Jump to content
Sign in to follow this  
TheOldBarn

Wealth Tax

Recommended Posts

I am completely down with Economic Professor Emanuel Saez's caution that inequality is destroying our society. But there are a lot of political fights regarding instituting a wealth tax, as I'm sure you are all quite aware of. There is also the billion dollar industry that has been underfoot for decades now regarding tax avoidance in the legal sense, and in the legal sense, a whole host of laws that undermine

the ability of the IRS to do a damn thing about it.

 

Why not a Financial Transaction Tax? So here is a description of what an FTT is and how it might work. 

https://taxfoundation.org/financial-transaction-tax/#Intro

 

Of course a contrarian could easily shout out, yes, sure that would work, but you still have those who would work to stop it in its tracks. 

 

Well this FTT could be bolstered by the fact that investments are unstable due to world markets, and sure enough, it has been employed before by modest terms where it has been shown to work quite well. Well, and this is important, they will say, and oh yeah sure, they have universal healthcare in a lot of those countries too!!!

 

Yup, they sure do.

 

Yup, they sure as hell do!

 

Peace!

  • Upvote 1

Share this post


Link to post
Share on other sites
Just now, TheOldBarn said:

I am completely down with Economic Professor Emanuel Saez's caution that inequality is destroying our society. But there are a lot of political fights regarding instituting a wealth tax, as I'm sure you are all quite aware of. There is also the billion dollar industry that has been underfoot for decades now regarding tax avoidance in the legal sense, and in the legal sense, a whole host of laws that undermine

the ability of the IRS to do a damn thing about it.

 

Why not a Financial Transaction Tax? So here is a description of what an FTT is and how it might work. 

https://taxfoundation.org/financial-transaction-tax/#Intro

 

Of course a contrarian could easily shout out, yes, sure that would work, but you still have those who would work to stop it in its tracks. 

 

Well this FTT could be bolstered by the fact that investments are unstable due to world markets, and sure enough, it has been employed before by modest terms where it has been shown to work quite well. Well, and this is important, they will say, and oh yeah sure, they have universal healthcare in a lot of those countries too!!!

 

Yup, they sure do.

 

Yup, they sure as hell do!

 

Peace!

 

I think a Wealth Tax would be a good thing for multiple reasons. 

 

There is vast income and wealth inequality which a wealth tax would help with. 

 

Plus the 1950s were some of this countries best times and there was a top tax rate of 94%.

 

A wealth tax could help to benefit in a few various areas. 

Share this post


Link to post
Share on other sites

End all  overseas foreign tax havens/shelter and we will end the nation's debt while bringing back enough capital to finance the rebuilding of the infrastructure.  

Share this post


Link to post
Share on other sites
Just now, zkyllonen8 said:

 

I think a Wealth Tax would be a good thing for multiple reasons. 

 

There is vast income and wealth inequality which a wealth tax would help with. 

 

Plus the 1950s were some of this countries best times and there was a top tax rate of 94%.

 

A wealth tax could help to benefit in a few various areas. 

I wholeheartedly agree that we need a more progressive tax system like we had in the 1950's. But you and I both know that the legislation has changed quite a bit since then. Big money has taken hold and created many outlandish avenues for tax avoidance. It has become a crazy lexicon of legal battles just to get someone to pay their fair share - they move to a state to protect their total worth, estate. They will move their money to another country, oh yeah they will. They will do all kinds of things, that US congress has fought hard to allow.

  • Like 1
  • Upvote 1

Share this post


Link to post
Share on other sites
Just now, TheOldBarn said:

I wholeheartedly agree that we need a more progressive tax system like we had in the 1950's. But you and I both know that the legislation has changed quite a bit since then. Big money has taken hold and created many outlandish avenues for tax avoidance. It has become a crazy lexicon of legal battles just to get someone to pay their fair share - they move to a state to protect their total worth, estate. They will move their money to another country, oh yeah they will. They will do all kinds of things, that US congress has fought hard to allow.

 

With our current system there will never be a progressive tax system because the wealthy and big corporations always get there way. 

 

Never the Average Working American.

Share this post


Link to post
Share on other sites
9 minutes ago, zkyllonen8 said:

 

With our current system there will never be a progressive tax system because the wealthy and big corporations always get there way. 

 

Never the Average Working American.

Here you have to paint the narrative with truth which of course takes education. What is strongly lacking in the US is an understanding of economics. This is vital. We need people to understand the arguments that are being laid down before them much in the same way people need to understand that climate change is real. They sense it, they are starting to come around, and thus, it's the same damn thing with economics. You need leaders to stand up and spell things out! That's why I thought Elizabeth Warren should have gotten the vote, I still do.

But maybe soon there will be another - do not feel defeated, because there are many!!!

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

×
×
  • Create New...