Killing the goose that laid the golden egg

Senator Elizabeth Warren, candidate for president, is being advised on economic and tax policy by Emmanuel Saez and Gabriel Zucman. I've never heard of Zucman, but Saez has made a career out of justifying thievery, in the form of very high taxes on the wealthy. He and Peter Diamond some years ago came up with a pseudo scientific (emphasis on pseudo) explanation of why the top tax bracket should be 73 percent.

Now Warren, Saez and Zucman will be proposing a 3% per annum wealth tax on billionaires, and a 2% per annum tax on the merely wealthy. Please note that after 33 years at 3% per year, you take away everything a person owns, if his net worth isn't growing.

So you've already got a 40% death tax. They're going to tax your income at 73% a year, and then also your net worth at 3% per year. WHAT THE FUCK IS LEFT?

These tax rates will kick in at high levels. Probably none of us are wealthy enough to pay Warren's 3%/year wealth tax. So what difference does it make? Well, you're taking the capital from the people who have used it more efficiently than anyone, to create economic growth and jobs. And you're combining it with an immigration policy that makes sure few of the best and the brightest will come to and stay in America. This is not only theft, it's a recipe for mediocrity.

If progressive Democrats like Warren, Sanders and Ocasio Cortez come to control American, we're going to become has beens. On tax policy, these people are far to the left of anyone in power in the developed world right now. Tell them we've already got the most progressive tax system in the developed world and it will go in one ear and out the other. In a different era they would have been Marxists and Communists, but those systems have been so severely discredited that all they've got left is taking everything from the most productive members of society.

And don't smugly think this can never happen. Look at polls of Millenials, who are more likely to identify with socialism than capitalism. If they don't change their outlook, the future for the USA is bleak.

Don't count on it America has been through worse...and still prospers...and will continue to!!
This country isn't ready for the greatness of Venezuela yet...

Years ago, can’t remember how many, we were blessed with a “luxury Tax”. The idea was rich people bought expensive things, so tax them at the purchase.

What happened was the rich people stopped buying expensive things, such as yachts, expensive jewelry, cars, houses, etc.

The people that manufactured these “luxury items” soon found themselves heading for the unemployment line.

The tax was recended.

These so called “socialist” are counting on the hope that the “rich” will just sit back and take it. What if they just start closing the doors on busineses and walk away.

I guess we might get to see since more and more young people are falling for this tripe.

Years ago, can’t remember how many, we were blessed with a “luxury Tax”. The idea was rich people bought expensive things, so tax them at the purchase.

What happened was the rich people stopped buying expensive things, such as yachts, expensive jewelry, cars, houses, etc.

The people that manufactured these “luxury items” soon found themselves heading for the unemployment line. Originally Posted by Jackie S

Jackie, Same with the gift and death tax. With all the supposed inequality in America, with wealth concentrated at the top, you'd expect this tax on 40% of the assets of anyone who dies worth more than 5.5 million would raise tons of money. Actually it's only $20 billion per year. Compare to the $4 trillion federal budget. People are going to find some way of avoiding the tax. Why risk money on investing, in ways that will grow the economy and create jobs, if the government's going to take a large share of what you made after you die? Much better to spend it on planes, yachts and high dollar hotties.

Jackie, Same with the gift and death tax. With all the supposed inequality in America, with wealth concentrated at the top, you'd expect this tax on 40% of the assets of anyone who dies worth more than 5.5 million would raise tons of money. Actually it's only $20 billion per year. Compare to the $4 trillion federal budget. People are going to find some way of avoiding the tax. Why risk money on investing, in ways that will grow the economy and create jobs, if the government's going to take a large share of what you made after you die? Much better to spend it on planes, yachts and high dollar hotties. Originally Posted by Tiny

Death tax is 11 million now...how kind of them...THIS IS DOUBLE TAXATION!! Socialism stops working when they run out of other peoples money!!

Politicians, particularly DPST politicians - have an inexhaustible hunger for other people's money to reassign to their minions to buy votes.

They have no clue about taxation of a nation into poverty

Venezuela is a prime example of DPST taxation and governing
The DPST's just see a "Worker's Paradise".

Jackie, Same with the gift and death tax. With all the supposed inequality in America, with wealth concentrated at the top, you'd expect this tax on 40% of the assets of anyone who dies worth more than 5.5 million would raise tons of money. Actually it's only $20 billion per year. Compare to the $4 trillion federal budget. People are going to find some way of avoiding the tax. Why risk money on investing, in ways that will grow the economy and create jobs, if the government's going to take a large share of what you made after you die? Much better to spend it on planes, yachts and high dollar hotties. Originally Posted by Tiny

The estate tax has been raised to over 10 million.

Were you to do any digging, you'd know that the super wealth do not pay near 40% of their wealth. Which dovetails into the small amount actually collected.

This country used to pay off its huge war debt by higher taxes on the wealthy and higher estate taxes...which was supposed to keep in check the powerful people in this country from their willy nilly views on war and debt.

Next time, before you question my libertarian views I would suggest you read up on the history of Taxation in this country

Venezuela yet,,

Years ago, can’t remember how many, we were blessed with a “luxury Tax”. The idea was rich people bought expensive things, so tax them at the purchase.

What happened was the rich people stopped buying expensive things, such as yachts, expensive jewelry, cars, houses, etc.

The people that manufactured these “luxury items” soon found themselves heading for the unemployment line.

The tax was recended.

These so called “socialist” are counting on the hope that the “rich” will just sit back and take it. What if they just start closing the doors on busineses and walk away.

I guess we might get to see since more and more young people are falling for this tripe. Originally Posted by Jackie S

From wiki:
In November 1991, The United States Congress enacted a luxury tax and was signed by the former President George H.W. Bush. The goal of the tax was to generate additional revenues to reduce the federal budget deficit. This tax was levied on material goods such as watches, expensive furs, boats, yachts, private jet planes, jewelry and expensive cars. Congress enacted a 10 percent luxury surcharge tax on boats over $100,000, cars over $30,000, aircraft over $250,000, and furs and jewelry over $10,000. The federal government estimated that it would raise $9 billion in excess revenues over the following five-year period. However, only two years after its imposition, in August 1993, the Congress decided to eliminate the “luxury tax” since it did not achieve its main objective. However, the luxury automobile tax remained in effect until 2002.

Death tax is 11 million now...how kind of them...THIS IS DOUBLE TAXATION!! Socialism stops working when they run out of other peoples money!! Originally Posted by bb1961

There are ways around the Death Tax...just ask Chelsea Clinton.

The estate tax has been raised to over 10 million.

Were you to do any digging, you'd know that the super wealth do not pay near 40% of their wealth. Which dovetails into the small amount actually collected.

This country used to pay off its huge war debt by higher taxes on the wealthy and higher estate taxes...which was supposed to keep in check the powerful people in this country from their willy nilly views on war and debt.

Next time, before you question my libertarian views I would suggest you read up on the history of Taxation in this country Originally Posted by WTF

The top 1% pay more than the bottom 90% combined!!
I see you're into class warfare also!!
Have you or anyone you know gotten a job from a poor man??

https://taxfoundation.org/summary-la...a-2016-update/

The top 1% pay more than the bottom 90% combined!!
I see you're into class warfare also!!
Have you or anyone you know gotten a job from a poor man??

https://taxfoundation.org/summary-la...a-2016-update/ Originally Posted by bb1961

Do you know the difference between Progressive and regressive taxes obviously not by that latest post or are you just trying to
distort.

2010 the estate tax was zero

george steinbrenner was worth about 1.5 billion

he decided to die in 2010 to take advantage of the no tax

his kids were thankful but quiet about it

Next time, before you question my libertarian views I would suggest you read up on the history of Taxation in this country Originally Posted by WTF

This is good news. While I would not go as far as your party in changing tax policy, it's definitely a move in the right direction. From the 2018 Libertarian Platform,

All persons are entitled to keep the fruits of their labor. We call for the repeal of the income tax, the abolishment of the Internal Revenue Service and all federal programs and services not required under the U.S. Constitution. We oppose any legal requirements forcing employers to serve as tax collectors. We support any initiative to reduce or abolish any tax, and oppose any increase on any tax for any reason. To the extent possible, we advocate that all public services be funded in a voluntary manner.

https://www.lp.org/platform/

Were you to do any digging, you'd know that the super wealth do not pay near 40% of their wealth. Which dovetails into the small amount actually collected. Originally Posted by WTF

Excellent point. When a tax is extortionate or way too high, people won't pay it. The estate tax is a boon for lawyers, accountants, and politicians (who receive campaign contributions for creating and maintaining loopholes). The amount people spend on compliance and avoiding the tax may exceed the amount raised. Throw in the effects on economic growth and jobs and it's definitely a stupid tax. That's not to mention that this tax, taking away 40% of what someone accumulated during his lifetime, is akin to theft.

The top 1% pay more than the bottom 90% combined!!

https://taxfoundation.org/summary-la...a-2016-update/ Originally Posted by bb1961

This is an excellent illustration of the progressive income tax. The USA has had the most progressive tax system in the developed world. And where has that gotten us? Many on the left want to double down on a failed policy by raising taxes on higher income earners, thinking it will reduce inequality and poverty. Instead they should be looking at the way the bozos in Washington spend the money and govern. Give them more money and they're likely to squander it. That's one of the principals of Libertarianism.

You have to pay to get the seminal OECD paper on income progressivity by country, but here's a good summary, and it shows the methodology,

http://gregmankiw.blogspot.com/2011/...ssive-tax.html