So back when TFG had the 115th congress (republican control of both houses) they momentarily forgot to pass this perennial GOP favorite!?!? Unpossible!
I’m not opposed to the idea of a wealth tax, but it would be extremely difficult to implement, and definitely not workable at what you’re proposing.
1. A $100k exemption is far, far too low. The median household net worth in 2022 was $121,700, meaning that over 50% of US taxpayers would be subject to a wealth tax, which is ridiculous. Even Warren’s plan only called for a wealth tax on those worth over $50 million, which is a substantial difference.
2. The biggest issue with a wealth tax is how to value assets. Cash accounts are super easy. But what about stocks - do you use current valuation as of a certain date, or initial contribution, which might be more or less than current value? Artwork collections & jewelry: purchase price, or current appraised value? If the latter, who does the appraisals, and who pays for the appraisals? Same for real estate. Are certain items exempt like apparel, or do we include someone’s $500k collection of Birkin bags?
Sometimes what seems like a simple issue is really quite complicated in practice.
Thanks for bringing up a wealth tax ... because I was just thinking that this so-called fair tax is just the oppostie of a wealth tax - it taxes you for not having wealth. Because it's a sales tax. And the more wealth you have, the less of your income you beed to spend, and the more you hhave left after purchases. The pooest of us would be taxed on every penny that passes through their hands. I'm not quite there - I have a small cushion - but I wouldn't have it for long if I were being taxed 30¢ on every dollar I spent. But the more wealth you have, the less of your income you spend, so the more you get to kep.
I assume the /s was implied.
I don't know why that's not obvious to Comedy Central.
When did you go to the hospital for the emergency blood transfusion?
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It will, when the economy spirals into recession because nobody can afford to buy anything
I have a better idea: raise the top marginal tax rate to 100 percent, then give them a tax credit for every job they create
Yes!!!
Most likely it would be taxed as a “service.” I don’t see how they could otherwise.
It only applies to new goods & services. As long as you get yourself a used racehorse, you’ll be fine.
We're talking about the "prebates" or whatever.
So back when TFG had the 115th congress (republican control of both houses) they momentarily forgot to pass this perennial GOP favorite!?!? Unpossible!
I’m not opposed to the idea of a wealth tax, but it would be extremely difficult to implement, and definitely not workable at what you’re proposing.
1. A $100k exemption is far, far too low. The median household net worth in 2022 was $121,700, meaning that over 50% of US taxpayers would be subject to a wealth tax, which is ridiculous. Even Warren’s plan only called for a wealth tax on those worth over $50 million, which is a substantial difference.
2. The biggest issue with a wealth tax is how to value assets. Cash accounts are super easy. But what about stocks - do you use current valuation as of a certain date, or initial contribution, which might be more or less than current value? Artwork collections & jewelry: purchase price, or current appraised value? If the latter, who does the appraisals, and who pays for the appraisals? Same for real estate. Are certain items exempt like apparel, or do we include someone’s $500k collection of Birkin bags?
Sometimes what seems like a simple issue is really quite complicated in practice.
Yep, my 32K car that I bought almost 6 years ago would have cost 41.6K No way I could have swung that.
I suspect I know the answer already, but does anyone know if the sales tax would be levied on stocks and other financial instruments?
Thanks for bringing up a wealth tax ... because I was just thinking that this so-called fair tax is just the oppostie of a wealth tax - it taxes you for not having wealth. Because it's a sales tax. And the more wealth you have, the less of your income you beed to spend, and the more you hhave left after purchases. The pooest of us would be taxed on every penny that passes through their hands. I'm not quite there - I have a small cushion - but I wouldn't have it for long if I were being taxed 30¢ on every dollar I spent. But the more wealth you have, the less of your income you spend, so the more you get to kep.
'Republicans moan, Republicans bitch: "Our rich are too poor, and our poor are too rich!"'