Tax the rich!!!

[Flubber]

A few things

1. Assets of a million is hardly rich if you look ahead-- Financial planners can scare the heck out of you if they calculate the amount of wealth you need to maintain an income of say 40,000 in todays dollars from age 60 and through your projected lifespan.

2. The argument that their is no harm in taxing a dead person because they are . .. well .. . dead is irrelevant. If its my stuff I can do with it as I will, if I drop dead 10 minutes from now, should that stuff be less used for the support of my wife and child

3. I think Vel wins the new rich/old rich debate if you accept his definition of 1 MILLION as rich. BUt the uber wealthy worth hundreds of millions . .. I suspect are mainly inherited

4. based on his worldview, I doubt I will ever be able to agree with Kidicious on pretty much anything. I just cannot believe in his redistributive theories. To me a society where effort and talent gets directly rewarded will be the strongest economic model

[Kidlicious]

Originally posted by Flubber
To me a society where effort and talent gets directly rewarded will be the strongest economic model

We agree

[Arrian]

Ok, is the search function broken?

Since Kid is still on about being misrepresented, I wanted to go back and find what I (and now Vel) was talking about. But the search function keeps telling me there are no matches, even if I simply search for a thread with "communism" or "capitalism" in the title.

-Arrian

[GePap]

Originally posted by Velociryx
GP - That's a good idea! And so you know, I DID read the article in its entirety, and NONE of the facts you posted in any way change the fact that the original hypothesis as given is still.....say it with me....FALSE!

-=Vel=-
(amazing, I know)

The issue becomes this- what percentage of overall wealth lies with the very very top does not change- which overall signifies stagnation in terms of how wealth moves around.

Again, how many of those new "millionaires" can actually spend their money and remain millionaries-by that I mean say buy a luxury item, or a new home (since the article says home equity is not counted) and still remain millionaires?

Cause according to the article, most of this new wealth comes from investements, so it is sunk in various forms that are not easily spent. Someone who has a total of 1 million in savings, IRA accounts and stock accounts is hardly of the same level as someone who earns a million a year or more. It would seem most of those new millionaries probalby make between 150,000 to 200,000 a year in actual income pre-taxes.

[GePap]

Originally posted by Flubber
A few things

2. The argument that their is no harm in taxing a dead person because they are . .. well .. . dead is irrelevant. If its my stuff I can do with it as I will, if I drop dead 10 minutes from now, should that stuff be less used for the support of my wife and child

why is it so hard for you to understand some basic truths?

The dead are not being taxed-their estate is being taxed, since it is a transfer of wealth, and transfer of wealth are taxed. Insofar as estates are taxed, only by far the biggest estates are taxed-no one who ever gets money from a estate that actually had to pay the estate tax will go hungry, specially if they are the sole recipients. This is doen based on a policy decision that would rpefer to avoid the mass accumulation of extreme wealth in a few small hands without simply prohibiting the passing on of money.

So stop misconstruing the tax. Its an ESTATE tax, not a tax on dying. If you die with $2000 in the bank, not a penny of that will be taxed. So it most obviously is NOt a tax on dying. Stop lying.

[Kidlicious]

Originally posted by Arrian
Ok, is the search function broken?

Since Kid is still on about being misrepresented, I wanted to go back and find what I (and now Vel) was talking about. But the search function keeps telling me there are no matches, even if I simply search for a thread with "communism" or "capitalism" in the title.

-Arrian

Oh it's broken?


Let me save you all some trouble. I never said that I would punish dissent. I said I would punish those who obstucted the govt as it commandeered the means of production. There is a difference between dissent and obstruction.

[Kuciwalker]

Originally posted by GePap
why is it so hard for you to understand some basic truths?

The dead are not being taxed-their estate is being taxed, since it is a transfer of wealth, and transfer of wealth are taxed. Insofar as estates are taxed, only by far the biggest estates are taxed-no one who ever gets money from a estate that actually had to pay the estate tax will go hungry, specially if they are the sole recipients. This is doen based on a policy decision that would rpefer to avoid the mass accumulation of extreme wealth in a few small hands without simply prohibiting the passing on of money.

So stop misconstruing the tax. Its an ESTATE tax, not a tax on dying. If you die with $2000 in the bank, not a penny of that will be taxed. So it most obviously is NOt a tax on dying. Stop lying.

If you earn $2000 dollars a year, not a penny of that will be taxed, so clearly the income tax isn't, in fact, an income tax... wait a second...

[Kuciwalker]

Originally posted by Kidicious
Oh it's broken?

Actually, yes, the search function isn't working on the archives, at least not fully.

[Kidlicious]

Originally posted by Kuciwalker

Originally posted by Kidicious
Oh it's broken?

Actually, yes, the search function isn't working on the archives, at least not fully.

That's why I used a winky.

[Japher]

What's the record for a thread reaching 500 posts?

[Dauphin]

Originally posted by Kuciwalker


If you earn $2000 dollars a year, not a penny of that will be taxed, so clearly the income tax isn't, in fact, an income tax... wait a second...

FWIW it can be considered to be a tax at a 0% banding.

[GePap]

Originally posted by Kuciwalker


If you earn $2000 dollars a year, not a penny of that will be taxed, so clearly the income tax isn't, in fact, an income tax... wait a second...

You won't pay income taxes, you will pay payroll taxes.

If you die and leave no estate-there is no tax, ergho, and this should be obvious even to you, its not a "death tax".

[chequita guevara]

Originally posted by Kuciwalker
What do you do for a living?

Web design. I'm thinking about getting into web development. It pays more, and there's a lot more demand for it.

[chequita guevara]

Originally posted by DinoDoc
I thought it was suppossed to be easy to become an internet millionaire according to you. Where's the millions?

I'm not a businessman.

[chequita guevara]

Originally posted by Kuciwalker
If I only work 20 hours a week, let's say I earn X dollars. If I work 40 hours a week, I'll earn 2*X dollars. You become rich by being talented and applying that talent (ie working hard).

No, you become rich by getting others to work hard for you.