"Wealth" tax?

Am I the only one that is troubled by it?

Doesn't affect me but it's totally unfair. Kinda eliminates the incentive to be productive.

The wealthy are better at using wealth than the regular Joe that can’t get himself out of living paycheck to paycheck.

It'll do more than that, it will push them off shore.. the 1 percenters anyhow.

If Wealth Tax is for the wealthy I have nothing to worry about.

That would send ripples....more than the wealthy would feel it.

Once the new tax is implemented, the amount of money required to be considered wealthy, so that the tax applies, will start plummeting down. The democrats want all they can take from us.

Keith

This is just the start of Marxism this will effect every one in one way or another. This travesty of American freedom .

Stupid idea. The ultra wealthy can just buy an island and move or become politicians and exempt themselves. Concrete man nailed it.

It will just snowball down, and we'll end up paying for it in higher priced goods, services, fuel, utilities, and so on.

Nope, it freaks me out. The cause and effect in the markets could/will be devestating. No economist in their right mind would ever suggest this tact. It has been tried in other parts of the world and accomplished nothing good. Anyone with half a brain knows this will regress to every tax bracket in short order, when the scheme doesn't fulfill the promise.

Nothing more or less than going after the kulaks.

ku·lak

/ko͞oˈlak,ko͞oˈläk/

noun

HISTORICAL

plural noun: kulaks

a peasant in Russia wealthy enough to own a farm and hire labor. Emerging after the emancipation of serfs in the 19th century the kulaks resisted Stalin's forced collectivization, but millions were arrested, exiled, or killed.

They will just hide it like this guy did.

https://nypost.com/2021/09/23/biden-could-owe-as-much-as-500k-in-irs-taxes-report/

they are kicking ideas around like that here in Canada to items i have heard: private jets,cars valued over 250000 and boats over a certain size (yachets)

Build a church
(a couple guys will get this :D)

Can I just buy an existing church? Seems like it would be a lot less expensive!

Yep, there might be one for sale since the last election.

Robin Hood was a folk hero.

how many people who build those things will be out of a job?

yeah, they care about "the little guy"...

I saw this sign out in the Sandhills today where the common folks are fighting the windmills.

So the gubmint taxes the successful...don't even have to be wealthy...gives it away.......the folks that get it blow it on luxuries, the successful get it back again, the gubmint takes it again, gives it away. Perfect cycle!

The gubbemint borrows 40 some odd percent of every dollar it spends anymore.

People don't have a clue where "their tax" goes. It doesn't even cover the essentials anymore.

Pretty sure they will raid the 'middle' class for all they can get......the wealthy have way more options but they did pass a minimum 15% tax for the western world....I believe.

Turn of the century, wealth of the richest 225 people in the world exceeded the annual incomes of the 2.5 billion poorest.
The 3 richest had combined wealth that exceeded the GDP of the poorest 48 nations.
There's been more consolidating since these 2000 stats.

First Tribalism (tribes) >>>>>>> developed into nationalism (nations) >>>>>>> headed to globalism (one ruler)

We aren't' stopping it and we won't stop it.
It (globalism) gained historical momentum on the earth during our lifetimes.
How about that.

Blessings,
Mark

One of the dumbest ideas ever. It perfectly illustrates the left's opinion of the intelligence of the average voter.

Dimocrats are disgusting critters.

Raising taxes on anyone always falls back to the working class people. The rich can afford it. The middle class always ends up carry the burden!

Every socialist moron points to Robin Hood. They neither never read the story nor watched any of the movies. He stole from the corrupt, illegetimate government that stole it from the people.

but then again...they VOTED for it!

https://www.wsj.com/articles/dodgin...dx&reflink=desktopwebshare_permalink

It might not affect you today, but don't think for a moment that eventually it won't affect everyone with any sort of assets.

If they say, they'll be 10 nations, I will not be overwhelmed with surprise.

Do any other nations have a wealth tax? What have been their repercussions?

The unrealized return tax would kill every investment market

The French wealth tax endorsed by Piketty has spurred tax evasion and capital flight

France also enforces a Piketty supported wealth tax on French residents and non-residents who have assets in France. French economist Eric Pichet in a recent academic paper has found evidence of capital flight as a consequence of the French wealth tax, namely, that it has cut French GDP growth by 0.2% per year. The paper suggests that when an individual country implements a wealth tax, it incentivizes people to stash their wealth in tax havens and invest abroad.

Similarly, University of Toronto economist David Seim in a recent paper finds that Sweden’s wealth tax, which was abolished in 2007, spurred significant tax evasion and capital flight as well.

More constructive policies that reduce inequality and promote economic growth

This past week, Berkeley Professor Emmanuel Saez updated his famous income inequality graph showing top 1% pre-tax incomes surging since 1970, which has drawn a number of headlines, including an in-depth article from The Upshot at The New York Times by Justin Wolfers.

Saez Top1

A growing number of conservatives, in addition to liberals, have begun to address inequality in a serious tone taking an approach to resolve the issue by building up the poor and middle-class rather than an approach focused on thwarting the wealthy embodied in France's 75% 'supertax'. Constructive “bottom-up” policies that can improve outcomes for the bottom 99% include expanding the Earned Income Tax Credit (EITC) and encouraging stock ownership.

Improvements streamlining auto-enrollment in retirement plans, increased use of incentive pay plans enabling employees to share in company profits, and reduced taxes for employee stock ownership plans are all examples that would increase capital income for the bottom 99%.

Bill Gates has even weighed in on Piketty's thesis, suggesting that policymakers instead move away from income, wealth, and capital gains taxes in favor of progressive consumption taxes to avoid penalizing wealthy individuals who are focused on philanthropy and investment in the economy.

The U.S. and other advanced economies should take note that trying to thwart the wealthy like France did with its top-down 75% supertax has failed and that the real path to reducing inequality lies in creating bottom-up pro-growth strategies.

Several have had and all have done away with it in short order because of the devastation it caused in their economies and markets.

Some of us have been expecting it.

If the US could stop the illegal drug business, and stop the outflow of money to foreign drug cartels, I think our nation would benefit tremendously. Surely our military and Homeland Security forces have the ability to do this.

Think of the associated savings to society. Decrease prison population, welfare, healthcare, unemployment, crime, theft, death, etc., etc, etc! Illegal drugs are a tremendous cost to all of us.

Protecting our southern border would be a good place to start for that Charles.

Few weeks back the fentanyl supply for hospitals in this area was in short supply.
Not on the streets mind you.
Just for those who need pain relief in the hospital.
Supply chain issues?

I have been shopping more often at the Family Dollar. There are some deals!

.gov should just go into the drug business itself. start selling the stuff. with taxpayer assisted drugs, addicts wouldn't have to steal to score or kill each other for the profits.

dead serious.

What constitutes wealth as far as the government is concerned? I can't stand it when they say "the more fortunate" need to pay their fair share! Who are the more fortunate?

In their mind, if one owns land and works for it, has a small business, tries to be self reliant, etc., then they are wealthy compared to average person living off the government dole. This wealth tax will effect us all. Its crazy! Seems the government is going to start putting taxes on capitalism and the American Dream. This will hurt the middle and lower working class most of all in my opinion. I no longer trust our voting system, so I doubt that trying to vote them out will do any good at all to change the globalist powers that have taken over our country. Chancey

socialism is here.....I doubt anything will stop it.

tribalism >>>>>>>>>> nationalism >>>>>>>>>>>> globalism

c'mon Mark....you're spose to be inspirational!

.2 percent isn't much and is probably well within the margin of error.

Jim

We once had the cajones to send an expedionary force south to deal with bandits.

Fronm
Umm since 2011, and not counting last year because of covid, Frances GDP growth average was 1.31%. 0.2% is rather large.

What? . It's the way of this world and it's not like it's a big surprise. The only bugaboos are those who sensationalize it OR admit the march to globalism isn't happening.
Of course it is.

Satan's been trying to get humans back together as one global unit since one of his earlier seeds, Nimrod, the great warrior and his globalists were well on their way to glorifying and making their name great and were justly and divinely spread out with new languages to boot in Genesis 11:8.

Tribes were gathered into nations centuries ago and now, as written, the earth is moving towards globalism.
By accident? Ah, no.
Only question is, when? Who are the 10 kings?

Simple stuff really.
Blessings,
Mark

wealth taxes are generally on things you own. We already have some "wealth" taxes now in the form of vehicle and property taxes. Though those are at the state/local levels right now.

https://m.youtube.com/watch?v=LO2eh6f5Go0

Happy trapping! ScottW

If there is a market, someone will fill it, legal or illegal.

The idiots in Washington will not ever figure out it's their monetary policies that are leading to such inequalities.

In 1861 and 1913 there was a wealth tax. It’s now called the federal income tax. If you think this won’t effect you because you’re not "wealthy". Hang on, their coming for you in time. Part of this tax is also on unrealized income, that’s scary that they even publicly think and talking about that.



Owl

They have to pay for the upcoming reparations.It costs a lot to pony up all that money for all the stolen land and all that free labour (slavery).
All the wealth needs to be re distributed and where better to take it from than from those whose forebearers beneffitted from it and passed it down intergenerationally.
(Did I hit all the politically correct lingo?)

Amen brother! Build that wall and build it tall.

To think Boco, all our trapping forefathers had to concern themselves with back in the Powder River Rendezvous days were the Blackfeet. Or was it Crow?

.

Forgot how much I enjoyed his talent ScottW.
Thanks!

From each according to his ability, to each according to his need.

Nimrod??? Really??? That's where that derogatory term came from?

Ever heard of Babel?

Gen 10:9-10; 11:4; Nimrod was a mighty hunter who was against the Lord, and the beginning of Nimrod's kingdom, to make his name great, was Babel, the future city of Babylon, and the last city mentioned.... and destroyed in the Book of Revelation (17-18). It's all tied together, from start to finish, Genesis to Revelation and tic toc tic toc it goes along.
Many theologians believe that a literal Babylon will reemerge and be wiped out again, this time for good. That'd be modern day Iraq. Impossible? How could a massive city be built from scratch?

Easy. The Chinese are racing ahead in technology to build cities for millions in a matter of months.
Recent article: A Chinese construction company is claiming to be the world’s fastest builder after erecting a 57-story skyscraper in 19 working days in central China in the Hunan provincial capital of Changsha, assembling three floors a day using a modular method, the vice-president, Xiao Changgeng, said. The company now has ambitions to assemble the world’s tallest skyscraper, at 220 floors, in only three months.

Yowser. We don't build a playground in 6 months anymore.

Yep, Nimrod came from bad seed, his father being Cush who was son of Ham, bad seed son of Noah.
Ham also fathered Canaan, so it was a bad seed bunch A-Z.

Great narrative story line and easy to follow

it's all the rage in "America", lately.

many folks right here embrace this ideology.

^^^^^^ they say old Karl only had 9 people at his funeral. He was a nobody in his own day.
Not now.

"Umm since 2011, and not counting last year because of covid, Frances GDP growth average was 1.31%. 0.2% is rather large."

It doesn't matter what the rate of growth was. The article says that growth rate was cut .2 percent.

Jim

Great hunter! So that's why I get called a nimrod all the time!!
I hope China got a soil compact analysis before they started on that skyscraper!

Equates to over 15% which seems significant.

Meanwhile as many of us stew and whine over taxes, increased taxes, less incentives. yadda, yadda, yadda, opportunities continue to knock. I don't choose to purposely lower my investment rates of return to reduce my taxes on my earnings. I would hope that fur prices would increase enough so my wildlife management schedule C would not be in the red every year.

Bryce

LOL ! I would hope so too Bryce but not holding my breath !