Finance and Economics > Economic News, the Global Economy and all Things Monetary

Wealth Tax?

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atl:
South Dakota had a personal property tax at one time.  It was self assessed meaning you listed your personal property and probably the value and a tax was assessed. (It was phased out when I was around ten). I think the township board may have helped with the assessment of it also but I am not certain.

At the time it was extremely unpopular as much of the population lived on small farms and had to pay a tax on machinery and livestock. This shifted the tax burden to any business that was asset heavy to generate income. If you are interested i have attached a link to an extension bulletin discussing this. https://openprairie.sdstate.edu/cgi/viewcontent.cgi?article=1033&context=econ_comm

While I have no love for billionaires I am not naive enough to think another tax will have no consequences to the rest of us.

David in MN:
Start looking around and ask yourself if you're quite a bit closer to millionaire than you thought. If you've got a house, 401(k), IRA, Roth IRA, a couple cars, a garage full of tools, a few rifles, tractor, and a nice kitchen setup you might be getting close.

When we hear these evil politicians talk of "millionaires and billionaires" they are talking about us. These numbers get scary but a CNBC article says the average household has about $8k in the bank. OK, that's your resource pool to pay the wealth tax because of your house and cars. The math on this is real bad and socially destructive.

Would that the news present these simple economic facts.

surfivor:

 I have always thought that the democrats are going to tax the middle class or upper middle class. The ultra rich never have to pay anything. That has been my perception, even if Bill Gates or Warren Buffet try to give the opposite impression, it seems to be not true at all.

 I would be more in favor of taxation if it seemed as if taxes actually went to good purposes. Often times I am not convinced that they do or it is a very mixed result. On the other hand, it doesn't seem realistic to think you will someday not have to pay taxes. Railing against taxes and saying it is theft and all that seems counter productive to me. There are many other important problems besides taxes, but I don't trust Liz Warren at any rate. I didn't necessarily trust Trump either, though he has turned out better than I might have expected. He does not seem to have as many establishment ties as Warren and the left has scarred me off in so many ways and increasingly so as time goes on

David in MN:

--- Quote from: surfivor on November 20, 2019, 11:40:23 AM --- I have always thought that the democrats are going to tax the middle class or upper middle class. The ultra rich never have to pay anything. That has been my perception, even if Bill Gates or Warren Buffet try to give the opposite impression, it seems to be not true at all.

 I would be more in favor of taxation if it seemed as if taxes actually went to good purposes. Often times I am not convinced that they do or it is a very mixed result. On the other hand, it doesn't seem realistic to think you will someday not have to pay taxes. Railing against taxes and saying it is theft and all that seems counter productive to me. There are many other important problems besides taxes, but I don't trust Liz Warren at any rate. I didn't necessarily trust Trump either, though he has turned out better than I might have expected. He does not seem to have as many establishment ties as Warren and the left has scarred me off in so many ways and increasingly so as time goes on

--- End quote ---

Federally the wealthy basically pay all the taxes. I know Warren Buffet is a jerk who likes to comment that he pays a lower rate than his secretary because he pays a dividend tax and she must pay income and payroll. But the wealthiest cover almost all the money. Half of Americans pay zero in taxes. They are too poor.

But when we shift to a wealth tax we need to assess "wealth". I have no idea what your "wealth" is. I have a cousin with a $15k bicycle. When we start talking about taxing the value of your property the sky is the limit. Maybe you have a penchant for a sport, fashion clothing, or jewelry. Under Warren the IRS would need to know your entire financial history.

And it hits the poor too. Just because you don't bear the tax doesn't mean the cost of compliance goes away. Everybody needs to prove their wealth. There are plenty of guys out there who pride themselves on their wife's wedding ring and their Snap On tools. They're not rich and busting their ass for a living. But the assets... What about the backbone of America? Truckers? You got a house and a Mack you're getting close. How about every farmer?

That's why this is a hill to die on. Anything in assets could be "wealth" and the poorest among us would be showing their jewelry in shaky hands to an IRS agent. That thought sickens me.

LvsChant:
One more way to make criminals out of all of us. What percentage would actually comply with this insanity?

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