Here we go

[LuFins Dad]

I hope I'm wrong about where this leads...

https://www.nytimes.com/2021/03/27/business/biden-taxes-business-rich.html

If you can't get past the paywall -

https://news.yahoo.com/under-biden-democrats-poised-raise-150738436.html

[Jolly]

Big business will just pass through the costs. Small business will take it in the shorts (as if the last year hasn't been bad enough).

By passing through the costs, I assume we create inflation and render our debt less onerous. Hope the Chinese approve...

[Mik]

How are we going to pay for it? First we stop the crazy talk about reparations, forgiving student debt, that sort of thing. Then we stop throwing money out the window on untargeted stimulus. I just found out the recent bill included up to 40 more weeks of subsidized unemployment, when every business I know is hiring.

I'm not necessarily opposed to tax hikes, but not when they support ungodly pork

[Loki]

Why not just go for a privileged tax? If you are rich you pay it unless you can fit into an offended group.

[Mik]

I have a serious problem with a wealth tax, just as with the estate tax.

[LuFins Dad]

@mik Don't forget an investment tax...

[Mik]

That's a killer.

[George K]

@mik said in Here we go:

I have a serious problem with a wealth tax,

So does the constitution, according to many.

[Mik]

4th Amendment, baby.

[89th]

What we need is smart and simple tax reform, combine with smart government spending cuts. If taxes increase it should be on everyone not just those who are already paying a higher % than everyone else, like Horace.

[Copper]

Balance the budget, then reduce spending

Then reduce it again

Problem solved

[Axtremus]

Wealth tax should be instituted.

Capital gains and estate taxes should be raised.

If we claim to value "work" and want to encourage "work," then we ought to tax income from "work" less than we tax other types of incomes, such as those from investments, inheritances, or rent-seeking.

Acute concentration of wealth does a society no good. You want the tilt the balance more towards encouraging "work" rather than just let money automatically make more money just because there is a big pile of it.

Set a high threshold so there is still lots of incentives for lots of people to accumulate wealth. E.g., the estate tax does not kick in for the first $11.58million of the assets, you can craft a similarly high threshold for when a wealth tax gets triggered. But start closing the gap between capital gains tax and marginal earned income tax beyond certain threshold and start taxing wealth beyond certain threshold.

[George K]

@axtremus said in Here we go:

Wealth tax should be instituted.

Tax 'em twice!

estate taxes should be raised

Tax 'em twice, again!

encouraging "work"

Oh. My. Sides. You mean like the COVID relief for 21 weeks for federal workers? C'mon, man!

'Splain to me how raising taxes on income, wealth, estates, encourages "work?" If I'm going to be taxed more, there's a point where I'll just say, "Screw it, it's not worth the effort."

[LuFins Dad]

@axtremus said in Here we go:

Wealth tax should be instituted.

Capital gains and estate taxes should be raised.

If we claim to value "work" and want to encourage "work," then we ought to tax income from "work" less than we tax other types of incomes, such as those from investments, inheritances, or rent-seeking.

Acute concentration of wealth does a society no good. You want the tilt the balance more towards encouraging "work" rather than just let money automatically make more money just because there is a big pile of it.

Set a high threshold so there is still lots of incentives for lots of people to accumulate wealth. E.g., the estate tax does not kick in for the first $11.58million of the assets, you can craft a similarly high threshold for when a wealth tax gets triggered. But start closing the gap between capital gains tax and marginal earned income tax beyond certain threshold and start taxing wealth beyond certain threshold.

Coz people richer than me are Evil.

And the government can be trusted to spend the money sooooo wisely and well.

[Copper]

@axtremus said in Here we go:

income from "work" less than we tax other types of incomes, such as those from investments, inheritances, or rent-seeking.

For a lot of people those things represent work

Income tax and wealth tax are bad for everyone

Even for democrats that have absolutely no clue what they are talking about

All they know is hate for people they don't understand

Hate

[Mik]

Work is a good thing, but for most everyone the goal is to amass wealth such that you no longer have to work for a living. Heck, there’s even government programs for that. Big fucking government programs.

[Axtremus]

@george-k said in Here we go:

'Splain to me how raising taxes on income, wealth, estates, encourages "work?" If I'm going to be taxed more, there's a point where I'll just say, "Screw it, it's not worth the effort."

High threshold, e.g., the first $11.58million being "tax free" per the estate tax example. And the fact that if you stop working, your wealth will be slowly taxed back down to that threshold -- that's an incentive to keep you working.

[Mik]

So you wish to enslave the successful.

[Axtremus]

@lufins-dad said in Here we go:

And the government can be trusted to spend the money sooooo wisely and well.

We the people elect those who make up the government. We the people determine to whom we entrust the power of the purse.

[Axtremus]

@mik said in Here we go:

So you wish to enslave the successful.

Just to discourage sloth by wealth beyond certain threshold. Don't forget the estate tax part of it -- you get to have a leg up for having rich parents, just not exempt from having to work to build further wealth or maintain your inherited wealth beyond certain threshold.