Frankly, we already have a wealth tax; it's called the death tax, and it is rather staggering what the government pilfers from you when you die if you happen to be fairly well-to-do.  

posted by QuakerOats

Frankly, we already have a wealth tax; it's called the death tax, and it is rather staggering what the government pilfers from you when you die if you happen to be fairly well-to-do.  

You have to have an estate north of $5m ($10m if married) to get hit by the estate tax.  That's 0.2% of all households.  So the "you" in your "when you die" statement is not a big population.  I know how you feel about things like this though.  Who's John Gault?

posted by Dr Winston O'Boogie

You have to have an estate north of $5m ($10m if married) to get hit by the estate tax.  That's 0.2% of all households.  So the "you" in your "when you die" statement is not a big population.  I know how you feel about things like this though.  Who's John Gault?

True, but I believe that amount was doubled under W, and Dems have been trying to lower if not practically eliminate it for years.

I do agree $5.7M per individual is too much, and half (where it used to be) is probably pretty reasonable.  My guess is that probably won't change much because most career swamp rats have net worths approaching $5-$10M.

The flipside to the "only 0.2%" argument is that number grows tremendously by the time you cut it in half, perhaps 5% or more (well, $4M is 3.5%).  Now, that pool is a pretty large number, as usual, because you know "the middle class is where all the money is".

And that $11.4M for couples is kind of a joke, because those are exactly the people with the resources to find various loopholes and shelters to avoid the tax.

posted by Dr Winston O'Boogie

You have to have an estate north of $5m ($10m if married) to get hit by the estate tax.  That's 0.2% of all households.  So the "you" in your "when you die" statement is not a big population.  I know how you feel about things like this though.  Who's John Gault?

It's a small number of people, but that certainly doesn't justify its existence IMO.

They could confiscate the wealth of all billionaires and it would run the fedgov for like a month or something stupid.

posted by justincredible

They could confiscate the wealth of all billionaires and it would run the fedgov for like a month or something stupid.

Not to mention putting a whole bunch of companies out of business. No wonder envy is one of the deadly sins.

posted by justincredible

They could confiscate the wealth of all billionaires and it would run the fedgov for like a month or something stupid.

Ehhhhh, US billionaires had a combined net worth of $3.4T as of Mar'20.

But if you include the entire 1% (total wealth starting at @ $11.1M), that number balloons to almost $34T as of Oct'20.  A little more than $100k for every American.  But also consider $30T is something like the estimated cost of "medicare for all" over 10 years.  And then, of course, AOC's Green New Deal has like another $70T for a bunch of other bullshit.

Though I certainly don't disagree if you mandate that no one can be worth more than $10M you're going to do unfathomable economic damage.

What do you guys think of a one-time "Covid tax" for the billionaires that collectively added about $1T to their net worth because of distortions created by govt allowing them to absorb all the small businesses the govt shutdown?

Sure, you already printed the money and handed it out, and at this point what difference would $1T make as we get ready to celebrate the $30T in national debt milestone?

posted by gut

What do you guys think of a one-time "Covid tax" for the billionaires that collectively added about $1T to their net worth because of distortions created by govt allowing them to absorb all the small businesses the govt shutdown?

Sure, you already printed the money and handed it out, and at this point what difference would $1T make as we get ready to celebrate the $30T in national debt milestone?

QO already feels perpetually sorry for these poor guys.  Don't hurt them any further.

posted by Dr Winston O'Boogie

QO already feels perpetually sorry for these poor guys.  Don't hurt them any further.

At what number do you feel stealing from someone is OK?

posted by queencitybuckeye

At what number do you feel stealing from someone is OK?

We all pay taxes, so there is no magic number.  If you consider it stealing, then I don't know what else to say to you. 

posted by Dr Winston O'Boogie

We all pay taxes, so there is no magic number.  If you consider it stealing, then I don't know what else to say to you. 

I believe the government has no more moral authority to take my property than a criminal putting a gun in my ribs. They both get away with it due to power, not for any valid reason.

BTW, half of us don't pay taxes. Sounds fair on that basis as well.

posted by queencitybuckeye

I believe the government has no more moral authority to take my property than a criminal putting a gun in my ribs. They both get away with it due to power, not for any valid reason.

BTW, half of us don't pay taxes. Sounds fair on that basis as well.

I love you tax is theft people. You act like the 16th Amendment does not exist or that the fact that taxation was included in the Constitution does not exist. The Government does have the authority per the Constitution. 

"The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration."

Giving the fedgov direct access to our paychecks was the dumbest fucking idea of the 20th century.

The constitution is a shit document, anyway. It either failed to prevent our experiment in limited government to turn into the largest government in world history, or it explicitly allowed for it.

But I'm glad you're cool with the fedgov taking my money to bomb folks overseas. Democracy is great.

posted by justincredible

But I'm glad you're cool with the fedgov taking my money to bomb folks overseas. Democracy is great.

Well, to be fair to Ptown it depends on who is doing the bombing to determine whether he is cool with it or not.   

posted by justincredible

Giving the fedgov direct access to our paychecks was the dumbest fucking idea of the 20th century.

LOL. Ok...that is a stretch.  I can think of four that were dumber off the top of my head...

1. The idea of the Soviet Union.

2. The idea that the UK and Europe could contain Nazi Germany. 

3. Prohibition 

4. The idea that Europe could stave off war in the early 20th century by creating massive interlocking alliances. 

posted by ptown_trojans_1

LOL. Ok...that is a stretch.  I can think of four that were dumber off the top of my head...

1. The idea of the Soviet Union.

2. The idea that the UK and Europe could contain Nazi Germany. 

3. Prohibition 

4. The idea that Europe could stave off war in the early 20th century by creating massive interlocking alliances. 

I was speaking directly in the US. Prohibition is stupid, but at least it was overturned.

And while we're at it, fuck Milton Friedman for the idea of payroll deductions.

posted by queencitybuckeye

I believe the government has no more moral authority to take my property than a criminal putting a gun in my ribs. They both get away with it due to power, not for any valid reason.

BTW, half of us don't pay taxes. Sounds fair on that basis as well.

Everyone pays tax somewhere.  

The criminal doesn't give anything in return. You get something for your taxes. You may not like the bargain and so you are free to go elsewhere. 

posted by Dr Winston O'Boogie

Everyone pays tax somewhere.  

The criminal doesn't give anything in return. You get something for your taxes. You may not like the bargain and so you are free to go elsewhere. 

We'll just move to Somalia, amirite?

Oh, wait. You can't move away, because YOU'LL STILL OWE FEDERAL TAXES.

Anyway, I'm done complaining. Long live the empire.

posted by justincredible

Giving the fedgov direct access to our paychecks was the dumbest fucking idea of the 20th century.

Exactly, if income tax had stayed how it was and you had to send in the money...within a decade our government would be MUCH smaller as the people would revolt.

80% of the people don't even pay attention to how much of their check is gone to taxes.