Biden’s 'billionaire tax' takes aim at the super-rich — but can a wealth tax work in reality?

[peacefan]

Biden’s 'billionaire tax' takes aim at the super-rich — but can a wealth tax work in reality?
Calls for a wealth tax on the world's super-rich are once again gaining attention after U.S. President Joe Biden said he would impose a new "billionaire tax."

Remote : Fri, 15 Mar 2024 06:09:26 GMT
Local : 2024-03-15(Friday) 07 : 09 : 26
Found via World Headlines on nicer.app

what do you all think, can a tax on the richest work in reality?
i think it can.

 

[leftwinger]

Seems unlikely or even un-Constitutional? Wealth is generated using After-Tax dollars “in the beginning”. Smart decisions lead to gains…..sound investments.

Inheritance is already taxed. Who do you want to go after? APPL or the fag that is installed as CEO. Both are taxed now.

You want to increase TAXES? Make up new TAXES? Or simply go CONFISCATE what ”is considered” Excess success? Penalize success? Discourage investments? Like North Korea or Cuba I suppose.

 

[peacefan]

i suggest we do as Biden proposes in this case.

 

[frigidweirdo]

Biden’s 'billionaire tax' takes aim at the super-rich — but can a wealth tax work in reality?
Calls for a wealth tax on the world's super-rich are once again gaining attention after U.S. President Joe Biden said he would impose a new "billionaire tax."

Remote : Fri, 15 Mar 2024 06:09:26 GMT
Local : 2024-03-15(Friday) 07 : 09 : 26
Found via World Headlines on nicer.app

what do you all think, can a tax on the richest work in reality?
i think it can.

Well, they could do what they do in China, which is just go after the rich if they don't pay up huge amounts of money and threaten to punish them for the whole host of crimes they're probably committing.

 

[leftwinger]

From your LW article:

What is a wealth tax?​

A wealth tax is a “broad-based” tax on the value of all — or most — of the assets belonging to a wealthy individual or household, such as cash, property, vehicles, jewelry and other valuable items.
Unlike income tax, which is charged against annual earnings, and capital gains tax, which is imposed on profits accrued from the sale of an asset, wealth tax is seen as a more holistic way of accounting for an individual’s total wealth.


***amounts to double taxation perhaps? I am certain it has un-intended ramifications, probably ending up failing.

 

[leftwinger]

From your commee site: Outlining his 2025 budget proposals on Monday, Biden took aim at the uber affluent and reiterated plans for a 25% tax on Americans with a wealth of more than $100 million. **so, give me $25million or I will seize it? How Mafia like. protection payments. I dont know about this commee BS?


****all those with $99million breath sigh of relief and look to make no more? Or to shift? Move? Hide? Quit? Fire? close new business?

 

[Toddsterpatriot]

Biden’s 'billionaire tax' takes aim at the super-rich — but can a wealth tax work in reality?
Calls for a wealth tax on the world's super-rich are once again gaining attention after U.S. President Joe Biden said he would impose a new "billionaire tax."

Remote : Fri, 15 Mar 2024 06:09:26 GMT
Local : 2024-03-15(Friday) 07 : 09 : 26
Found via World Headlines on nicer.app

what do you all think, can a tax on the richest work in reality?
i think it can.

According to the White House, the budget aims to reduce the federal deficit by $3 trillion over the next 10 years largely by imposing a minimum 25% tax rate on the unrealized income of the very wealthiest households and by reshaping the corporate tax code.

No, this can't work.

 

[Jarlaxle]

Wealth tax would require an amendment.

 

[The Sage of Main Street]

Biden’s 'billionaire tax' takes aim at the super-rich — but can a wealth tax work in reality?
Calls for a wealth tax on the world's super-rich are once again gaining attention after U.S. President Joe Biden said he would impose a new "billionaire tax."

Remote : Fri, 15 Mar 2024 06:09:26 GMT
Local : 2024-03-15(Friday) 07 : 09 : 26
Found via World Headlines on nicer.app

what do you all think, can a tax on the richest work in reality?
i think it can.

If We Let Anybody Be Born on Third Base, We Will Let Him Steal Home

Why punish success when you can take trillions from the heirs who didn't earn a penny of what they started with? That also made it easy for them to make more afterward. The percentage of those in the 1% is twenty times what it logically should be. That lopsided distribution extends all through the upper percentiles.

By not mentioning this, the Party of the Kennedys shows that it is distorted by Preppy Love just as much as the Party of the Bushes. For the same reason, with all the political movements out there, not one advocates abolishing the nation-destroying privileges of inheritance and trust funds. That it proof of totalitarian thought-control by the Preppy Republic.

 

[The Sage of Main Street]

From your commee site: Outlining his 2025 budget proposals on Monday, Biden took aim at the uber affluent and reiterated plans for a 25% tax on Americans with a wealth of more than $100 million. **so, give me $25million or I will seize it? How Mafia like. protection payments. I dont know about this commee BS?


****all those with $99million breath sigh of relief and look to make no more? Or to shift? Move? Hide? Quit? Fire? close new business?

Inherited Ownership Contradicts Capitalism and Eventually Destroys It

 

[Toddsterpatriot]

If We Let Anybody Be Born on Third Base, We Will Let Him Steal Home

Why punish success when you can take trillions from the heirs who didn't earn a penny of what they started with? That also made it easy for them to make more afterward. The percentage of those in the 1% is twenty times what it logically should be. That lopsided distribution extends all through the upper percentiles.

By not mentioning this, the Party of the Kennedys shows that it is distorted by Preppy Love just as much as the Party of the Bushes. For the same reason, with all the political movements out there, not one advocates abolishing the nation-destroying privileges of inheritance and trust funds. That it proof of totalitarian thought-control by the Preppy Republic.

The percentage of those in the 1% is twenty times what it logically should be.

The percentage of those in the 1% is 1%.

 

[leftwinger]

Inherited Ownership Contradicts Capitalism and Eventually Destroys It

Sure, Some get a lucky break born into a big inheritance. I would rather be born in a hospital than a skid row tent with a junkie mom. Life is not guaranteed to be fair.

It the one who inherits is stupid and incapable.....the money will be lost and he will be like the NBA Mensa candidates blowing thru $100mil in 5 years and then blaming the team owner.//

 

[hadit]

According to the White House, the budget aims to reduce the federal deficit by $3 trillion over the next 10 years largely by imposing a minimum 25% tax rate on the unrealized income of the very wealthiest households and by reshaping the corporate tax code.

No, this can't work.

It's a nasty tax because "unrealized income" is money they HAVE NOT YET EARNED, and may never earn. IOW, your investments have a great year but you hold onto them:

1. You get taxed out the wazoo and don't have cash to pay the bill, so you have to sell.
2. You pay the bill, then your investments crash. You've paid taxes on money YOU NEVER HAD.

That's how nasty this is.

 

[Jarlaxle]

If We Let Anybody Be Born on Third Base, We Will Let Him Steal Home

Why punish success when you can take trillions from the heirs who didn't earn a penny of what they started with? That also made it easy for them to make more afterward. The percentage of those in the 1% is twenty times what it logically should be. That lopsided distribution extends all through the upper percentiles.

By not mentioning this, the Party of the Kennedys shows that it is distorted by Preppy Love just as much as the Party of the Bushes. For the same reason, with all the political movements out there, not one advocates abolishing the nation-destroying privileges of inheritance and trust funds. That it proof of totalitarian thought-control by the Preppy Republic.

Inherited Ownership Contradicts Capitalism and Eventually Destroys It

You need 90 days observation.

The percentage of those in the 1% is twenty times what it logically should be.

The percentage of those in the 1% is 1%.

He's a little slow.

 

[Toddsterpatriot]

You need 90 days observation.

He's a little slow.

A rich kid stole his calculator.

 

[justoffal]

Biden’s 'billionaire tax' takes aim at the super-rich — but can a wealth tax work in reality?
Calls for a wealth tax on the world's super-rich are once again gaining attention after U.S. President Joe Biden said he would impose a new "billionaire tax."

Remote : Fri, 15 Mar 2024 06:09:26 GMT
Local : 2024-03-15(Friday) 07 : 09 : 26
Found via World Headlines on nicer.app

what do you all think, can a tax on the richest work in reality?
i think it can.

Answer: NOPE.....never did work never will

 

[justoffal]

Well, they could do what they do in China, which is just go after the rich if they don't pay up huge amounts of money and threaten to punish them for the whole host of crimes they're probably committing.

That's happening now.

 

[frigidweirdo]

That's happening now.

Not really. You need to see how it functions in China first.