 #108

No, it's not seizure, it's taxation muriel_volestrangler Jul 2012 #84

So "Use or Lose" is a slogan TBMASE Jul 2012 #85

The rhyme is a clue that it's a slogan muriel_volestrangler Jul 2012 #96

Like Use or Lose leave policies, right? TBMASE Jul 2012 #110

Wow, that's what the Libertarians say. Fortunately history doesn't support you. Zalatix Jul 2012 #58

Tax Cash that was already taxed? TBMASE Jul 2012 #71

It's a small matter... awoke_in_2003 Jul 2012 #13

SNARF HangOnKids Jul 2012 #14

This message was self-deleted by its author mainer Jul 2012 #88

You should probably go work for Romney Kingofalldems Jul 2012 #19

Why? TBMASE Jul 2012 #25

If you have a Billion in cash in the bank, you're not "relying on receivables"... lastlib Jul 2012 #30

Ummm, that's what I said. You save the cash so you don't have to rely on receivables TBMASE Jul 2012 #45

Release the money! ErikJ Jul 2012 #35

Profits aren't cash TBMASE Jul 2012 #46

Would this mound of money they are sitting on be considered hording? Waltons_Mtn Jul 2012 #104

Now that's an interesting thought........... socialist_n_TN Jul 2012 #124

Tax all inheritances above $5 million at 100%. Tax all transfers of money out of the country at 200% AnotherMcIntosh Jul 2012 #15

And let's tax the hell out of religious organizations while we're at it. Initech Jul 2012 #20

Make it all non-profits. Igel Jul 2012 #38

That's not the same thing at all. Initech Jul 2012 #40

Yawn. nt Lucky Luciano Jul 2012 #32

This message was self-deleted by its author HangOnKids Jul 2012 #44

Thought it was sufficient commentary on the absurd. nt Lucky Luciano Jul 2012 #53

don't some European countries try to do this already Johonny Jul 2012 #18

Yes, some: muriel_volestrangler Jul 2012 #21

Taxing 1.3 million Euros in wealth would completely gut a lot of retirements mainer Jul 2012 #50

I'm not exactly sure how they tax pension funds muriel_volestrangler Jul 2012 #64

Agreed. Junkdrawer Jul 2012 #22

k&r Starry Messenger Jul 2012 #26

I like it. lastlib Jul 2012 #29

There is too much liquidity at the top = asset price inflation on point Jul 2012 #31

Why wouldn't this just accelerate the flight of corporations to China? Flatulo Jul 2012 #33

If they want to go, they should go - but without the protection of the U.S. laws. AnotherMcIntosh Jul 2012 #34

That's what's bizarre about companies moving there - their IP is Flatulo Jul 2012 #36

And then we should also slap HUGE tariffs on China, too. Zalatix Jul 2012 #59

+ >9000! Abra Jul 2012 #37

More dictatorship of the proletariat. Igel Jul 2012 #39

Maybe PETRUS Jul 2012 #80

No, it's called social democracy, and it works pretty damn well Canada and Western Europe Hippo_Tron Jul 2012 #128

I am against a wealth tax, per se. But our progressive tax system is a wealth tax, to some degree. Honeycombe8 Jul 2012 #41

This message was self-deleted by its author HangOnKids Jul 2012 #43

It's quite obvious you have no idea what cash actually is TBMASE Jul 2012 #47

This, again? Everything is taxable. Property taxes, taxes on capital gains, Zalatix Jul 2012 #60

The Federal Government does not have a property tax TBMASE Jul 2012 #69

Doesn't mean there can't be a Federal property tax. Zalatix Jul 2012 #73

They are taxed on the interest TBMASE Jul 2012 #78

This message was self-deleted by its author HangOnKids Jul 2012 #102

Whatever you think I might be TBMASE Jul 2012 #109

This message was self-deleted by its author HangOnKids Jul 2012 #111

You CAN'T debate the topic because you have no clue TBMASE Jul 2012 #114

Actually, HangOnKids and others here have debunked your arguments repeatedly. Zalatix Jul 2012 #131

HangOnKids has already got me on Ignore mainer Jul 2012 #112

That's my opinion as well TBMASE Jul 2012 #113

I disagree Prophet 451 Jul 2012 #42

Our choices are limited. kentuck Jul 2012 #48

What's your definition of wealth? mainer Jul 2012 #49

Someone with more than me is wealthy. cherokeeprogressive Jul 2012 #55

This message was self-deleted by its author HangOnKids Jul 2012 #103

I'm not a dude. I am close to retirement. And it's true. mainer Jul 2012 #105

This message was self-deleted by its author HangOnKids Jul 2012 #106

It's not shit. It's my family. mainer Jul 2012 #107

Post removed Post removed Jul 2012 #116

Wow, so it's OK to say someone's full of shit and should get lost... mainer Jul 2012 #118

This message was self-deleted by its author HangOnKids Jul 2012 #130

I guess you've never heard of a 401K or IRA TBMASE Jul 2012 #115

The best thing my lawyer ever told me: true wealth is having no debt mainer Jul 2012 #119

couple this with a repeal of the income tax and you've got a capitalist economist's wet dream unblock Jul 2012 #52

A flat tax on wealth of 2% per year will raise $1 trillion, and solve our budget problems. reformist2 Jul 2012 #54

Don has a great idea here! The FIRST step would be for people to stop putting 1%ers in Congress. slackmaster Jul 2012 #56

A wealth tax is a taking. If you want that then you have to change the Constitution. AngryAmish Jul 2012 #61

I can see a special tax on the Olive Garden slackmaster Jul 2012 #63

Why is it more of a 'taking' than a property tax? muriel_volestrangler Jul 2012 #66

You are not taking a piece of property when you tax it AngryAmish Jul 2012 #72

And you are not taking wealth when you tax it muriel_volestrangler Jul 2012 #75

And if you're 75 and you happen to own a million-dollar house... mainer Jul 2012 #94

Same way as you do with property tax already muriel_volestrangler Jul 2012 #99

Ah, so you're OK with kicking the elderly out of their family homes mainer Jul 2012 #100

Easy fix - $100K per person wealth exemption. reformist2 Jul 2012 #117

I'm not a MISTER. I'm a 60 year old female mainer Jul 2012 #120

Property taxes are used to finance vital government services, not general wealth redistribution slackmaster Jul 2012 #76

This would be used to finance vital government services too muriel_volestrangler Jul 2012 #82

Constitutional Amendment after a Revolution.... Junkdrawer Jul 2012 #86

That was the logic we used to follow. Until Reagan and Trickle Down Economics. Overseas Jul 2012 #62

Hire new workers to do what? Why would a business owner hire new workers if he didn't need them? SlimJimmy Jul 2012 #79

My plant used to hire 200 new workers in one day NNN0LHI Jul 2012 #87

So, your company hired and paid new workers they didn't need just so they could go out and purchase SlimJimmy Jul 2012 #101

Why this thread scares me mainer Jul 2012 #89

If anything, taxing wealth is preferable to taxing income. reformist2 Jul 2012 #91

I'd rather my income be taxed than my wealth mainer Jul 2012 #92

Serious proposals PETRUS Jul 2012 #97

If taxation is less than typical returns on investment, okay mainer Jul 2012 #98

"Taxing WEALTH ... is the most radical idea I can think of short of armed revolution".... Junkdrawer Jul 2012 #93

These are the threads that make me wonder: who ARE the people on DU? mainer Jul 2012 #121

I am going to explain this concisely NNN0LHI Jul 2012 #122

We agree on that -- property tax is a form of wealth tax mainer Jul 2012 #125

Happy we found some agreement here NNN0LHI Jul 2012 #126

What if the first $10 million is exempt? PETRUS Jul 2012 #129

We still get back to the fact that land/a home is NOT income-producing mainer Jul 2012 #132

Land is probably the thing that should be taxed more than anything else. reformist2 Jul 2012 #133

Right PETRUS Jul 2012 #135

Maybe it is best if ownership of money is made illegal. eom yawnmaster Jul 2012 #123

Outstanding idea. limpyhobbler Jul 2012 #127

not happening. who will do the taxing when the potential taxees own and fund the potential taxors? HiPointDem Jul 2012 #134