Why don't we tax the wealthy?


By The Professor   Follow   Fri, 21 Dec 2012, 10:22pm PST   13,288 views   133 comments   Watch (0)   Share   Quote   Permalink   Like   Dislike (4)  

As in Tax their wealth and not their income.

According to Forbes there are 403 billionaires in the US. A recent survey from British analyst WealthInsight reports the U.S. has added 1.1 million millionaires since Obama was elected in 2008.

We all know that most of the wealth is concentrated at the top. Instead of taking working peoples income why don't we take some of the vast accumulations of wealth that the "owner" class has?

How much wealth and power does an individual need? I realize at a certain point it is not about money but power. Unfortunately that power is amassing more and more of the world’s resources.

How about we take 10% a year of everything over $10,000,000 in accrued wealth from the upper class? When their wealth fell below ten million they would still have enough to live fairly comfortably.

I know this is unrealistic. In the utopian world of my mind healthcare, education, and security are readily available and the people of the world live in peace and harmony. Instead of warring for profit we could expand into the infinite space of the universe.

"From each according to their ability. To each according to their need".

#politics

« First     « Previous     Comments 54-93 of 133     Next »     Last »

The Professor   befriend (5)   ignore (3)   Mon, 24 Dec 2012, 11:20pm PST   Share   Quote   Like (1)   Dislike     Comment 54

Meccos says

Meccos says
BTW what is the "UBER" rich? Lets first define that.

The Professor says

People that already make more than they, their children, and grandchildren can ever spend yet still want to make more by exploiting the working class.

Meccos says

If one's goal is to make more and more, is there anything wrong with that? As I mentioned previously, you need to make a distinction of those who want to make more and more and those who exploit.

The key word your ignoring from my definition is "and".

I have nothing against people that earn their money. I am against people that take advantage of others.

The Professor   befriend (5)   ignore (3)   Mon, 24 Dec 2012, 11:44pm PST   Share   Quote   Like (1)   Dislike     Comment 55

Meccos says

Does a school teacher produce anything? Does a doctor produce anything? Does a walking guard produce anything? Does a financial planner produce anything? Does security guard produce anything?

Yep. They provide needed services.

Xanthidae   befriend (0)   ignore (5)   Mon, 24 Dec 2012, 11:44pm PST   Share   Quote   Like (1)   Dislike (2)     Comment 56

The Professor, in essence, is saying once you reach XXX dollars, it turns from "making more" to "exploitation".

Only the Diaper Doper Babies get to set that threshold....

Meccos says

The Professor says

Meccos says

BTW what is the "UBER" rich? Lets first define that.

People that already make more than they, their children, and grandchildren can ever spend yet still want to make more by exploiting the working class.

If one's goal is to make more and more, is there anything wrong with that? As I mentioned previously, you need to make a distinction of those who want to make more and more and those who exploit

The Professor   befriend (5)   ignore (3)   Mon, 24 Dec 2012, 11:46pm PST   Share   Quote   Like (1)   Dislike     Comment 57

Meccos says

In fact I would argue that the fed creating money out of thin air steals from the majority of those who you consider to be "rich" as well.

No argument here.

The Professor   befriend (5)   ignore (3)   Mon, 24 Dec 2012, 11:50pm PST   Share   Quote   Like (1)   Dislike     Comment 58

SoftShell says

The Professor, in essence, is saying once you reach XXX dollars, it turns from "making more" to "exploitation".

Nope. Not what I said or meant.

If you can make a product or provide a service that is useful to humankind you deserve to be handsomely rewarded.

Xanthidae   befriend (0)   ignore (5)   Tue, 25 Dec 2012, 12:04am PST   Share   Quote   Like (1)   Dislike (2)     Comment 59

Why do you not consider 'providing rental space' a service?
Is it not better than living under a bridge??

The Professor says

SoftShell says

The Professor, in essence, is saying once you reach XXX dollars, it turns from "making more" to "exploitation".

Nope. Not what I said or meant.

If you can make a product or provide a service that is useful to humankind you deserve to be handsomely rewarded.

The Professor   befriend (5)   ignore (3)   Tue, 25 Dec 2012, 12:14am PST   Share   Quote   Like (2)   Dislike     Comment 60

SoftShell says

Why do you not consider 'providing rental space' a service?

I do.

The Professor   befriend (5)   ignore (3)   Tue, 25 Dec 2012, 1:22am PST   Share   Quote   Like (1)   Dislike (1)     Comment 61

The Professor says

SoftShell says



Why do you not consider 'providing rental space' a service?


I do.

I have mixed feelings on landlords. Some are good; they provide a service by maintaining property and letting it out to people who for one reason or another do not want to "own".

And then there are the investors. They use other peoples money and prevent young familys from buying a home. They then turn around and rent the home to the priced out young family for more rent than they would have paid in mortgage.

Vicente   befriend (7)   ignore (0)   Tue, 25 Dec 2012, 1:54am PST   Share   Quote   Like (1)   Dislike (1)     Comment 62

Meccos says

Again for the millionth time, you and professor have the fundamental problem of being unable or unwilling to differentiate those "rent seekers" with the rest of the "wealthy".

If you have great wealth, you are probably a rent-seeker. Look at the Forbes richest list, it's full of 'em.

In any case I have no "envy", I merely demand sensible tax policies regarding them. Thanks for caring!

I suppose if you are going to paint me as a relentless "rich hater" then you are a relentless unpaid "class warrior" who thinks everyone else is a taker, moocher, welfare queen, or a socialist. Large majority of Americans believe the wealth gap needs fixing, so you'd better get used to being in the minority.

http://www.mybudget360.com/wealth-inequality-rivals-the-months-prior-to-the-great-depression-america-wealth-distribution/

FortWayne   befriend (12)   ignore (3)   Tue, 25 Dec 2012, 2:06am PST   Share   Quote   Like (2)   Dislike (2)     Comment 63

What is with the new generation and such a lean toward the failure of socialism.

Xanthidae   befriend (0)   ignore (5)   Tue, 25 Dec 2012, 3:09am PST   Share   Quote   Like (1)   Dislike (1)     Comment 64

So it would seem you are for landlords/investors that purchase homes outright, then rent them out at the going rate for the location....

No use of bank money needed....

The Professor says

The Professor says

SoftShell says

Why do you not consider 'providing rental space' a service?

I do.

I have mixed feelings on landlords. Some are good; they provide a service by maintaining property and letting it out to people who for one reason or another do not want to "own".

And then there are the investors. They use other peoples money and prevent young familys from buying a home. They then turn around and rent the home to the priced out young family for more rent than they would have paid in mortgage.

Meccos   befriend (2)   ignore (2)   Tue, 25 Dec 2012, 5:19am PST   Share   Quote   Like (1)   Dislike     Comment 65

The Professor says

SoftShell says

The Professor, in essence, is saying once you reach XXX dollars, it turns from "making more" to "exploitation".

Nope. Not what I said or meant.

If you can make a product or provide a service that is useful to humankind you deserve to be handsomely rewarded.

If so then you need to make this distinction rather than just generalizing the rich which is what happens on this form alll the time. The problem is that you and others are not very clear on this distinction and generalize all the rich as rent seekers.

Meccos   befriend (2)   ignore (2)   Tue, 25 Dec 2012, 5:27am PST   Share   Quote   Like (1)   Dislike     Comment 66

Define specifically who these rent seeking exploiters are, rather than generalizing them as the rich and I guarantee you that you will have less people oppose your views

The Professor   befriend (5)   ignore (3)   Tue, 25 Dec 2012, 6:56am PST   Share   Quote   Like   Dislike     Comment 67

Meccos says

Define specifically who these rent seeking exploiters are

You want names?

Meccos   befriend (2)   ignore (2)   Tue, 25 Dec 2012, 11:17am PST   Share   Quote   Like (1)   Dislike     Comment 68

The Professor says

Meccos says

Define specifically who these rent seeking exploiters are

You want names?

No but if you are making accusations about a group of people then I would think you can be more specific than blaming "the rich". After all "the rich" is a very ambiguous term and quite arbitrary as we have all seen on th is forum.

taxee   befriend (0)   ignore (1)   Tue, 25 Dec 2012, 11:55am PST   Share   Quote   Like (3)   Dislike     Comment 69

I suspect the truth of the matter is that most rent seeking was/is being done now in the name of retired working people unbeknownst to and uncontrolled by them, through pension funds and annuities via MBS that were created by crooks to exploit both home buyers and pensioners. Now the poor fed has to buy all those homes with their keyboard to save the old folks. You couldn't make this stuff up.

Nobody   befriend (0)   ignore (0)   Thu, 27 Dec 2012, 4:53am PST   Share   Quote   Like   Dislike (1)     Comment 70

The Professor says

How much wealth and power does an individual need?

That's a dumb question. Have you ever heard of a term "Hoarding?"

Nobody   befriend (0)   ignore (0)   Thu, 27 Dec 2012, 4:55am PST   Share   Quote   Like (2)   Dislike (1)     Comment 71

When FEDs implemented QE, we should have increased the tax. When you make that much US$, we should have known that most of it will just go to the top 1%. And top1% will use that money to extract more money from the rest.

I am surprised to realize that not many people know the phrase "Mo money gets Mo money."

The Professor   befriend (5)   ignore (3)   Thu, 27 Dec 2012, 10:53am PST   Share   Quote   Like (1)   Dislike     Comment 72

Nobody says

Have you ever heard of a term "Hoarding?"

I do it myself. I call it investing for retirement, but not by exploiting my fellow!

Meccos   befriend (2)   ignore (2)   Thu, 27 Dec 2012, 11:41pm PST   Share   Quote   Like   Dislike     Comment 73

The Professor says

Nobody says

Have you ever heard of a term "Hoarding?"

I do it myself. I call it investing for retirement, but not by exploiting my fellow!

So. What is it that you do differently from the top 5% that you criticize? Please tell me specifics and also evidence to back this up. And I don't want to hear about the billionaires since they are not the 5% nor even the 1%...but rather the .01%.

Xanthidae   befriend (0)   ignore (5)   Fri, 28 Dec 2012, 12:02am PST   Share   Quote   Like (2)   Dislike     Comment 74

There's not a single form of investment that, when broken down into individual components, cannot be traced back to some kind of human exploitation...

Maybe what you really mean is the 'degree' of human exploitation..

The Professor says

Nobody says

Have you ever heard of a term "Hoarding?"

I do it myself. I call it investing for retirement, but not by exploiting my fellow!

The Professor   befriend (5)   ignore (3)   Fri, 28 Dec 2012, 1:29am PST   Share   Quote   Like   Dislike     Comment 75

We live in an oligarchy.

The ruling class manipulates the pawns into believing they have free will to become king. In reality they will never be more than a knight or a rook.

The bishops are closest to the real power and will do everything they can to win the game.

Even the queen might be sacrificed.

The real point of my original post is that the game is fixed and the kings need to fall. The game is getting old and too many people are suffering.

Compared to the poly-dimensional game played in the world chess is simple.

Robber Baron Elite Scum   befriend (2)   ignore (23)   Fri, 28 Dec 2012, 1:30am PST   Share   Quote   Like (2)   Dislike     Comment 76

why don't we tax the peasants?

The Professor   befriend (5)   ignore (3)   Fri, 28 Dec 2012, 1:33am PST   Share   Quote   Like   Dislike     Comment 77

SoftShell says

Maybe what you really mean is the 'degree' of human exploitation..

Nope. From the slave labor in China to the renter in America ALL exploitation should be stopped.

Humankind should be able to get together and solve the worlds problems.

Call me naive, ignorant, or stupid, I prefer "Idealist".

The Professor   befriend (5)   ignore (3)   Fri, 28 Dec 2012, 1:37am PST   Share   Quote   Like (1)   Dislike     Comment 78

Robber Baron Elite Scum says

why don't we tax the peasants?

And the Quails?
http://realchange.org/quayle.htm

Xanthidae   befriend (0)   ignore (5)   Fri, 28 Dec 2012, 1:42am PST   Share   Quote   Like   Dislike (1)     Comment 79

How can you achieve this without someone being exploited?

The Professor says

SoftShell says

Maybe what you really mean is the 'degree' of human exploitation..

Nope. From the slave labor in China to the renter in America ALL exploitation should be stopped.

Humankind should be able to get together and solve the worlds problems.

Call me naive, ignorant, or stupid, I prefer "Idealist".

The Professor   befriend (5)   ignore (3)   Sun, 30 Dec 2012, 1:22am PST   Share   Quote   Like   Dislike     Comment 80

SoftShell says

How can you achieve this without someone being exploited?

The Professor says

SoftShell says

Maybe what you really mean is the 'degree' of human exploitation..

Nope. From the slave labor in China to the renter in America ALL exploitation should be stopped.

Humankind should be able to get together and solve the worlds problems.

Call me naive, ignorant, or stupid, I prefer "Idealist".

You are right. It is difficult being an idealist without being exploited.

Peter P   befriend (5)   ignore (4)   Sun, 30 Dec 2012, 3:16am PST   Share   Quote   Like (2)   Dislike     Comment 81

Yep. This is why I support having a wealth tax instead of an income tax. The most practical form of wealth tax is the Land Value Tax because you cannot hide real properties.

If government is the protector of wealth, tax can be seen as a form of insurance premium.

Peter P   befriend (5)   ignore (4)   Sun, 30 Dec 2012, 3:19am PST   Share   Quote   Like (2)   Dislike     Comment 82

All morality arguments of taxation are based on the false assumption that equality is a virtue. This could be an artifact of democracy. In the end, we will get mediocrity.

No. We are NOT equal. Even if we are all equal, some will always be more equal.

It is either men exploiting men, or the other way around.

FortWayne   befriend (12)   ignore (3)   Sun, 30 Dec 2012, 9:14am PST   Share   Quote   Like   Dislike