Scott Adams: How to Tax the Rich • Hacker News Board

Re: Scott Adams: How to Tax the Rich

#81

Post by dagw » Sat, Jan 29, 2011, 6:54 PM UTC

100k wrote: post #14

I don't think the rich really get anything out of it, but in the Nordic countries, fines increase in proportion to your wealth. I remember reading about a Nokia exec getting pulled over for speeding. His ticket was like $75,000! http://www.npr.org/templates/story/story.php?storyId=1670583 I've often thought some fees should be adjusted for wealth. For example, a quarter a day isn't really enough to get me to take my…

In Sweden many fines are defined in "dagsböter" or literally "day fines" as opposed to an actual amount. Basically one "dagsböter" is equivalent to one days wages. So the judge decides that you should pay 60 days wages, without actually have to take any stance to how much you actually pay.

Re: Scott Adams: How to Tax the Rich

#82

Post by ctdonath » Sat, Jan 29, 2011, 6:59 PM UTC

Recall that uber-rich Steve Jobs has an annual salary from Apple of $1, wears black turtlenecks and jeans (ever anything else?), and is building a modest 5000 square foot home on property he owns outright. What to tax?

Re: Scott Adams: How to Tax the Rich

#83

Post by 1010011010 » Sat, Jan 29, 2011, 7:02 PM UTC

sunsu wrote: post #45

"The hole is too big to plug with cost cutting or economic growth alone." Say's who? Take a look at the 2011 budget: http://www.nytimes.com/interactive/2010/02/01/us/budget.html The biggest pieces of the pie are things we are UNWILLING to cut (not incapable of cutting)! Its time for us to make some difficult decisions about what cuts we should make instead of relying on other peoples' money to solve other peoples' pr…

Exactly. If we rolled back overall spending to where it was in 1999 and curtailed the military (stopping the two big wars, closing assorted bases).

A decade without real economic growth should be matched with a decade of no government growth.

Re: Scott Adams: How to Tax the Rich

#84

Post by axod » Sat, Jan 29, 2011, 7:05 PM UTC

benohear wrote: post #80

axod wrote: post #76

Taxing the rich (even more than they are already which IMHO is a lot ) is just punishing success and rewarding failure.

It depends a wee bit on how you got rich. Taxing the financial industries close to 100% wouldn't strike me as punishing success.

Why? Are you saying it's easy to make money if you're just providing financial services? :/

Re: Scott Adams: How to Tax the Rich

#85

Post by [deleted] » Sat, Jan 29, 2011, 7:07 PM UTC

te_platt wrote: post #55

Eliminate all federal taxes and print the money needed for government operations. Effectively this becomes an inflation tax. Automatically it affects the wealthy in direct proportion to their wealth as opposed to their most recent earnings. No loopholes, no games, no misallocation of resources for tax breaks.

[deleted]

Re: Scott Adams: How to Tax the Rich

#86

Post by benohear » Sat, Jan 29, 2011, 7:08 PM UTC

axod wrote: post #84

benohear wrote: post #80

Earlier quoted context omitted.

It depends a wee bit on how you got rich. Taxing the financial industries close to 100% wouldn't strike me as punishing success.

Why? Are you saying it's easy to make money if you're just providing financial services? :/

No, I'm saying the industry as a whole failed.

Re: Scott Adams: How to Tax the Rich

#87

Post by [deleted] » Sat, Jan 29, 2011, 7:08 PM UTC

100k wrote: post #14

I don't think the rich really get anything out of it, but in the Nordic countries, fines increase in proportion to your wealth. I remember reading about a Nokia exec getting pulled over for speeding. His ticket was like $75,000! http://www.npr.org/templates/story/story.php?storyId=1670583 I've often thought some fees should be adjusted for wealth. For example, a quarter a day isn't really enough to get me to take my…

[deleted]

Re: Scott Adams: How to Tax the Rich

#88

Post by va_coder » Sat, Jan 29, 2011, 7:08 PM UTC

benohear wrote: post #73

te_platt wrote: post #55

Eliminate all federal taxes and print the money needed for government operations. Effectively this becomes an inflation tax. Automatically it affects the wealthy in direct proportion to their wealth as opposed to their most recent earnings. No loopholes, no games, no misallocation of resources for tax breaks.

This would hit people with savings in cash (or bonds), i.e. the middle class. The rich tend to have assets (or foreign holdings) which should be largely inflation-proof.

..and old people on fixed income.

Re: Scott Adams: How to Tax the Rich

#89

Post by abrenzel » Sat, Jan 29, 2011, 7:10 PM UTC

Scott Adams, like the politicians in Washington DC, is living in a dream world.

Cut all discretionary and defense spending to 0, and we would still be running a deficit due to entitlements. Tax "the rich" at 100%, and we would still be running a deficit. Tax corporations at 100%, and we would still be running a deficit.

On the left, politicians make it sound as though we're just a few tax hikes and some defense cuts away from a sound federal budget. On the right, they make it sound as though all we need are some cuts to programs like the UN or foreign aid and some tax cuts to spur economic growth.

They are both in a DREAM WORLD. Some taxes will have to go up, but most importantly, Social Security and Medicare will have to be substantially reduced. Whether it means privatization, defined contribution, or some combination of solutions, no one in my generation (I am currently 24) will see either of these programs as our parents did. In fact, current retirees and soon-to-be-retirees will also probably need to have their benefits reduced. There is just no way around it.

Re: Scott Adams: How to Tax the Rich

#90

Post by tbrownaw » Sat, Jan 29, 2011, 7:12 PM UTC

benohear wrote: post #73

te_platt wrote: post #55

Eliminate all federal taxes and print the money needed for government operations. Effectively this becomes an inflation tax. Automatically it affects the wealthy in direct proportion to their wealth as opposed to their most recent earnings. No loopholes, no games, no misallocation of resources for tax breaks.

This would hit people with savings in cash (or bonds), i.e. the middle class. The rich tend to have assets (or foreign holdings) which should be largely inflation-proof.

Approximately nobody holds physical cash these days, and I expect bank accounts would still pay interest like they do now (and higher interest if there was higher inflation). Bonds would also pay higher interest, you can see they're already priced to include expected inflation by looking at inflation-protected ones.