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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

#61

Post by kevingadd »

qntmfred wrote: post #19
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)

I think you'll find our governments will never, ever fail to find the money they need for wars.

The "freedom dividend" may do some good but it's never going to abolish poverty or fix wealth inequality without lots of big systemic changes. How would giving everyone a fixed amount remotely "solve" wealth inequality when you still have even hundreds of billionaires out there?

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

#62

Post by [deleted] »

keanzu wrote: post #38
lawnchair_larry wrote: post #4

Alternative title: Majority of Americans are not rich, and therefore see no downside to taking from those who are I do think the inequality gap is becoming more of a problem, but simply asking the population if they want someone else to pay more is going to have the obvious result.

The tyranny of the majority is a weakness inherent to majority rule in which the majority of an electorate pursues exclusively its own interests at the expense of those in the minority. This results in oppression of minority groups comparable to that of a tyrant or despot.

[deleted]

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

#63

Post by munk-a »

seneca wrote: post #35
munk-a wrote: post #31

Earlier quoted context omitted.

No, the majority of Americans believe that everyone should live a decent life rather than a few random people living stupid wealthy lives while others suffer in poverty. I do agree that the sentiment is pretty deeply ingrained in American culture though, for a long time people have voted and advocated against their own interests because one day they might win the lottery and somehow make it through the insane taxes t…

> Ha, oh... oh my, that's rich. Please don't post this kind of low quality snark here. This isn't reddit.

My apologies, you're correct - edited to remove the snark.

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

#64

Post by xienze »

sct202 wrote: post #34
akhilcacharya wrote: post #27

Earlier quoted context omitted.

In most places it already qualifies for a wealth tax in the form of a property tax...

Exactly! A huge portion of the middle class's wealth is tied up in property equity that is taxed every year. The ultra wealthy's wealth is primarily in business ownership or equity which is only taxed on gains when it's sold.

> primarily in business ownership

Businesses which employ people and pay a whole host of taxes every year...

> or equity which is only taxed on gains when it's sold.

How would it be fair to tax someone on an asset that only has a theoretical value, which isn’t realized until it’s actually sold?

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

#65

Post by spamizbad »

ohazi wrote: post #33

I'm skeptical that most respondents understood the questions correctly. Most people are familiar with income tax, because they know that money is removed from their paycheck every month. Many also file tax returns. A wealth tax, where a fraction of your bank balance is removed every month, is a totally alien concept to most people. If you haven't thought about it before, it can take a minute or two to wrap your head…

> A wealth tax, where a fraction of your bank balance is removed every month, is a totally alien concept to most people. If you haven't thought about it before, it can take a minute or two to wrap your head around what it would actually mean.

Many Americans already experience a form of wealth tax: property tax. You are taxed a percentage of the value of your property, something not terribly liquid.

Incidentally, a handful of states prefer to tax wealth in the form of property rather than income (Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming)

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

#66

Post by multiplegeorges »

ohazi wrote: post #33

I'm skeptical that most respondents understood the questions correctly. Most people are familiar with income tax, because they know that money is removed from their paycheck every month. Many also file tax returns. A wealth tax, where a fraction of your bank balance is removed every month, is a totally alien concept to most people. If you haven't thought about it before, it can take a minute or two to wrap your head…

The wording used in the survey is included in the article.

> “the very rich should contribute an extra share of their total wealth each year to support public programs”

They included "extra share" and "total wealth". I think that's quite clear and 64% strongly or somewhat agreed with that statement.

> “the very rich should be allowed to keep the money they have, even if that means increasing inequality”

54% of respondents disagreed with that statement.

Seems pretty clear cut and understandable.

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

#67

Post by keanzu »

qntmfred wrote: post #19
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)

“The American Republic will endure until the day Congress discovers that it can bribe the public with the public’s money” -Alexis De Tocqueville

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

#68

Post by [deleted] »

seneca wrote: post #35
munk-a wrote: post #31

Earlier quoted context omitted.

No, the majority of Americans believe that everyone should live a decent life rather than a few random people living stupid wealthy lives while others suffer in poverty. I do agree that the sentiment is pretty deeply ingrained in American culture though, for a long time people have voted and advocated against their own interests because one day they might win the lottery and somehow make it through the insane taxes t…

> Ha, oh... oh my, that's rich. Please don't post this kind of low quality snark here. This isn't reddit.

[deleted]

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

#70

Post by mobilefriendly »

lawnchair_larry wrote: post #4

Alternative title: Majority of Americans are not rich, and therefore see no downside to taking from those who are I do think the inequality gap is becoming more of a problem, but simply asking the population if they want someone else to pay more is going to have the obvious result.

"Don’t tax you. Don’t tax me. Tax the guy behind the tree." -- Russell B. Long
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