Wealth tax, how would it work?

[Mick]

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.

[GTOguy]

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?

[Aerovette]

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

[Torqaholic]

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.

[Bruze]

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.

[VITE1]

It will not work.

[Bill]

Start your research here, OP:

[Yadkin]

How will it work? If you are successful, they will punish you however they please.

[Onebadcad]

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.

[GTOguy]

Originally Posted by Bruze

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.

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.

[Don Rickles]

No way! they can touch my Mr Potato Head royalties!

[Onebadcad]

Originally Posted by GTOguy

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.

You could give newsum $999,999,999,999,999,999,999,999,999,999,999,999,999,999,999,999,999,9999 additional tax dollars today, and he would be broke tomorrow.

As MR. REAGAN said, 'The problem is not that people are taxed too little, the problem is that government spends too much.'

[Aerovette]

Originally Posted by GTOguy

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.

My house is always taxed at the current value. Value goes up, taxes go up.

[DAB]

it wouldn't.

[lrobe22]

What's yours is mine and what's mine is mine.

[Onebadcad]

Originally Posted by Aerovette

My house is always taxed at the current value. Value goes up, taxes go up.

FL primary and homesteaded residence restrict assessement increase to 3.00% annually.
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!!

[VITE1]

It will not work.

[Kevin68]

Originally Posted by Mick

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.

Sure, you'll get to deduct your capital loss at a rate of $3,000/year just like you can now and in 1,300 years or so you'll get your money back. Quit yer complainin'

[ZipZap]

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...

[Raazor]

Is Ross Perot back?