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Off Topic Off Topic - General non-Corvette related discussion. |
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01-30-2024, 11:53am | #1 | ||||||
A Real Barner
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Wealth tax, how would it work?
https://abcnews.go.com/Business/verm...y?id=106704603
Say my "net worth" (and I'd like to see the definition of that) is $50 million at the end of last year. This year, it increases to $60 million, and the "wealth tax" is 10%, so I pay $1 million in "wealth tax" this year. Next year, the market crashes, and by net worth is now $20 million, what happens then? Do I get a $4 million tax refund? Discuss. |
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01-30-2024, 11:59am | #2 | ||||||
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The motivated, talented, and hardworking become wealthy. They open businesses and hire many people, who in turn manage to make a good living. Things thrive. Then, the wealthy are penalized for being wealthy and are taxed. They close businesses. People are laid off. They go on government assistance and start voting Democrat, for bigger hand-outs. The wealthy close shop and move elsewhere and no longer contribute. Why bother?
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01-30-2024, 12:01pm | #3 | ||||||
Chief Electrician
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Everywhere is freaks and hairies
Dykes and fairies, tell me, where is sanity? Tax the rich, feed the poor 'Til there are no rich no more I'd love to change the world But I don't know what to do So I'll leave it up to you Population keeps on breeding Nation bleeding, still more feeding, economy Life is funny, skies are sunny Bees make honey, who needs money? No, not poor me I'd love to change the world But I don't know what to do So I'll leave it up to you Oh, yeah World pollution, there's no solution Institution, electrocution Just black and white, rich or poor Them and us, stop the war I'd love to change the world But I don't know what to do So I'll leave it up to you |
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01-30-2024, 12:02pm | #4 | ||||||
A Real Barner
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Sure, right after you refund the extra money you took to pay those increased taxes by raising the prices on your customers. Wealth tax? Forget about it, you ain't payin shit.
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01-30-2024, 12:03pm | #5 | ||||||
A Real Barner
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As I understand it, they will tax the appreciation of assets (stocks, bonds, real estate, etc.)
Normally you have to SELL the asset and pay taxes on any capital gains. The Marxists want to tax any increase in value even if you don't sell it. It is pure evil. |
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01-30-2024, 12:03pm | #6 | ||||||
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It will not work.
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01-30-2024, 12:16pm | #7 | ||||||
10cm member
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Start your research here, OP:
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01-30-2024, 12:17pm | #8 | ||||||
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How will it work? If you are successful, they will punish you however they please.
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01-30-2024, 12:37pm | #9 | ||||||
Barn Stall Owner #116
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After cap gains tax, wealth tax and inheritance tax is calculated and taken, your kids will have to sell all they have and still go to IRS jail.
Paying $1+T/year for the illegals is going to hurt those who pay their own bills. |
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01-30-2024, 12:45pm | #10 | ||||||
Barn Stall Owner #421
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They are trying to do this in CA with real estate. A house I bought almost 30 years ago for under 200k would be taxed at what it's current market price would be, even if not sold. Yearly. My annual property tax would go from $6000 to about $35,000 per year. All for nothing.
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01-30-2024, 12:46pm | #11 | ||||||
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No way! they can touch my Mr Potato Head royalties!
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01-30-2024, 12:48pm | #12 | |||||||
Barn Stall Owner #116
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Quote:
As MR. REAGAN said, 'The problem is not that people are taxed too little, the problem is that government spends too much.' |
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01-30-2024, 1:01pm | #13 | |||||||
Chief Electrician
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Quote:
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01-30-2024, 1:02pm | #14 | ||||||
Sparkles Flambeaux
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it wouldn't.
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01-30-2024, 1:19pm | #15 | ||||||
A Real Barner
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What's yours is mine and what's mine is mine.
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01-30-2024, 1:23pm | #16 | |||||||
Barn Stall Owner #116
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Quote:
Of course there is no cap on the increase of millage rates--your county and city and school board regularly exceed a 3.00% annual millage rate increase. Your non-ad valorem items can be as many as they want, I have four, all four total $1,000 in 2023, THIS IS THE NEW FRAUD IN TAX SCREWING!! |
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01-30-2024, 2:09pm | #17 | ||||||
Barn Stall Owner #69
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It will not work.
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01-30-2024, 2:40pm | #18 | |||||||
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Quote:
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01-30-2024, 2:44pm | #19 | ||||||
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Taxing ghosts. It's the next step of control.
Look, they found out there are a lot of people that can just not GAF about their games, and they do not like that. At all. They will be taxing good ideas next... |
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01-30-2024, 2:44pm | #20 | ||||||
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Is Ross Perot back?
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