wealthiest person in each state

Quote: rxwine

Who’s arguing communism? Unless that’s how you define defending a progressive tax system?

If it walks like a duck, quacks like a duck ...

Come on, guy, why do you think this type of taxation has been deemed improper in free countries. If you have to sell off your assets, it's not a free country. Other countries have tried this and dropped it btw. You have to set up a system that doesn't exist now, a new bureaucracy. We'd have to try to get this reported , your total assets are *not* reported, you want that now?

Oh, I forgot, it won't apply to you. You trust them

Quote: rxwine

Who’s arguing communism? Unless that’s how you define defending a progressive tax system?

Well, those who want a "wealth tax" for one. Those who argue for confiscatory estate taxes for another. And all over college campuses there are "Young Democrats" who seem to love the idea of communism.

Quote: AZDuffman

Well, those who want a "wealth tax" for one. Those who argue for confiscatory estate taxes for another. And all over college campuses there are "Young Democrats" who seem to love the idea of communism.

Theire’s more to communism than your fear mongering depiction comparing to a tax system.

You and odious can share your phony baloney sandwich.

Quote: rxwine

Theire’s more to communism than your fear mongering depiction comparing to a tax system.

You and odious can share your phony baloney sandwich.

Of course there is. There is government control of industry, which many on the left favor.

Heck, many on the left think government is supposed to direct the economy. Remember when the liberals threw a hissy fit over a coal mine being opened under Trump? They said "we should invest in clean energy instead" as if it was the government ("we") putting up the money.

Wealth taxes are just putting the frog in the pot on the stove. Turning up the heat comes later.

Bezos and others borrow against their holdings.

Apparently that's how he builds a half billion dollar yacht that will cost 60 million a year to operate on his salary of $80,000.

His tax rate is .98% compared to his wealth growth.

Sounds a bit hinky to me.

Quote: rxwine

Bezos and others borrow against their holdings.

Apparently that's how he builds a half billion dollar yacht that will cost 60 million a year to operate on his salary of $80,000.

His tax rate is .98% compared to his wealth growth.

Sounds a bit hinky to me.

Why don't you just take all his money. That would be about 2% of the $6 trillion that Biden is spending. Of course that is a one shot deal since he will be broke.

Quote: kenarman

Why don't you just take all his money. That would be about 2% of the $6 trillion that Biden is spending. Of course that is a one shot deal since he will be broke.

I'm just pointing out the same thing people like Warren Buffett and others have said for years.

Quote: rxwine

Bezos and others borrow against their holdings.

Apparently that's how he builds a half billion dollar yacht that will cost 60 million a year to operate on his salary of $80,000.

His tax rate is .98% compared to his wealth growth.

Sounds a bit hinky to me.

No different than someone owning a house and taking out a HELOC. Not hinky at all, it is smart to minimize your taxes.

Borrowing is of course not income, but when you pay it back you pay tax on the income you made to pay it back.

I'm all for closing loopholes, but history tells us politicians are more than eager to set these things up for the proper 'consideration'.

This whole business is probably in fact a big scare in order to shakedown these guys for more money

Quote: odiousgambit

I'm all for closing loopholes, but history tells us politicians are more than eager to set these things up for the proper 'consideration'.

This whole business is probably in fact a big scare in order to shakedown these guys for more money

"Loopholes" are just the law. Loudmouths like Gates and Buffet say taxes should be higher while they use the law to minimize their own taxes. Fools then say, "SEESEESEE! They want higher taxes!"