Who are you to demand people not change what you mean? I mean.....LOLTaxes were paid on the income, now you commies are wanting another bite of the post tax savings. You already get a bite from the gains which result form savings and investments, but now you want to tax the principle again. That does not fall within the 16th.
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That is not what I posted. However, the Ryan/Trump Tax fraud does exactly that (tax homeowners via reducing drastically the real estate tax deduction).
My home, north of $1.3 million, and my rental property (approx. $615,000) are a wink and a nod by Ryan's and Trump's tax reform, & are in fact more costly to my family; I will pay more to the IRS than I have before this fake reform.
There’s also the possibility of capital flight — wealthy people moving their money out of the country, straining the economy. It was partly because of capital flight that some European countries, such as Sweden, got rid of their own wealth taxes in the 1990s and 2000s.
Finally, a wealth tax may be legally very difficult to implement in the U.S. The Constitution forbids so-called direct taxation of property by the federal government (note that property taxes aren’t federal), except for certain rare exceptions. So Warren’s plan might require a constitutional amendment.
If these difficulties prove insurmountable, Warren and other egalitarian tax crusaders might consider an alternative — an inheritance tax, which would close many of the loopholes that now riddle the U.S. estate tax. Taxing all income from inheritances — including trusts, foundations, gifts, estates, and any other kind of family transfers — at a very high rate would yield a result similar to a small annual wealth tax, only its constitutionality would be less in doubt. And it would focus the tax on the rich people whose fortunes Americans are most likely to think of as being undeserved
Bloomberg - Are you a robot?
Seems to be that the Federal Income Tax can be simplified, something promised by Ryan and forgotten.
Add more tax brackets, as in this example:
Increase the payroll taxes to employees by .09% to support Medicare and Medicaid for the next 100 years.
- 5% on the first $60,000.
- 12% on the next $20k;
- 15% on the next $20k;
- 18% on the next 25k;
- 20% on the next $50,000;
- 25% on the next $50,000;
- 50% on the next $100,000
- 75% on the next $500,000
- 90% on $500,001 to infinity.
No one will be hurt by any of these increases.
Explain why identical pieces of property should be taxed at different rates just because of where they fall in an arbitrary stack?
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It's called marketing. I once lived in a middle class community in SF and worked in a lower MC and working poor community.
Where I lived, the prices for goods in the grocery store were less expansive than in the community I worked, and it was the same chain grocery store.
Q. Why the curious might ask
A. People were I lived had cars and could shop in several different chain grocery stores; those were I worked usually walked to the store and back.
Great deflection, we're talking about taxes, not retail goods. Keep in mind, a dollar is a single piece of property, it has it's own serial number, all are equal in value. So once again, why should one be taxed more just because of where it falls in an arbitrary stack?
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