We Need a Wealth Tax

[Hugo Stiglitz 23356]

The heiress Abigail Disney has a net worth of $120 million 

[FondrenRoad 4378]

Just now, Hugo Stiglitz said:

The heiress Abigail Disney has a net worth of $120 million 

She's right. Also, that is surprisingly low considering the value of Disney. She must have gotten fucked over.

[Biff Tannen 45477]

Not to shit on her, necessarily, but I also remember when Bezos wrote an article about how wealth inequality would lead us to revolution.  He sure hasn't done fuck all about it.

[Gourmand 7774]

7 minutes ago, Biff Tannen said:

Not to shit on her, necessarily, but I also remember when Bezos wrote an article about how wealth inequality would lead us to revolution.  He sure hasn't done fuck all about it.

Remember when Bill Gates was Bezos and hated and now Bill and Melinda spend massively on philanthropy and apparently give a shit about things like vaccines and clean drinking water across the globe.

[StruggleBus 3922]

$120 million? She needs a stimulus check, not a wealth tax. That's pathetic. 

[elfenix 34168]

 

Edited July 16, 2020 by elfenix

[StassneyHorn 6534]

Give every newborn a “baby bond fund” ala Cory Booker. 18 years later you have solved generational poverty.

You’re welcome. Buy a shanty in Memphis.

[wildcat09 29187]

3 hours ago, Gourmand said:

Remember when Bill Gates was Bezos and hated and now Bill and Melinda spend massively on philanthropy and apparently give a shit about things like vaccines and clean drinking water across the globe.

Yet despite how much money he’s spent on philanthropy his fortune has still grown.  Imagine having so much money you literally can’t give it away. That’s how rich Bill Gates is.

[tantric superman 4667]

I think this should go in steps. 

1) Big jump on progressive tax rates.

2) Big jump on estate taxes after a certain $$$ amount.

3) Then wealth tax if necessary.

 

 

[Bateshorn 9882]

This was 2012. It’s so much worse now. When the poor have nothing left to eat, they will eat the rich.

And they will snack on the bourgeois and petty bourgeois on the way there. Many on this page have a vested interest in that not happening.

 

Edited July 16, 2020 by Bateshorn

[Poolflood 845]

So if we are going to take the lead from wealth creators like Bill, Melinda and Warren - the last place they wanted their money to go was the federal government.  Or any government it appears.

[Guest]

When you solve the number of people in this country who CAN work, but choose not to do so, get back with me about the damage of the wealth at the top.

 

 

Class envy is some fucked up shit that people never stop fucking crying about.  Get off your ass and do something about it...or fucking waller' in yo poverty.

[Patrick Bateman 3903]

We don't need a wealth tax but we do have to aggressively address the income and wealth disparity which has been growing outrageously since Reagan.  There are a number of different ways to address this, a wealth tax being one.  However, the tax code or taxes as a public instrument needs to be overhauled.  Both parties are guilty but certainly the GOP since Reagan have been the most guilty of not only empowering the disparity, but actively encouraging it with terrible economic policy.  It's taken decades to get this far gone and it's going to take a long time to swing the pendulum back towards building a stronger blue collar and middle class/upper middle class.

[maninblack 7974]

You should've been born in China around 1940. Would've love it!

[Hugo Stiglitz 23356]

14 minutes ago, Poolflood said:

So if we are going to take the lead from wealth creators like Bill, Melinda and Warren - the last place they wanted their money to go was the federal government.  Or any government it appears.

The idea, at least the Warren version of it, is to pump the money directly into the economy at the entry level.  Things like universal childcare, student loans debt forgiveness, public college, nationwide public option high speed internet.  

Use the wealth tax to reduce the crippling cost burdens of most Americans trying to make it so they can be more productive members of society.  It would turbocharge the economy and allow even more wealth creation. 

[Neonmoon 38127]

We don’t need a wealth tax, we need to pay the workers more money, and maternity leave, and better benefits, etc. But you can’t have your iPhone without slave labor. You can’t have your cheap tomato paste without slave labor. Bezos can’t deliver packages to your door by paying a decent wage. 

[Foosters 17691]

2 minutes ago, Hugo Stiglitz said:

Things like universal childcare, student loans debt forgiveness, public college, nationwide public option high speed internet.  

"This is indistguishable from Mao's cultural revolution."

- smart people everywhere

[Firemans4Horn 17793]

Wealth tax that can only be used on healthcare for all.

[Poolflood 845]

16 minutes ago, Hugo Stiglitz said:

The idea, at least the Warren version of it, is to pump the money directly into the economy at the entry level.  Things like universal childcare, student loans debt forgiveness, public college, nationwide public option high speed internet.  

Use the wealth tax to reduce the crippling cost burdens of most Americans trying to make it so they can be more productive members of society.  It would turbocharge the economy and allow even more wealth creation. 

No the warren version is to give his money to charity.  Not the government.  Bill agrees.

[Hugo Stiglitz 23356]

5 minutes ago, Poolflood said:

No the warren version is to give his money to charity.  Not the government.  Bill agrees.

Warren Buffett and Bill Gates agree that the rich should pay higher taxes

https://www.google.com/amp/s/www.cnbc.com/amp/2019/02/25/warren-buffett-and-bill-gates-the-rich-should-pay-higher-taxes.html

[Guest]

4 minutes ago, Hugo Stiglitz said:

Warren Buffett and Bill Gates agree that the rich should pay higher taxes

https://www.google.com/amp/s/www.cnbc.com/amp/2019/02/25/warren-buffett-and-bill-gates-the-rich-should-pay-higher-taxes.html

then fucking pay it, motherfuckers.  Stop talking about it and pay...   turn that wealth over to the govamint.

Don't wait for the IRS to levy it.   Act upon your alleged convictions...

Edited July 17, 2020 by slorch

[wildcat09 29187]

53 minutes ago, slorch said:

When you solve the number of people in this country who CAN work, but choose not to do so, get back with me about the damage of the wealth at the top.

 

 

Class envy is some fucked up shit that people never stop fucking crying about.  Get off your ass and do something about it...or fucking waller' in yo poverty.

“Everyone is just lazy and chooses not to work” is some real amazing shit to cling to when a pandemic has just destroyed like 10 million jobs.

[UTGrad98 2257]

1 hour ago, tantric superman said:

I think this should go in steps. 

1) Big jump on progressive tax rates.

2) Big jump on estate taxes after a certain $$$ amount.

3) Then wealth tax if necessary.

 

 

I agree with you but in reverse.

[tantric superman 4667]

58 minutes ago, slorch said:

When you solve the number of people in this country who CAN work, but choose not to do so, get back with me about the damage of the wealth at the top.

We're happy to hear your idea.   

Or you could fuck off.

In most wealthy families, there is at least one partner who chooses early in their career not to work or to do volunteer work.

Is that a problem?

In terms of the people who don't want to work a normal job and can't afford not to, we have a criminal justice system that seems to be our primary way to feed and cloth those folks.

 

 

 

[tantric superman 4667]

8 minutes ago, UTGrad98 said:

I agree with you but in reverse.

I think a wealth tax is politically impossible, and a progressive tax increase is very possible.

[TexArcher 37455]

The problem is that everyone in Congress is wealthy and they aren't in the habit of working against their own interests.

Starting salary in the House of Representatives is $174,000.

And almost all of them made plenty before they were elected.  It's a gang of wealthy attorneys.

Ever wonder why we never managed to find alternatives to oil as climate scientists were beating the "oh, shit" drum for 40 years?  Ever wonder why we have the least efficient health care system in the industrialized world and Big Pharma can charge whatever it wants for drugs that keep people alive without actually curing them?  It's because oil companies and pharma companies bring in the profits for shareholders, and our entire Congress (yes, even AOC, now) is composed of wealthy investors.

Hell yes, we need a wealth tax.  And we'll get it right after they put in term limits and give themselves a pay cut.

Edited July 17, 2020 by TexArcher

[Hugo Stiglitz 23356]

The “it’s just too hard” mentality is why we’re about to be a failed state.  

Edited July 17, 2020 by Hugo Stiglitz

[washparkhorn 9931]

1 hour ago, maninblack said:

You should've been born in China around 1940. Would've love it!

You should read more Adam Smith and his view of capitalism and taxation. The wealth disparity in this republic is not sustainable. And it only worsens. 

Smith imagined profits would lessen as capitalism developed. The Chicago Boys thought about that and said . . . fuck it. Pedal to the metal until the engine comes apart. We are reaching that point in our so called capitalist system. Time to get back to basics or lose the Republic.

[Guest]

4 minutes ago, Hugo Stiglitz said:

The “it’s just too hard” mentality is why we’re about to be failed state.  

well extending the teat of government should alleviate the problem...

[Guest]

24 minutes ago, wildcat09 said:

“Everyone is just lazy and chooses not to work” is some real amazing shit to cling to when a pandemic has just destroyed like 10 million jobs.

ahhh the pandemic.   How convenient following record lows in unemployment...

Edited July 17, 2020 by slorch

[wildcat09 29187]

1 minute ago, slorch said:

ahhh the pandemic.   How convenient following record unemployment...

...thank you for making my argument for me?

[maninblack 7974]

3 minutes ago, washparkhorn said:

You should read more Adam Smith and his view of capitalism and taxation. The wealth disparity in this republic is not sustainable. And it only worsens. 

Smith imagined profits would lessen as capitalism developed. The Chicago Boys thought about that and said . . . fuck it. Pedal to the metal until the engine comes apart. We are reaching that point in our so called capitalist system. Time to get back to basics or lose the Republic.

I've read all of that and my reply was to the original posters insane general proposition

[Guest]

1 minute ago, wildcat09 said:

...thank you for making my argument for me?

so you have a solution for something we've never seen.   tax the fuck outta people.

 

 

LOlz.

[David Dennison 18608]

12 minutes ago, slorch said:

well extending the teat of government should alleviate the problem...

The rich have been sucking off that particular teat for as long as there has been a state.

[Poolflood 845]

18 minutes ago, Hugo Stiglitz said:

The “it’s just too hard” mentality is why we’re about to be failed state.  

See and I always thought that your vapid schtick being allowed to continue was why we're about to be a failed state.

[washparkhorn 9931]

9 minutes ago, maninblack said:

I've read all of that and my reply was to the original posters insane general proposition

Someday I would like to discuss with you the off-ramp for this neoliberal economic period and what it looks like. I can't find anything where any of the neoliberal architects considered putting in an off-ramp or brakes. But that is for another day and another thread. 

[tantric superman 4667]

37 minutes ago, slorch said:

well extending the teat of government should alleviate the problem...

Why don't you link us to the stats showing the incredible amounts of welfare that Texas is providing to folks scamming off the system.  It's obviously a big problem to you, so enlighten us on the numbers.

[Bateshorn 9882]

Let’s be clear: if your AGI is under, say, 300K a year, nobody is talking about you.  If you stand to inherit less than $5 million (under even the most extreme AOC-ish plans)in 2020 dollars indexed to inflation, nobody is talking about you. You can click out of this thread knowing your tax rates, in a worst case scenario, might go back to pre 2017 levels. We are ‘t talking about Bezos and Buffett in a sense, we are talking about a whole class of leveraged up hedge fund bro’s who are robbing all of us blind. Just to start.

Stop acting like this is about you, and just admit you don’t want certain of your fellow Americans to get a hand up. Just own it. 

Edited July 17, 2020 by Bateshorn

[gmr548 16463]

ahhh the pandemic.   How convenient following record lows in unemployment...

Lol you're a fucking meme of stupidity

[Telegraph_it 3353]

10 minutes ago, Bateshorn said:

Let’s be clear: if your AGI is under, say, 300K a year, nobody is talking about you.  If you stand to inherit less than $5 million (under even the most extreme AOC-ish plans)in 2020 dollars indexed to inflation, nobody is talking about you. You can click out of this thread knowing your tax rates, in a worst case scenario, might go back to pre 2017 levels. We are ‘t talking about Bezos and Buffett in a sense, we are talking about a whole class of leveraged up hedge fund bro’s who are robbing all of us blind. Just to start.

Stop acting like this is about you, and just admit you don’t want certain of your fellow Americans to get a hand up. Just own it. 

This is helpful. I’m in the over $5 million club so I’m against this wealth tax. 

[Patrick Bateman 3903]

12 minutes ago, Telegraph_it said:

This is helpful. I’m in the over $5 million club so I’m against this wealth tax. 

Sorry buddy, You're missing a 0 on that figure if we're talking about the most popularized version in Warren's.  50 million is where it would being.  Although you bring up a good point about redefining and overhauling the Estate tax.

 

 

[Snake Diggity 4614]

I don’t think a wealth tax is feasible politically or logistically.  I also don’t think it’s the most efficient way to address inequality.  Snake Diggity’s 7 point plan:

Interest free borrowing from the Fed for anyone buying their 1st home

Interest free borrowing from the Fed for anyone pursuing formal education (includes trade schools); anyone can borrow enough to also cover cost of living while in school

Interest free borrowing from the Fed via SBA for anyone starting a small business

Interest free borrowing from the Fed by Medicare to provide universal healthcare; would also cover childcare for children thru age 2

Interest free borrowing from the Fed by the states to provide education for ages 2-18

Total combined minimum payment requirements on Fed loans can never exceed 30% of the borrower’s annual income

Estate tax: 50% on everything over $10M.  

No need to steal their shares.  Just dilute the stock.

Edited July 17, 2020 by Snake Diggity

[Telegraph_it 3353]

4 minutes ago, Patrick Bateman said:

Sorry buddy, You're missing a 0 on that figure if we're talking about the most popularized version in Warren's.  50 million is where it would being.  Although you bring up a good point about redefining and overhauling the Estate tax.

 

 

 

[Firemans4Horn 17793]

1 hour ago, slorch said:

so you have a solution for something we've never seen.   tax the fuck outta people.

 

 

LOlz.

 

LOLZ, we’re not taxing any person/corporation nearly enough in our country currently.
 

Disaster capitalism has been great business for the billionaire class the last 2 recessions in America.  Privatize the profits and socialize the losses. 

[Biff Tannen 45477]

1 hour ago, Bateshorn said:

Let’s be clear: if your AGI is under, say, 300K a year, nobody is talking about you.  If you stand to inherit less than $5 million (under even the most extreme AOC-ish plans)in 2020 dollars indexed to inflation, nobody is talking about you. You can click out of this thread knowing your tax rates, in a worst case scenario, might go back to pre 2017 levels. We are ‘t talking about Bezos and Buffett in a sense, we are talking about a whole class of leveraged up hedge fund bro’s who are robbing all of us blind. Just to start.

Stop acting like this is about you, and just admit you don’t want certain of your fellow Americans to get a hand up. Just own it. 

Holy fuck all of this. Stfu slorch and you other dipshits. 

[staboner 4955]

3 hours ago, slorch said:

When you solve the number of people in this country who CAN work, but choose not to do so, get back with me about the damage of the wealth at the top.

 

 

Class envy is some fucked up shit that people never stop fucking crying about.  Get off your ass and do something about it...or fucking waller' in yo poverty.

ahh that sweet slorching we've been missing.

your not wrong walter, your just an asshole

the video up there is right and you are too - but without finding a place to connect on - you just keep pouring gas on a dumpsterfire and the beat marches on. 

[Grade of D as in David 13253]

3 hours ago, slorch said:

When you solve the number of people in this country who CAN work, but choose not to do so, get back with me about the damage of the wealth at the top.

 

 

Class envy is some fucked up shit that people never stop fucking crying about.  Get off your ass and do something about it...or fucking waller' in yo poverty.

By that rationale we should also get rid of scholarship limits for college football. 

There will be about 20 teams that are competitive. 

Those tech alumni should just work harder so they can make their athletic department more competitive.

[wildcat09 29187]

2 minutes ago, staboner said:

ahh that sweet slorching we've been missing.

your not wrong walter, your just an asshole

the video up there is right and you are too - but without finding a place to connect on - you just keep pouring gas on a dumpsterfire and the beat marches on. 

Lol what? He’s super fucking wrong. 

[TwiceHorn 31184]

5 minutes ago, Biff Tannen said:

Holy fuck all of this. Stfu slorch and you other dipshits. 

Well, like a lot of "conservative" shibboleths, it's about a philiosophy.  A culture, if you will.

I am willing to go to "war" with you over an idea that affects neither me nor anyone else I know very well, and most certainly not in a positive way.  If it affects me at all, it's in a negative way.

By and large, the people with the kind of wealth we're talking about quit actually making anything decades ago.  Now they just own shares in their former company, and many others, and other investments. 

Their only positive contribution to the economy is capital and some liquidity. Oh, and their consumption.

This isn't going to send them to the poor house or affect their standard of living in any way, shape, or form.

That said, I would like to see any such comprehensive tax plan do something to military and other spending.  Revenue measures without some kind of spending measures make me queasy.

[ChiTownDoc 21091]

1 hour ago, Snake Diggity said:

I don’t think a wealth tax is feasible politically or logistically.  I also don’t think it’s the most efficient way to address inequality.  Snake Diggity’s 7 point plan:

Interest free borrowing from the Fed for anyone buying their 1st home

Interest free borrowing from the Fed for anyone pursuing formal education (includes trade schools); anyone can borrow enough to also cover cost of living while in school

Interest free borrowing from the Fed via SBA for anyone starting a small business

Interest free borrowing from the Fed by Medicare to provide universal healthcare; would also cover childcare for children thru age 2

Interest free borrowing from the Fed by the states to provide education for ages 2-18

Total combined minimum payment requirements on Fed loans can never exceed 30% of the borrower’s annual income

Estate tax: 50% on everything over $10M.  

No need to steal their shares.  Just dilute the stock.

Too easy to get out of estate tax.  We have no kids and no plans for em.  Drives our FA insane that we have zero plans to avoid giving tons of it to the govt when we pass.  The damn game is rigged in favor of the Uber wealthy.  Hilarious that so much of the middle class does their bidding.  I mean, you can afford a ford raptor so you should be really worried about a guy having 25M instead of 50M.  Thanks bros.   

Edited July 17, 2020 by ChiTownDoc