Wealth Cap?

@Phranny - said
I clearly stated Bezos and other super rich individuals who paid little or no federal income tax acted within the law.

@EoT said: Not when you first published. You did NOT say that "the rich" act within the bounds of law.
You back-tracked when it was pointed out to you that your innuendos posted by you via your sources were wrong.


@Phranny: What they did was totally legal. That simply means our tax system is unfairly skewed towards letting the super rich grow their wealth while the struggling and declining middle class pay taxes. The tax code needs to be revamped.

@EoT: Now this is a first for you. You finally admit that the problem (for you and socialists) lies in the tax code, NOT the RICH!

@Phranny: Trickle Down Economics is actually Golden Showers Economics. Businesses expand and hire when people have money to purchase their goods and services. This requires a growing middle class. The middle class in the U.S. has been in steady decline since the mid 1980's, over three decades. The jobs created most recently were low paying, low skilled and did not enable individuals to have much in the way of expendable income. The U.S. economy is based on people purchasing future land fill (goods) and services. The wealthiest in the U.S. are growing richer. The middle class is in decline.
I realize this site is a tiny microcosm of the U.S. but it is very disheartening to see the lack of a basic understanding of economics, U.S. history and the Constitution on the part of some who visit this forum.


@EoT: Firstly, your idea of trying to capture rising value as taxable income is an absurd idea.
Every single year, everyone would have to reassess their land, stock, valuables like jewelry antiques, and paintings etc.
This is extremely time consuming and expensive and totally unnecessary. And then, you will see people
have to sell their homes because they don't have the CASH to pay the income tax they now owe.
Or they will have to break up their 401K and sell stock for the same damn reason.

Poorly thought out idea. Only in the mind of a greedy one.

@earl-of-trumps said
@Phranny - said
I clearly stated Bezos and other super rich individuals who paid little or no federal income tax acted within the law.

@EoT said: Not when you first published. You did NOT say that "the rich" act within the bounds of law.
You back-tracked when it was pointed out to you that your innuendos posted by you via your sources were wrong.


@P ...[text shortened]... d sell stock for the same damn reason.

Poorly thought out idea. Only in the mind of a greedy one.

Land has to be revalued each year, at least approximately, anywhere there is a property tax which is almost everywhere in the US. All stocks which gave out a dividend are already included on US tax returns.

Not sure what percentage of the People in the US have high value jewelry, antiques or paintings, etc. etc. but it's probably a pretty small percentage. A reasonably small exemption like $20,000 perhaps would probably eliminate any burden on any but the wealthy.

So it's hardly "absurd" though the devil might be in the details. 4 countries in Europe do have wealth taxes though: https://www.businessinsider.com/4-european-countries-wealth-tax-spain-norway-switzerland-belgium-2019-11#belgium-enacted-a-limited-wealth-tax-last-year-on-securities-accounts-containing-over-500000-4

@Earl-of-Trumps the proposed tax on capital gains would only apply to individuals worth $4 million or more. I already stated this. Poor reading skills on your part.