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Posted: 5/11/2020 10:40:01 PM EDT
[#1]
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Posted: 5/11/2020 10:50:06 PM EDT
[#2]
I'm no constitutional lawyer, but I don't think that would fly here without an amendment. Then again, if Democrats take over anything is possible.
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Posted: 5/11/2020 11:05:03 PM EDT
[#3]
From the article; "a 5% tax on the wealthiest 5% of American households could raise up to $2 trillion."
You know if they roll this out, it won't be "top 5%", the upper middle class is far too numerous for them to pass over. |
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Posted: 5/11/2020 11:25:11 PM EDT
[#4]
Quote HistoryOriginally Posted By shblackdragon: From the article; "a 5% tax on the wealthiest 5% of American households could raise up to $2 trillion." You know if they roll this out, it won't be "top 5%", the upper middle class is far too numerous for them to pass over. Yep. It'll be an upper middle class tax. I'll hazard a guess at the $150k - $500k range depending on location. Above that and most can afford to hire people to set up businesses, tax shelters, etc. so they pay little tax if any when it's all said + done. |
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Posted: 5/12/2020 6:39:59 AM EDT
[#5]
It will trickle down. All sh§t flows down hill.
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Posted: 5/12/2020 7:21:40 AM EDT
[#6]
Quote HistoryQuoted: Yep. It'll be an upper middle class tax. I'll hazard a guess at the $150k - $500k range depending on location. Above that and most can afford to hire people to set up businesses, tax shelters, etc. so they pay little tax if any when it's all said + done. |
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Posted: 5/12/2020 7:21:53 AM EDT
[#7]
Quote HistoryOriginally Posted By Dirtydog: I'm no constitutional lawyer, but I don't think that would fly here without an amendment. Then again, if Democrats take over anything is possible. Quote HistoryOriginally Posted By Dirtydog: I'm no constitutional lawyer, but I don't think that would fly here without an amendment. Then again, if Democrats take over anything is possible. The Constitution gives the feds the power to collect taxes, the 16th Amd removes the requirement that such taxes be apportioned among the states (I believe that is the modern understanding, in very brief form). Based on the fact that the 16th Amendment removes the apportionment rule for INCOME taxes, I suspect a wealth tax would have to be apportioned to meet Constitutional muster - in which case it may well be politically infeasible in the modern era without another amendment. Article I, Section 9, Clause 4: No Capitation, or other direct, Tax shall be laid, unless in proportion to the Census or Enumeration herein before directed to be taken. This clause basically refers to a tax on property, such as a tax based on the value of land,[2] as well as a capitation. |
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Posted: 5/12/2020 9:03:27 AM EDT
[#8]
The last thing the rich politicians that run the democrat party want is a wealth tax. They would actually have to pay that tax.
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Posted: 5/12/2020 11:02:28 AM EDT
[#9]
Quote HistoryOriginally Posted By wvar15: The last thing the rich politicians that run the democrat party want is a wealth tax. They would actually have to pay that tax. Yall do know the wealthiest people in America pay lower taxes than the middle class correct? Running everything through Corps, LLCs, INCs, reduces their tax burden tremendously and the current tax law favors this. Its something the regular Joe doesnt understand. |
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Posted: 5/12/2020 12:14:47 PM EDT
[#10]
Quote HistoryOriginally Posted By pumbaajk: Yall do know the wealthiest people in America pay lower taxes than the middle class correct? Running everything through Corps, LLCs, INCs, reduces their tax burden tremendously and the current tax law favors this. Its something the regular Joe doesnt understand. Lower percentages, not lower in dollar amounts. Big difference. And super rich aren't a big target; truth is that the middle class is better to tax; they may have less income/wealth, but they are far more numerous and provide the biggest base for tax revenues. and, as mentioned above, they don't have the extra $ to get into the good tax shelters. |
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Posted: 5/12/2020 2:03:37 PM EDT
[#11]
Quote HistoryOriginally Posted By shblackdragon: Lower percentages, not lower in dollar amounts. Big difference. And super rich aren't a big target; truth is that the middle class is better to tax; they may have less income/wealth, but they are far more numerous and provide the biggest base for tax revenues. and, as mentioned above, they don't have the extra $ to get into the good tax shelters. Percentage of income is percentage of income. Taxing the super rich gets you nowhere because they know exactly how to make their taxable money disappear in the forms of businesses and using the tax code for every write off possible. If you make $70k/yr and are taxed at 22% you loose alot of money. If you make $500k and do it through business loss, appreciation/depreciation, expenses, ect you come out much much further ahead. In other words you keep the money you earn through tax code. You can tax the wealthiest 1% of the country 100% and they will still end up with more money than everyone because they know how to play the game and have accountants to get the the biggest tax breaks possible. |
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Posted: 5/13/2020 8:37:20 AM EDT
[#12]
Quote HistoryQuoted: Yall do know the wealthiest people in America pay lower taxes than the middle class correct? Running everything through Corps, LLCs, INCs, reduces their tax burden tremendously and the current tax law favors this. Its something the regular Joe doesnt understand. Yep they get around income tax by making most of their money through capital gains and other ways that are taxed at a lower rate but a wealth tax would look at net worth and no rich dem wants their net worth taxed. You can only hide so much in LLCs at some point they want to spend it and buy houses, cars, etc... Even their investment holdings would be taxed. There is no way they would allow that to happen. |
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Posted: 5/15/2020 10:26:12 PM EDT
[#13]
All you need is an LLC to hide income from being taxed?
Where do you guys come up with this shit, my CPA needs details. |
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Posted: 5/16/2020 9:26:49 AM EDT
[#14]
Could the states create their own "wealth tax"? We sort of have one already through real-estate and personal property taxes.
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Posted: 5/16/2020 10:28:12 AM EDT
[#15]
Quote HistoryOriginally Posted By shrimpmoney: All you need is an LLC to hide income from being taxed? Where do you guys come up with this shit, my CPA needs details. Lol. You know how it works though, you're a smart guy. I went from 175k as an employee to about 90k as an owner and i took home more when you figure the tax savings and all the things the business supplies with me now that came out of my personal budget before. |
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Posted: 5/16/2020 10:00:15 PM EDT
[#16]
Quote HistoryOriginally Posted By Fella: Lol. You know how it works though, you're a smart guy. I went from 175k as an employee to about 90k as an owner and i took home more when you figure the tax savings and all the things the business supplies with me now that came out of my personal budget before. I replaced almost half of my wife's income last year with added cash flowing rentals. I was able to keep more money in my pocket than the previous year in which we only had w2 jobs and making less. 
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Posted: 5/17/2020 8:05:02 PM EDT
[#17]
It seems there a lot of people are confused about what a "wealth tax" is. Most here keep talking about "income".
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Posted: 6/2/2020 10:20:26 AM EDT
[#18]
Quote HistoryQuoted: From the article; "a 5% tax on the wealthiest 5% of American households could raise up to $2 trillion." You know if they roll this out, it won't be "top 5%", the upper middle class is far too numerous for them to pass over. Probably any household making over $150k a year, which is actually not that hard to hit when both spouses are working. |
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