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Scott Adams: How to Tax the Rich

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Re: Scott Adams: How to Tax the Rich

#101

Post by Vivtek »

yummyfajitas wrote: post #61
megaman821 wrote: post #53

I think the best solution would be to get rid of income taxes and just have sales and property taxes. Taxing the rich a higher rate is always going to seem unfair to them because the only way those taxes can be lessened is by making less money. Taxing $2 million house at a special rate is a different story, it seems fair because if you don't want to pay the tax you live in a more modest house. Luxury cars, fur coats,…

This is considered by many to be unfair because consumption inequality is not as large as income inequality. Peter Thiel may be 10,000-100,000x richer than me, but I'd be very surprised if he consumes even 1000x more than I do.

But a combination of a consumption tax with a very progressive property tax would probably work rather well, especially if "property" is extended to include assets of all kinds and not just real estate.

Re: Scott Adams: How to Tax the Rich

#102

Post by mattmcknight »

tptacek wrote: post #31
bluedevil2k wrote: post #13

There's a potentially dangerous line that the US is approaching where, factoring in all the exemptions, credits, and deductions, a majority of the population will not be paying income taxes at all. Thus, a majority of the population will be deciding (via their votes) how much and on what the taxes of the minority will be spent. The only saving grace, if you can call it that, is that the people who actually place the…

This is pretty disingenuous. I've held low-wage jobs, and so have most of the members of my immediate family, and taxes took a serious bite out our paychecks. You are referring to the federal income tax, as many people do in debates like this, but lower-middle class people pay a much greater percentage of their income in payroll taxes than do wealthy people; the "income tax" debate is misleading.

That's only because payroll taxes were sold as a retirement plan contribution for yourself. The idea is that you get all of that money back plus interest. Sadly, it's not run that way. People have the let the money be spent on other items for years, and now they are retiring and it's not there.

Re: Scott Adams: How to Tax the Rich

#103

Post by 3pt14159 »

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…

Says the former comptroller-general of the US. http://en.wikipedia.org/wiki/I.O.U.S.A. Cutting out the military now might fix today's deficit (and it should happen) but that baby boomer time bomb is ticking.

Re: Scott Adams: How to Tax the Rich

#104

Post by dustinupdyke »

jimmyjim wrote: post #75
wigginus wrote: post #27

Earlier quoted context omitted.

I think many European countries adjust the fines to ones wealth: For example Switzerland: http://www.bbc.co.uk/news/world-europe-10960230

And I want to point out that it makes very much sense to have fines adjusted to one's wealth. When speeding, you're endangering people's lives. There has to be some measure that will make you think twice about speeding the next time around -- if you know that the ticket fine will be a paltry amount to you (relative to your total wealth), that is no deterrent.

I get what you are saying here, but I think the questions generated by this statement are numerous:

"When speeding, you're endangering people's lives."

Does this mean 56 mph is, and 55 is not dangerous somehow? By what science is this the case?

What about weather conditions? The condition of your car? The type of your car?

Your skill and ability to drive?

Also, the randomness with which this law is enforced is troublesome as well.

But perhaps if speeding tickets were $1000 dollars and up, we'd all think about it a bit more...

Re: Scott Adams: How to Tax the Rich

#105

Post by wanderr »

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.

Ask Brazil how that strategy worked out.

Re: Scott Adams: How to Tax the Rich

#106

Post by disc »

teamonkey wrote: post #70
burgerbrain wrote: post #65

Earlier quoted context omitted.

That wasn't my question. My question was do you similarly decry those people for being "a bunch of babies"?

If there was no fast pass system and people were saying "I'm rich, I'm entitled to a system where people like me get to the front of the queue," then yes, suck it up.

That's the whole point of the article; the rich must perceive that they'll get additional value (ie., no waiting in line) before they'll voluntarily agree to pay additional taxes.

Re: Scott Adams: How to Tax the Rich

#107

Post by klbarry »

dagw wrote: post #81
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.

So Eric Schmidt would pay some pennies? (Since he is paid $1 a year :) )

Re: Scott Adams: How to Tax the Rich

#108

Post by jarek »

dustinupdyke wrote: post #104
jimmyjim wrote: post #75

Earlier quoted context omitted.

And I want to point out that it makes very much sense to have fines adjusted to one's wealth. When speeding, you're endangering people's lives. There has to be some measure that will make you think twice about speeding the next time around -- if you know that the ticket fine will be a paltry amount to you (relative to your total wealth), that is no deterrent.

I get what you are saying here, but I think the questions generated by this statement are numerous: "When speeding, you're endangering people's lives." Does this mean 56 mph is, and 55 is not dangerous somehow? By what science is this the case? What about weather conditions? The condition of your car? The type of your car? Your skill and ability to drive? Also, the randomness with which this law is enforced is troubl…

If you get a ticket for exceeding the speed limit by 1 mph, there are larger issues at hand than how much this ticket will cost you.

Yes, speed limits are to an extent arbitrary, but practical alternative is a total judgment call.

Do you always know the entirety of the condition of your car, and if not, should you be limited to 30 mph? Should drivers' licenses include a quantifiable evaluation of your skill and ability to drive and be tied into different speed limits, and how will that be tested? How will police officers know who is exceeding their license's conditions and therefore who to pull over?

Re: Scott Adams: How to Tax the Rich

#109

Post by jimminy »

benohear wrote: post #86
axod wrote: post #84

Earlier quoted context omitted.

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.

The whole industry didn't fall. It was about a dozen extremely large insitutions, and the extremely small institutions that depended on that group.

There were institutions in the middle who weren't involved in the mess. See BB&T, as an example, they were actually forced by the government to accept a bailout, as to make it seem like the whole industry failed.

Re: Scott Adams: How to Tax the Rich

#110

Post by jarek »

klbarry wrote: post #107
dagw wrote: post #81

Earlier quoted context omitted.

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.

So Eric Schmidt would pay some pennies? (Since he is paid $1 a year :) )

One might assume that the system has a way of establishing the true magnitude of an individual's compensation.
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