If we would just do like Sanders proposed and tax all income as income regardless of source after $250,000 a year, I think much of this could be reduced.
But would also have to throw in a stipulation that that includes all income globally at that rate with any taxes paid to those other nations being deducted from how much they owed here. So they couldn't try and claim they made it out of the nation to try and get around it.
Of course I would also like to pass a law doing similar to corporate profits where they had to pay the total amount they would have paid if it were 100% all based here with what they paid to other nations deducted so they couldn't shop around either. If they do business here, they pay like they are based here.
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And they are taxed, when they sell those stocks.
People want to tax them, just for holding stocks. That's not transactional. That's the difference, and you are also making that mistake.
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And therein lies the problem, this is all about punishing the wealthy.
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In the end, this is just an attempt to tax the wealthy, again.
If it's about the increase in portfolios, then tax all stock portfolios. At least then you'd be consistent.
You're right, I mischaracterized; there's transactional taxes and capital gains taxes. Your capital gains in value, that value gets taxed.
Boring and dishonest.And therein lies the problem, this is all about punishing the wealthy.
Are you arguing that "taxes are punishment"?
If "yes", why do you want to punish the poor and working class, rather than the wealthy, who can afford it?
If "no", then you know you're lying, and you should cut it out.
While typically @Machismo has a thing where he goes onto a libertarian rant, and while I am jumping in on this one a bit late so might not have the proper information, they shouldn't tax them when the value of their stock goes up as that gain isn't realized till they cash it out.
When they cash it out though, as well as any dividends it pays, SHOULD be taxed as normal income. The only other time it should be taxed without actually being sold is when they are transferred or inherited by another at which point the inheritance taxes should treat it as any other asset and tax it accordingly. But also, I feel the inheritance exemption is too low. Like maybe exempt the first 5 million, then tax the rest.
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So, would those capital gains apply to a 401k increasing in value?
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of course they would be fine with it. It's free money from other people...
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Look at you making all sorts of sense.
Since we're talking about a wealth tax, that would depend on the total assets of the individual in question, and how much of those assets cross the wealth threshold involved.
This is what I was getting at when I stated you were either being dishonest or did not understand what a "wealth tax" means.
Would it apply to every 401k? No.
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A 401k is inherently no different than their stock portfolios. People are pushing that this is income, when it's not really income... at least not yet. It's taxed when sold. if the push is to tax it every single year, and when sold, then that is a very dangerous precedent.
Who can tell? Building an empire whilst siphoning off sales tax revenues is immense. One figure I did find that in 2016 Amazon and its 3 party sellers did not collect sales tax for the state of South Carolina which amounted to $57 million. Texas lost $269 million from 2005-2009. Amazon did not collect sales taxes until 2017.
Is there a reason you keep dodging the central point, that a wealth tax, by definition, only affects those above a certain (high) wealth level to begin with?
Again, the Sanders/Warren proposal started that line at $20 million.
Yes, without sufficient income, your wealth might shrink a bit at a time until you dip below that $20m mark. But then it'd stop. That's how it works.
I decided to put on my thinking cap and wonder what would happen if a country (ex Switzerland) had a wealth tax (they do! ~1%) would all of their billionaires run away?
The answer is they have more than double the per capita billionaires that the US does. The only "nations" that have a higher per-capita amount are Hong Kong and Singapore. I guess its not much of an impediment.
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