General Discussion

PETRUS

(3,678 posts)

129. What if the first $10 million is exempt?

Thu Jul 12, 2012, 12:52 AM

Jul 2012

And the rate above that is progressive, starting at .5% and topping out at 2%? For example...

By the way, I don't necessarily agree with the following opinion, but I once heard an economist suggest that wealth/property should be the main thing or even only thing we tax. (He also felt modest holdings should be exempt.) His argument was that such a policy would guarantee that major assets would be harnessed for the good of society, both in the sense that the tax would raise revenue for public services and also in the sense that anyone with significant property would have an incentive to put it to use (invest it if it's money, develop or farm it if it's land, etc.) to cover the tax. I'm not really on board with that, but it was an interesting thought.

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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