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Majority of Americans favor wealth tax on very rich: poll

reuters.com

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Re: Majority of Americans favor wealth tax on very rich: poll

#11

Post by aazaa »

> A wealth tax is levied on an individual’s net worth, such as stocks, bonds and real estate, as well as cash holdings, similar in concept to property taxes. It is separate from an income tax, which applies to wages, interest and dividends, among other sources.

One often overlooked issue with a wealth tax is the damaging effect on financial privacy.

The income tax already has the IRS probing into nooks and crannies it has no business probing. It deputizes law-abiding businesses to snitch on each other through the obligation to report payments.

A wealth tax would ratchet the surveillance up even further. Not, not just income statements, but asset statements would be required. Enforcement would likely require reams of new compulsory snitching laws for sellers of property. It's not an outcome I think many respondents have though through much because privacy still flies well below the radar in the US.

Then there are unintended consequences. If you tax income, it re-appears as capital appreciation. If you tax assets, they will re-appear as invisible wealth. That's an outcome for which I doubt most in the country are prepared.

Re: Majority of Americans favor wealth tax on very rich: poll

#13

Post by JohnFen »

nightski wrote: post #3

I feel the wealth inequality issue needs to be addressed. My only problem with the wealth tax is that it takes money from the wealthy and feeds it to the government. I am having a hard time connecting how that improves the situation of the lower and middle classes.

The argument for a higher tax on income above a certain level is that it helps prevent tyranny.

In the US, anyway, wealth equals power. Great wealth accumulated in few hands shifts a great deal of power over the nation from the populace to those hands. Without some constraint, this poses a real threat to overall freedom and liberty.

Re: Majority of Americans favor wealth tax on very rich: poll

#14

Post by enraged_camel »

nightski wrote: post #3

I feel the wealth inequality issue needs to be addressed. My only problem with the wealth tax is that it takes money from the wealthy and feeds it to the government. I am having a hard time connecting how that improves the situation of the lower and middle classes.

>> it takes money from the wealthy and feeds it to the government.

As opposed to...?

Re: Majority of Americans favor wealth tax on very rich: poll

#15

Post by hyperhopper »

aazaa wrote: post #11

> A wealth tax is levied on an individual’s net worth, such as stocks, bonds and real estate, as well as cash holdings, similar in concept to property taxes. It is separate from an income tax, which applies to wages, interest and dividends, among other sources. One often overlooked issue with a wealth tax is the damaging effect on financial privacy. The income tax already has the IRS probing into nooks and crannies i…

Capital appreciation is already taxed

Re: Majority of Americans favor wealth tax on very rich: poll

#16

Post by WhompingWindows »

aazaa wrote: post #11

> A wealth tax is levied on an individual’s net worth, such as stocks, bonds and real estate, as well as cash holdings, similar in concept to property taxes. It is separate from an income tax, which applies to wages, interest and dividends, among other sources. One often overlooked issue with a wealth tax is the damaging effect on financial privacy. The income tax already has the IRS probing into nooks and crannies i…

I don't understand privacy well, can you provide specifics of which nooks/crannies of the wealthy need to be private from the IRS? Also, do you think wealth inequality is a problem, and if so, what'd be your alternative proposition to fix it?

Re: Majority of Americans favor wealth tax on very rich: poll

#17

Post by throwno »

nostromo wrote: post #6

It's worth noting that the income tax also started out as a tax on the very rich. Once established, taxes have a way of finding their way from the rich, to the middle-class, and then even to the working poor.

This is why the wealth tax will fail to fix inequality. Eventually your parents shitty 250k house out in the sticks will qualify for wealth tax. Whatever stocks you have that aren't in a retirement account will be wealth taxed even though half their growth is just from inflation. It's going to suck.

Re: Majority of Americans favor wealth tax on very rich: poll

#18

Post by spamizbad »

derp_dee_derp wrote: post #2

this is a classic case of tyranny of the majority. Majority of Americans favor stealing wealth from others.

They're trying to recapture their economic contributions. Companies won't pay more, so they're doing it via other means. When salaries were rising such actions were not popular.

Re: Majority of Americans favor wealth tax on very rich: poll

#19

Post by qntmfred »

nightski wrote: post #3

I feel the wealth inequality issue needs to be addressed. My only problem with the wealth tax is that it takes money from the wealthy and feeds it to the government. I am having a hard time connecting how that improves the situation of the lower and middle classes.

this is why Andrew Yang is running for President on the Freedom Dividend. Solve wealth inequality and the social problems attached to it, abolish poverty, without feeding the government extra revenue that could go to waste (aka spent on wars)

Re: Majority of Americans favor wealth tax on very rich: poll

#20

Post by zajd »

jandrese wrote: post #10
nightski wrote: post #3

I feel the wealth inequality issue needs to be addressed. My only problem with the wealth tax is that it takes money from the wealthy and feeds it to the government. I am having a hard time connecting how that improves the situation of the lower and middle classes.

Yeah, it is a total mystery how adequately funding social welfare programs could somehow help the poor.

Welcome to HN, where taxation is "stealing"
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