The Argument for A Wealth Tax

[Rustic]

Interesting idea. It would end a lot of debt and funding issues

Consider

US wealth inequality - top 0.1% worth as much as the bottom 90%

The top 1/10 of one per cent own almost 25% of the nation's wealth

That's the same amount of wealth as the bottom NINETY PER CENT of the county

In that light a 2% wealth tax isn't that outrageous

I haven't checked the numbers but I have read that it could provide 30 trillion dollars over 10 years.


Health care

Education

Green New Deal

How about spending less than what you have?

 

[Rustic]

We need to collect more taxes from somewhere. Those tax cuts sure didn't pay for themselves as Repubs promised.

The government has no claim to uncollected taxes...

 

[Lesh]

How about spending less than what you have?

And if you have almost nothing?

 

[Rustic]

How about spending less than what you have?

And if you have almost nothing?

Get a job

 

[Toddsterpatriot]

I disagree. Your ignorance of the Founders and the Constitution isn't funny at all.

Face it, Toddster. You're a Marxist. And everyone knows it now.

You believe in central economic planning by a central bank. You believe in deficit financing. You believe the government should tell the market what to do instead of the market dictating what the government does. Central economic planning by a central bank is the antithesis of a free-market.

You should be ashamed to call yourself a conservative around here. You have more in common with Karl Marx. Any real conservative can see that.

I guess technically, you're a Hamiltonian. Most confused leftists who identify as conservative are Hamiltonian. Heh heh.

Face it, Toddster. You're a Marxist. And everyone knows it now.

Me and George Washington, the guy who signed the bill creating the first US central bank.

 

[Toddsterpatriot]

The Framers who created a Central Bank in 1791?

No. The Framers who, after having just suffered through the hyper-inflation of the continental dollar which was printed into oblivion to fund the Revolutionary War, who understood the dangers of a debt based monetary system. The Framers who, in order to protect future generations from institutional theft and out of control government, wrote in the Constitution that only gold and silver can be 'money' for the simple fact that you can't print it, since printing money robs us of the liberty and prosperity that our forefathers fought and died for.

Those Founders.

The Framers who, after having just suffered through the hyper-inflation of the continental dollar which was printed into oblivion to fund the Revolutionary War, who understood the dangers of a debt based monetary system.

They did all that and still created a Central Bank in 1791.

wrote in the Constitution that only gold and silver can be 'money'

Liar, liar, pants on fire.

Well how about some background of the creation of that central bank. It was Alexander Hamilton's baby and it's real purpose was the assumption of the debt of the states created by the Revolutionary War. See, during the war state militia would take property from locals to support the war effort. Say you were a farmer with some cattle. The militia would stroll in, take the cattle to feed the troops, and in return give your some "script" that would say they owed you twenty dollars.

Now when the war ended things were pretty tough. Those farmers were in dire straits, food was scarce because the workers were out fighting redcoats and not tending their fields. Supplies were short and the infrastructure was badly damaged. Desperate those farmers sold those scripts to speculators like, well, Alexander Hamilton. And they sold them for pennies on the dollar. Once most of those scripts were purchased by speculators Hamilton created the central bank. A major part of that creation was the payment of those scripts at full face value. In fact, it was a non-negotiable requirement of the creation of that bank. And where did the money come from to pay for those scripts? The whiskey tax, which led to the whiskey rebellion, which was put down by more federal troops than fought in the entire Revolutionary War.

Still looking for a cash flow worksheet?
You know, to prove your claim that more investment takes place at higher tax rates.

 

[Bootney Lee Farnsworth]

The Framers who created a Central Bank in 1791?

No. The Framers who, after having just suffering through the hyper-inflation of the continental dollar, which was printed into oblivion to fund the Revolutionary War, understood the dangers of the debt based monetary system you're celebrating. The Framers who, in order to protect future generations from institutional theft and out of control government, wrote in the Constitution that only gold and silver can be 'money' for the simple fact that you can't print it, since printing money robs us of the liberty and prosperity that our forefathers fought and died for.

Those Founders.

Here's what a Gold Certificate looks like. Here's what freedom looks like. Why do you hate freedom, Toddster?

Prior to 1971 we were able to use these. That's back when the working class was doing great and the 1%ers were doing lousy. Of course, the 1%ers didn't like that, so they got rid of those so we couldn't use them anymore. They forced us into a debt based fiat currency. And wouldn't you kow it? That's when things changed and that's when the working class started doing lousy and the 1%ers started doing great. It's designed to crush the middle class and it's designed to make the rich richer. The 1%ers are the ones who benefit from it. They're the ones who get all of that freshly printed money and they're the ones who get to put it into the economy how they want.

 

[Bootney Lee Farnsworth]

Taxing isn't the solution. It's the system itself that needs addressed. But it first needs to be understood.

Preach!

.

 

[Slyhunter]

Maybe tax savings, you know idle cash. It's not doing anything anyhow.

 

[Toddsterpatriot]

The Framers who created a Central Bank in 1791?

No. The Framers who, after having just suffering through the hyper-inflation of the continental dollar, which was printed into oblivion to fund the Revolutionary War, understood the dangers of the debt based monetary system you're celebrating. The Framers who, in order to protect future generations from institutional theft and out of control government, wrote in the Constitution that only gold and silver can be 'money' for the simple fact that you can't print it, since printing money robs us of the liberty and prosperity that our forefathers fought and died for.

Those Founders.

Here's what a Gold Certificate looks like. Here's what freedom looks like. Why do you hate freedom, Toddster?

Prior to 1971 we were able to use these. That's back when the working class was doing great and the 1%ers were doing lousy. Of course, the 1%ers didn't like that, so they got rid of those so we couldn't use them anymore. They forced us into a debt based fiat currency. And wouldn't you kow it? That's when things changed and that's when the working class started doing lousy and the 1%ers started doing great. It's designed to crush the middle class and it's designed to make the rich richer. The 1%ers are the ones who benefit from it. They're the ones who get all of that freshly printed money and they're the ones who get to put it into the economy how they want.

Prior to 1971 we were able to use these.

FDR got rid of those in 1933.
It was in all the papers.

 

[Natural Citizen]

Prior to 1971 we were able to use these.

FDR got rid of those in 1933.
It was in all the papers.

The United States severed the link betweeen gold/silver in 1971.

Nobody got rid of them until 1971. And ever since adopting a full fiat currency system in 1971, the dollar has not been backed by any specific asset. It's been backed by debt. The dollar is worth 4 cents now. 4. They've almost completely destroyed our currency. Wall street gets bailed out and the working class get the shaft.

Toddster, I'll tell you something. The more you keep coming back, the more everyone here is going to know you for the big-government, fake conservative, Marxist hack that you clearly are. I'll make sure of it.

You don't know jack squat nothin about monetary policy or economic theory. Or history. Or the original intent of our Constitution.

Get the fuck outta my face and go back to licking them government boots.

 

[Natural Citizen]

Maybe tax savings, you know idle cash. It's not doing anything anyhow.

Americans don't have any savings. I think the average American savings is less than a hundred dollars. The Keynesian monetary policy does not allow for savings. Nor does the inflation tax.

Thank Toddster and his big government ilk for it. They hate free markets.

 

[Toddsterpatriot]

Prior to 1971 we were able to use these.

FDR got rid of those in 1933.
It was in all the papers.

The United States severed the link betweeen gold/silver in 1971.

Nobody got rid of them until 1971. And ever since adopting a full fiat currency system in 1971, the dollar has not been backed by any specific asset. It's been backed by debt. The dollar is worth 4 cents now. 4. They've almost completely destroyed our currency. Wall street gets bailed out and the working class get the shaft.

Toddster, I'll tell you something. The more you keep coming back, the more everyone here is going to know you for the big-government, fake conservative, Marxist hack that you clearly are. I'll make sure of it.

You don't know jack squat nothin about monetary policy or economic theory. Or history. Or the original intent of our Constitution.

Get the fuck outta my face and go back to licking them government boots.

Nobody got rid of them until 1971.

FDR outlawed private ownership of gold in 1933, moron.

And ever since adopting a full fiat currency system in 1971, the dollar has not been backed by any specific asset. It's been backed by debt. The dollar is worth 4 cents now. 4.

How much value did the dollar lose between 1913 and 1971?

The more you keep coming back

The more I'll point out your errors.
Tell me again what the Constitution said about gold, silver and money.

 

[Natural Citizen]

FDR outlawed private ownership of gold in 1933, moron.

Bull pucky. I have 4 safes full of gold. And stacks of Gold and Silver Certificates dated decades later than 1933.

What FDR did was declare a nation-wide bank moratorium. A bank holiday. And he did that in order to prevent a run on the banks by American consumers who didn't have any confidence in the economy. Like any Keynesian would do in that situation, because if we understand economic theory...Toddster..ahem...he inflated the money supply so the economy wouldn't collapse. It wasn't until 1971 that the US completely severed gold and silver from the dollar. And anyone can look that up.

FDR forbid the banks to export gold or to pay it out. That';s wha the did in 1933. Now, why did he do that? I'll tell you why. Because by increasing the amount of gold held by the Federal Reserve was the only means of iincreasing the Federal Reserve's power to inflate the currency supply.Which they did.

How much value did the dollar lose between 1913 and 1971?

The relevant question is how much has the dollar been debased from 1971 until now. As I said, 1971 is when the feds completely severed the dollar from being backed by gold and silver. You donlt get the luxury of spinning the discussion elsewhere, Toddster. I'm smarter than that. lol.

Our dollar is worth 4 cents.

Do you know what money is, Toddster? A store of value. Correct? Is that a discussion you'd like to have? Huh? I'll have it with you. I happen to understand the difference betweeen money and currency.

The more I'll point out your errors.

No. Huh uh. You make yourself look like a rabid statist to those of us who understand this stuff. That's what you do, Toddster.

You've got away your little charade for a long time, haven't you? Those days are gone, Toddster.

We get it, though, Your livelihood is dependent upon the Federal Reserve destroying our currency. Your livelihood is dependent upon a system of government-over-man. Your livelihood is dependent upon the poor getting poorer and the rich getting richer off of the Keyensian system they're running. You're no conservative at all, Toddster. You're a part of the problem. And they should ridicule your sorry ass all up and down this board if they knew how the system really worked. Not because you do what you do. Just because you're a big-government charlatan pretending to be something you aren't. You're a fake.

At least our admitted big-government friends are intellectually honest enough to admit their views. I can respect that, at least. It's at least commendable. I don't have to hold my nose to sit at the table with em.

 

[Toddsterpatriot]

FDR outlawed private ownership of gold in 1933, moron.

Bull pucky. I have 4 safes full of gold. And stacks of Gold and Silver Certificates dated decades later than 1933.

What FDR did was declare a nation-wide bank moratorium. A bank holiday. And he did that in order to prevent a run on the banks by American consumers who didn't have any confidence in the economy. Like any Keynesian would do in that situation, because if we understand economic theory...Toddster..ahem...he inflated the money supply so the economy wouldn't collapse. It wasn't until 1971 that the US completely severed gold and silver from the dollar. And anyone can look that up.

FDR forbid the banks to export gold or to pay it out. That';s wha the did in 1933. Now, why did he do that? I'll tell you why. Because by increasing the amount of gold held by the Federal Reserve was the only means of iincreasing the Federal Reserve's power to inflate the currency supply.Which they did.

How much value did the dollar lose between 1913 and 1971?

The relevant question is how much has the dollar been debased from 1971 until now. As I said, 1971 is when the feds completely severed the dollar from being backed by gold and silver. You donlt get the luxury of spinning the discussion elsewhere, Toddster. I'm smarter than that. lol.

Our dollar is worth 4 cents.

Do you know what money is, Toddster? A store of value. Correct? Is that a discussion you'd like to have? Huh? I'll have it with you. I happen to understand the difference betweeen money and currency.

The more I'll point out your errors.

No. Huh uh. You make yourself look like a rabid statist to those of us who understand this stuff. That's what you do, Toddster.

You've got away your little charade for a long time, haven't you? Those days are gone, Toddster.

We get it, though, Your livelihood is dependent upon the Federal Reserve destroying our currency. Your livelihood is dependent upon a system of government-over-man. Your livelihood is dependent upon the poor getting poorer and the rich getting richer off of the Keyensian system they're running. You're no conservative at all, Toddster. You're a part of the problem. And they should ridicule your sorry ass all up and down this board if they knew how the system really worked. Not because you do what you do. Just because you're a big-government charlatan pretending to be something you aren't. You're a fake.

At least our admitted big-government friends are intellectually honest enough to admit their views. I can respect that, at least. It's at least commendable. I don't have to hold my nose to sit at the table with em.

FDR outlawed private ownership of gold in 1933, moron.

​

Bull pucky.​

Executive Order 6102—Requiring Gold Coin, Gold Bullion and Gold Certificates to Be Delivered to the Government | The American Presidency Project

And stacks of Gold and Silver Certificates dated decades later than 1933.

You have gold certificates dated after 1933? I think you're mistaken.

The relevant question is how much has the dollar been debased from 1971 until now.

Only if you think the dollar was never debased before 1971.

 

[Natural Citizen]

You have gold certificates dated after 1933? I think you're mistaken.

Don't twist my words, boy.

Here's what I said...

And stacks of Gold and Silver Certificates dated decades later than 1933.

I'm not even gonna bother with you any more this evening. You're a wasted load, dude.

You're spinning harder than a top.

 

[Slyhunter]

You have gold certificates dated after 1933? I think you're mistaken.

Don't twist my words, boy.

Here's what I said...

And stacks of Gold and Silver Certificates dated decades later than 1933.

I'm not even gonna bother with you any more this evening. You're a wasted load, dude.

You're spinning harder than a top.

um, you are saying there are gold certificates dated later than 1933. Both statements you listed in your quotes state the same thing differently. I don't know if it's true or not only that it's true you said it.

 

[Bootney Lee Farnsworth]

Americans don't have any savings. I think the average American savings is less than a hundred dollars. The Keynesian monetary policy does not allow for savings. Nor does the inflation tax.

Saving is losing money. People are better off spending it before the value drops out on it.

It is criminal how government is allowed to rip people off thus.

 

[Bootney Lee Farnsworth]

FDR outlawed private ownership of gold in 1933, moron.

Bull pucky. I have 4 safes full of gold. And stacks of Gold and Silver Certificates dated decades later than 1933.

What FDR did was declare a nation-wide bank moratorium. A bank holiday. And he did that in order to prevent a run on the banks by American consumers who didn't have any confidence in the economy. Like any Keynesian would do in that situation, because if we understand economic theory...Toddster..ahem...he inflated the money supply so the economy wouldn't collapse. It wasn't until 1971 that the US completely severed gold and silver from the dollar. And anyone can look that up.

FDR forbid the banks to export gold or to pay it out. That';s wha the did in 1933. Now, why did he do that? I'll tell you why. Because by increasing the amount of gold held by the Federal Reserve was the only means of iincreasing the Federal Reserve's power to inflate the currency supply.Which they did.

How much value did the dollar lose between 1913 and 1971?

The relevant question is how much has the dollar been debased from 1971 until now. As I said, 1971 is when the feds completely severed the dollar from being backed by gold and silver. You donlt get the luxury of spinning the discussion elsewhere, Toddster. I'm smarter than that. lol.

Our dollar is worth 4 cents.

Do you know what money is, Toddster? A store of value. Correct? Is that a discussion you'd like to have? Huh? I'll have it with you. I happen to understand the difference betweeen money and currency.

The more I'll point out your errors.

No. Huh uh. You make yourself look like a rabid statist to those of us who understand this stuff. That's what you do, Toddster.

You've got away your little charade for a long time, haven't you? Those days are gone, Toddster.

We get it, though, Your livelihood is dependent upon the Federal Reserve destroying our currency. Your livelihood is dependent upon a system of government-over-man. Your livelihood is dependent upon the poor getting poorer and the rich getting richer off of the Keyensian system they're running. You're no conservative at all, Toddster. You're a part of the problem. And they should ridicule your sorry ass all up and down this board if they knew how the system really worked. Not because you do what you do. Just because you're a big-government charlatan pretending to be something you aren't. You're a fake.

At least our admitted big-government friends are intellectually honest enough to admit their views. I can respect that, at least. It's at least commendable. I don't have to hold my nose to sit at the table with em.

PREACH!!!

Should be required reading.

.

 

[BuckToothMoron]

Interesting idea. It would end a lot of debt and funding issues

Consider

US wealth inequality - top 0.1% worth as much as the bottom 90%

The top 1/10 of one per cent own almost 25% of the nation's wealth

That's the same amount of wealth as the bottom NINETY PER CENT of the county

In that light a 2% wealth tax isn't that outrageous

I haven't checked the numbers but I have read that it could provide 30 trillion dollars over 10 years.


Health care

Education

Green New Deal

The problem is, like other taxes, it may start at 2% for the top 10%, but will grow to 14% for the top 50%. Our government will always outspend what they collect in taxes. Did you know that social security started as a 1% tax and has grown to 7.6% and now includes something called hospital insurance. Yeah, over 7 times as high. If you happen to be self employed (like me) you pay 15.3%.

In 1913, the top tax bracket was 7 percent on all income over $500,000 ($11 million in today’s dollars1); and the lowest tax bracket was 1 percent.