patrick.net

A 2% tax on wealth can replace a 35% tax on income.

Patrick says

A 2% tax on wealth can replace a 35% tax on income.

But what about double taxation? You've worked hard, lived frugally, saved, paid income taxes, only to be taxed again?

willywonka says

Patrick says

A 2% tax on wealth can replace a 35% tax on income.

But what about double taxation? You've worked hard, lived frugally, saved, paid income taxes, only to be taxed again?

Yep... the Boomers saved, scrimped and put money away to pay for their bills in retirement, instead of becoming Millennials, who want everything for FREE.

Now, these same Millennials want to take away the wealth that the Boomers saved.... just because they're evil rich people.

Herdingcats says

Yes time to do away with Medicare, fuck them old people, right?

How many different sock puppet accounts you going to log in with this morning?

Patrick says

A 2% tax on wealth can replace a 35% tax on income.

You'd have to accurately calculate your assets and liabilities before you could derive what 2% is. What a giant pain in the ass. One could load up on liabilities to beat the tax as well which if lots of people did this sounds like a recipe for disaster.

willywonka says

Patrick says

A 2% tax on wealth can replace a 35% tax on income.

But what about double taxation? You've worked hard, lived frugally, saved, paid income taxes, only to be taxed again?

Yeah, a wealth tax really just sticks it to retirees living off of savings. It would create a negative incentive to save at all, which would be terrible for so many facets of the economy.

Also, people would get seriously Gilets Jaunes over something like that. I know I'd fight it hard. Or take my hard-earned savings and GTFO to another land.

National Healthcare is F-F-FASCIST!

cmdrdataleak says

Yeah, a wealth tax really just sticks it to retirees living off of savings. It would create a negative incentive to save at all, which would be terrible for so many facets of the economy.

And that's the results of Socialism, that the fans of it haven't figured out yet.

cmdrdataleak says

I know I'd fight it hard. Or take my hard-earned savings and GTFO to another land.

Exactly, people with assets will just take their ball and go home, leaving the country in even a bigger hole.

Agree a wealth tax is a terrible idea. Too many unintended consequences, and (to use a computer algorithm term) overfitting would be a huge issue as everyone tried to reduce their “wealth” on paper by hiding in perhaps literally in their back yards.

ThreeBays says

MrMagic says

the Boomers saved, scrimped and put money away to pay for their bills in retirement

ROFL... almost spilled my milkshake.

Well, apparently not your parents.

Herdingcats says

Yes time to do away with Medicare, fuck them old people, right?

Exactly..

Disband a program that they paid into for 45+ years.... That's the ticket!

I was watching an interview of one of the high level Soviet defectors. He outlined the classic Communist Russian destabilization plans psyops. One was to make the vulnerable youth, who he called "soft brains", with the aid of the captive educators and university professors, believe the 'new' socialist government would be a benign entity working for their good and their welfare, and that private enterprise was bad.
Pitting the generations against each other, and making the diverse social elements feel empowered, as if they would be elevated, was also part of the psyops. He said the soft brains would believe this right up to the moment the military presence put them up against the wall and shot them after they had served their purpose.
The defector said the infiltrating psyops process had been successful beyond their wildest dreams. It looks like the agnostic Globalists have also found use in this strategy.

KILL THE BOOMFUCKS! KILL THEM ALL!

Americans — particularly millennials — are alarmingly late on car payments
Uncle Bernie, help us, they're going to take our cars away, it is not fair!
https://www.yahoo.com/finance/news/car-payments-missed-credit-scores-171533526.html

ThreeBays says

Boomers should embrace real Nordic capitalism:

Ättestupa (Swedish for kin/clan precipice) is the mythical practice of senicide during Nordic prehistoric times, where elderly people are said to have thrown themselves, or were thrown, to their deaths. According to legend, this was done when old people were unable to support themselves or assist in a household. Though there are many places in the Nordic countries that are said to have been used as ättestupa, it is now thought that the notion of ättestupa is a persistent myth.

Death panels for boomers. Problem solved. May I see your party affiliation, old man?

MrMagic says

Exactly..

Disband a program that they paid into for 45+ years.... That's the ticket!

Medicare, on the other hand, spent $153 billion but took in just $52 billion. That's a shortfall of 66%; that is, two thirds of it is unfunded. You would have to more than triple the Medicare Tax Rate in order to bring it to parity.

http://market-ticker.org/akcs-www?singlepost=3467894

Seems that Medicare is ripe for being abolished. Boomfucks consume 3x more than is being paid in.

Boomers will drive the need for government paid universal euthanasia.

d6rB says

MrMagic says

Exactly..

Disband a program that they paid into for 45+ years.... That's the ticket!

Medicare, on the other hand, spent $153 billion but took in just $52 billion. That's a shortfall of 66%; that is, two thirds of it is unfunded. You would have to more than triple the Medicare Tax Rate in order to bring it to parity.

http://market-ticker.org/akcs-www?singlepost=3467894

Seems that Medicare is ripe for being abolished. Boomfucks consume 3x more than is being paid in.

Barking up the wrong tree there, young fellow.

The big-pharmfucks and insurancefucks are in the other tree.

Come on not all Boomers. These are the same Leftist wackos that agitating violence in the deep south so they could blame racism on people minding their own business.
These are the same wackos that were hippies then later Yuppies. The ones that got in education were the 30 and 40 year old teachers in my high school and high schools throughout America. That were Socialist Anarchists. These are the chicken shit bastards my Dad went to My High school and grabbed Mr. Ellis by the collar of his shirt and fed him a knuckle sandwich and told him, if he ever fed that Communist Shit to my Son again, you wont know what hit you.


The Liberals are enjoying two Boomers.
One version is filthy rich and are Socialists are at least trying to convince the youth that they should be. They are 1%er filthy rich, even the public servants. They Devil uneducated young adults into violence as they point as Boomers just barely scrapping by and are just one major health ailment out of pocket experience from being homeless. The Bernie Boomers are telling the ANTIFA idiots, that those retirees with less than $300 in the bank robbed the Youth of opportunities. When Bernie and Old Jew fags have monthly meeting on how to keep everyone disenfranchised and the economy as bad as possible so they can stay relevant.

You Rats understand why the Cheese is free on a Rat trap don't you?

Trick question! Socialist Dinner is ready, don't be late.

My Kids are going to have so much power over you Chicken Shit Losers worried about what everyone else made. So fucking useless and stupid you haven't got a clue on how to make a go of things. My kids are way ahead of me at that age. I have protected them from Idealism and Liberals.

Those are a detriment to Adulting. If I didn't waste so much time thinking those Chicken Shit commies were smart and had something to offer. I would have done what I didn't do until I was in my 40's, in my 20's. I made enough money for it.

I'm going to teach my kids to exploit idiots disenfranchised by the Commies.
have them scrub their toilets and mow their lawns. They will deserve it what those ANTIFA fags are putting the country through. And they will be unemployable.

But some Cheap fucking Labor, cheaper than illegal Aliens actually.

The US will never be a Socialist Country so stop dreaming commie fags.

d6rB says

Medicare, on the other hand, spent $153 billion but took in just $52 billion. That's a shortfall of 66%; that is, two thirds of it is unfunded. You would have to more than triple the Medicare Tax Rate in order to bring it to parity.

The reason that's happening is because the lazy Millennials (who is the largest generation now) are sitting on their asses in mommy's basement, instead being out working and being productive, like the boomers were at that age.

Get those lazy asses paying into the system like their parents did.

d6rB says

Boomfucks consume 3x more than is being paid in.

Not quite, maybe the generation before them did. Hell, not even half of the boomers have reach retirement age yet, they are STILL paying into the system.

Better get back to your research, you're missing some facts.

kt1652 says

Barking up the wrong tree there, young fellow.

The big-pharmfucks and insurancefucks are in the other tree.

That I am not arguing with. Within the existing system (optimized to enhance PROFITS! of pharma, banks, and insurance), boomfucks contribute too little.

d6rB says

Medicare, on the other hand, spent $153 billion but took in just $52 billion.

Where's all the money that was paid in the other past decades?

MrMagic says

Where's all the money that was paid in the other past decades?

In pockets of big Pharma and insurance companies, I'd guess.

MrMagic says

The reason that's happening is because the lazy Millennials (who is the largest generation now) are sitting on their asses in mommy's basement, instead being out working and being productive, like the boomers were at that age.

Get those lazy asses paying into the system like their parents did.

d6rB says

Boomfucks consume 3x more than is being paid in.

Not quite, maybe the generation before them did. Hell, not even half of the boomers have reach retirement age yet, they are STILL paying into the system.

If half are still paying into the system, and system is generating only 1/3 of money required to pay for them, then either there are too many benefits, or tax is too low, or everyone is being screwed by health care providers. Or a combination of all three.

d6rB says

If half are still paying into the system, and system is generating only 1/3 of money required to pay for them, then either there are too many benefits, or tax is too low, or everyone is being screwed by health care providers. Or a combination of all three.

All of the three

But how is this the boomers fault, who have been doing their part, and paying into the system for over 4 decades? You want them to be at fault for a poorly designed system that was started before they were even born?

The system was designed that future generations pay in, which supports the older generations. If the funds aren't there NOW, it means Gen X and Gen Y aren't doing their part to keep it funded.

Why not pin the problem on Gen X and Gen Y?

Boomers created the laws, so a YUUGE portion of these problems can be blamed on them.

Also, it seems that Medicare is running deficits at least since 2000, that is way before boomers started retiring en masse. I can't find earlier numbers easily.

https://www.taxpolicycenter.org/taxvox/payroll-taxes-cover-about-third-medicare-costs

d6rB says

Boomers created the laws, so a YUUGE portion of these problems can be blamed on them.

Wrong again. Medicare was formed in 1965, the average boomer was like 9 years old.

Were kids in grammar school writing laws back then?

d6rB says

Also, it seems that Medicare is running deficits at least since 2000, that is way before boomers started retiring en masse

OK, so you want to blame that deficit on boomers, who hadn't even retired yet?

How does that work? Is that Liberal Logic, by any chance?

Boomers unlike generation before have the choice to be kept alive at all costs. How many people are we keeping alive with round the clock nursing care for terminal illnesses when they should be directed to hospice. They are draining tax dollars that could be better spent on preventative care. If you want to be kept alive with no chance do it on your own dime.

MrMagic says

Wrong again. Medicare was formed in 1965, the average boomer was like 9 years old.

Created, yes. Were the laws changed to make the program financially sustainable when boomers were in power? If not, are boomers responsible to a large extent?

MrMagic says

Also, it seems that Medicare is running deficits at least since 2000, that is way before boomers started retiring en masse

OK, so you want to blame that deficit on boomers, who hadn't even retired yet?

How does that work? Is that Liberal Logic, by any chance?

Should have fixed the laws when they were in power. instead, they kept adding various Parts and making it less financially sustainable.

d6rB - I wish you luck, but Boomers are never wrong (sorry if you are one). You're fighting a losing battle, well, just because. Logic doesn't matter with them. The blame game is strong with the boomers because, well... https://www.fool.com/retirement/2016/12/17/baby-boomers-average-savings-for-retirement.aspx

They underpaid into a system that they CONTROLLED for the last 30 years. Who cares when it was created. And now they'll bitch about younger people not making up the difference because of something they could have fixed. If they had also paid into their savings more, then maybe they wouldn't be working until they're 100 and not allowing the younger generations to grab the jobs the boomers should have retired from by now. They're not lazy, just simple idiots and didn't save.

I'd love to be alive 500 years from now, because I think they'll go down as the generation that brought the mighty U.S.A down.

The boomers won WWII. Well, they could have. They were sired from the greatest generation spunk.

WookieMan says

but Boomers are never wrong (sorry if you are one). You're fighting a losing battle, well, just because.

Not a boomer, next generation after.
I am not fighting a battle - I can't win this. I just assume that I will be paid very little after I retire, and try to plan accordingly.

You're all right and wrong. The problem is the system itself. Medicare and any other SS system is a ponzi scheme, so yes the people who enacted it should be held responsible. Every year you should only allowed to distribute what you took in, private insurances make a profit on top of it, but that is not strictly necessary for a government run program. Of course administration must be cheap and sparse enough to cost less than the appreciation of the paid in funds, whatever they are invested in. With the Federal Reserve and the medical sector engaging in rampant inflation (= ponzi scheme) it will be hard for any such system to keep up. The problem is while the millenials often have a terrible attitude and just want to vote for free stuff they already have been fucked over by the debt which is nothing but a future promise to pay by work delivered by the next generations. So everybody says fuck you and you may get socialism as a result and everybody loses.