Article

2020-12-15 Economy

Wealth taxes are not the cure for rising debt

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Posted by Besoeker 2020-12-15 06:35|| || Front Page|| [17 views ] Top

#1 Once again, NYC is showing flyover country the way forward.

Posted by Ulavirong Omeager2818 2020-12-15 07:25|| 2020-12-15 07:25|| Front Page Top

#2 Wealth taxes are the mechanism politicians use to work the graft by rising taxes but putting unending loopholes paid for by the rich to politicians into writing them into the laws. And you wonder why all the corruption abounds?

Posted by Procopius2k 2020-12-15 07:41|| 2020-12-15 07:41|| Front Page Top

#3 our left scream wealth taxes, its all a ruse to get the left vote. After all they know the left has a large base of very wealthy that they do not want to alienate. Then one day some idiot in NY decided to do what he promised. The outcome was not as planned, a mass exodus of the state and city where the tax originated. Who would have thunk… Now we have national leaders spouting the same. Watch the dollars leave the country, watch the wealth leave the country, then watch the left go after the middle class even stronger. This is how it works, always has, always will.

Posted by 49 Pan 2020-12-15 11:45|| 2020-12-15 11:45|| Front Page Top

#4 Forget your idiotic wealth tax fantasies and just enforce the fucking antitrust laws, you morons.

Posted by Chating Splat5550 2020-12-15 11:53|| 2020-12-15 11:53|| Front Page Top

#5 A few years ago someone did a mental exercise that showed that seizing the wealth of the richest people in the country could, indeed, fund the federal government. For ONE year. After that ...
The problem with the concept of a massive wealth tax is that these people do not keep their wealth in a swimming pool of cash, like Scrooge McDuck did. Much of their wealth is in stocks, bonds, real estate, and other non liquid assets. To seize them the government would have to take all of their stock and turn them into cash. Of course, if they seized all of Jeff Bezos's Amazon stock, they would have to sell it. Which would crash the market for Amazon stock ...

Posted by Rambler in Virginia 2020-12-15 11:59|| 2020-12-15 11:59|| Front Page Top

#6 This would end up just like the "Powerball will fund our schools" lie. The money that went to the schools from the lottery only offset the cuts at an equal value. The schools saw no real gain, just a different funding source. If you give congress $4 trillion in cash, you can bet your life they will spend it all and not fix any deficit...

Posted by 49 Pan 2020-12-15 12:18|| 2020-12-15 12:18|| Front Page Top

#7 Funny how gum'ments of all levels never look at their spending. Same old story...tax the "rich".

One reason why some say China will be the world's economic power within 2-3 decades. This country is committing suicide--economically, politically, and socially.

Posted by Clem 2020-12-15 12:24|| 2020-12-15 12:24|| Front Page Top

#8 If I remember correctly , they put a tax on yachts because only the wealthy could afford them. They put the people who built the yachts out of work and lost the benefits of their payroll taxes, and the wealthy who wanted yachts bought their yachts at overseas tax havens and thus government critters never collected the tax on the yachts.

Posted by Phinetch Wherese4624 2020-12-15 18:41|| 2020-12-15 18:41|| Front Page Top

#9 putting unending loopholes paid for by the rich to politicians into writing them into the laws That is a good operating definition of "rent-seeking" It has been going on since governments were instituted by men. Also look up the "Iron Law of Bureaucracy".

Posted by Bubba Lover of the Faeries8843 2020-12-15 19:34|| 2020-12-15 19:34|| Front Page Top

#10 The US National Debt long ago escaped the "bonds of earth". It can never be repaid, unless a solid gold meteorite slams down on a joint session of Congress and takes out the entire District of Columbia.

Posted by Bubba Lover of the Faeries8843 2020-12-15 19:36|| 2020-12-15 19:36|| Front Page Top