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Senate Is It Time For A Wealth Tax?

Discussion in 'Community' started by Darth Punk , Dec 9, 2020.

  1. Darth Punk

    Darth Punk JCC Manager star 6 Staff Member Manager

    Registered:
    Nov 25, 2013
    Should governments implement a tax on their country’s wealthy?

    Here in the U.K. there are calls for a one-off "wealth tax". The thinking is that it would be the best way to patch up UK public finances battered by the coronavirus crisis, tax experts have said.

    Rather than increasing income tax or VAT, the government should instead look at a tax on millionaire couples, the Wealth Tax Commission said.

    Taxing those households an extra 1% above a £1m threshold could raise £260bn over five years, it said.

    SOURCE: https://www.bbc.co.uk/news/business-55236851

    [​IMG]
     
    Last edited: Dec 9, 2020
  2. CairnsTony

    CairnsTony Force Ghost star 4

    Registered:
    May 7, 2014
    Extraordinary that a 1% increment on their tax burden can raise so much money so quickly. Speaks of the obscene amount of money the wealthiest people in the UK have, and of course reflects the same reality in any country where neoliberal politics has a stranglehold.

    If this idea somehow gets implemented (I won't be holding my breath), then, quite frankly, it needs to be more than 1%. And it should be viewed in the context of far more wide-reaching reforms aimed at wealth redistribution. I mean, despite the parlous state of the UK finances, I still think a UBI needs to be looked at as a matter of priority if people in the UK and elsewhere aren't going to continue to fall into poverty in ever increasing numbers.
     
    Last edited: Dec 9, 2020
  3. Lord Vivec

    Lord Vivec Chosen One star 9

    Registered:
    Apr 17, 2006
    There's absolutely no reason for these people to have obscene amounts of money. It's not money they need, it's money they hoard and use to influence politics and politicians. It's used to keep them in a class above the rest of us. It should be taxed.
     
  4. Jedi Ben

    Jedi Ben Chosen One star 8

    Registered:
    Jul 19, 1999
    From a UK perspective it's at least four years away.

    The idea of investing money, one of the defences in the article, rings hollow in a world of zero interest rates.
     
  5. dp4m

    dp4m JCC Playoff Pick 'Em Winner, Also a Narc star 10 VIP - Game Winner

    Registered:
    Nov 8, 2001
    The answer is yes, but not necessarily sure we need a specific wealth tax so much as reverting the progressive taxation rates to pre-1980 levels (I don't think we need quite 1963, but pre-1980 for sure -- maybe adjusted a bit at the lower and middle ends, it's been a while since I've looked specifically at rates and breakpoints).

    EDIT: And other tax code changes, such as offshoring/repatriation and capital gains/stock sale.
     
    Last edited: Dec 9, 2020
  6. Obi Anne

    Obi Anne Celebration Mistress of Ceremonies star 8 Staff Member Manager

    Registered:
    Nov 4, 1998
    Argentina has implemented a wealth tax to pay for the costs from corona. It's a progressive tax that goes up to 3,5% for domestic assets and 5,25% of assets abroad for, and you need to pay it if you earn more than $1,8 million a year.
     
  7. blackmyron

    blackmyron Chosen One star 6

    Registered:
    Oct 29, 2005
    I'm going to wait after the next lottery drawing to answer your question.
     
  8. a star war

    a star war Jedi Grand Master star 4

    Registered:
    May 4, 2016
    The tax should be their lives.
     
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  9. Darth Guy

    Darth Guy Chosen One star 10

    Registered:
    Aug 16, 2002
    100% tax on wealth over... let's say $10 million. Make them bleed.
     
    Last edited: Dec 9, 2020
  10. PymParticles

    PymParticles Manager Emeritus star 6 VIP - Former Mod/RSA

    Registered:
    Oct 1, 2014
    There should absolutely be a wealth tax. Most of them are so wealthy they wouldn't functionally notice the money they're losing unless you told them, at which point they inexplicably lose their minds.
     
  11. Jedi Knight Fett

    Jedi Knight Fett PT Interview Host/Teh Mole Host star 10 VIP - Game Host

    Registered:
    Feb 18, 2014
    Wow. That can’t be that many people in the country. I think you gotta put it a lot lower than that. The 400k Biden proposed sounded good. Maybe even lower than that
     
  12. Ramza

    Ramza Administrator Emeritus star 8 VIP - Former Mod/RSA VIP

    Registered:
    Jul 13, 2008
    My hypothetical proposal would be named in honor of its chief inspiration, so "The Johan de Witt Act."
     
    Last edited: Dec 9, 2020
  13. 3sm1r

    3sm1r Force Ghost star 5

    Registered:
    Dec 27, 2017
    Take rich people's money with whatever form of taxation you deem appropriate.
    Use those money to buy a significant number of shares of your own stock market and put them into a fund.
    Pay the dividends to the poorest percentile of the population.
     
  14. Emperor Ferus

    Emperor Ferus Chosen One star 7

    Registered:
    Jul 29, 2016
    Yes, 100% time.
    50 percent for over one million, 99.9 percent for over 10 million. I’m not being hyperbolic.

    If the richest millionaires and billionaires lost 99.9 percent of their income and it went towards healthcare, education, climate change, and general quality of life, many of them would still have the money of a surgeon.
     
    Last edited: Dec 9, 2020
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  15. FatBurt

    FatBurt Chosen One star 6

    Registered:
    Jul 21, 2003
    Yep tax them. I don't think I totally agree with Ferus but tax them definitely
     
  16. Rylo Ken

    Rylo Ken Force Ghost star 6

    Registered:
    Dec 19, 2015
    Tax the **** out of the wealthy. It hasn't been done in a long time. They're due for a good squeezing.
     
  17. Coruscant

    Coruscant Chosen One star 7

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    Feb 15, 2004
    How do we make sure they don’t simply move away?
     
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  18. Darth Guy

    Darth Guy Chosen One star 10

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    Aug 16, 2002
    Tax them based on citizenship like the U.S. already does. Tax them more if they want to renounce their citizenship. Drone strike them if they flee.
     
    Last edited: Dec 9, 2020
  19. Coruscant

    Coruscant Chosen One star 7

    Registered:
    Feb 15, 2004
    I don’t think it’ll work. They’ll hide their money, find loopholes to make their income look much smaller than it really is, etc. What’s needed is something international—a wealth tax treaty.
     
  20. Darth Guy

    Darth Guy Chosen One star 10

    Registered:
    Aug 16, 2002
    The idea that capitalist countries would institute meaningful wealth taxes without being pushed by some sort of mass uprising is a fantasy anyway. At best we'll get single-digits.
     
    Last edited: Dec 9, 2020
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  21. Coruscant

    Coruscant Chosen One star 7

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    Feb 15, 2004
    Oh, and here I thought fantasy being the underlying premise of this thread was already implicitly understood.
     
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  22. Emperor Ferus

    Emperor Ferus Chosen One star 7

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    Jul 29, 2016
    A heavy wealth tax would be a part of the new Constitution if I had my way.

    If for example, George Lucas was taxed 99.9 percent of his net worth, he'd still be a millionaire. (he'd be worth about 6 million) So even more than that much for billionaires maybe.
     
    Last edited: Dec 9, 2020
  23. Rylo Ken

    Rylo Ken Force Ghost star 6

    Registered:
    Dec 19, 2015
    The rich never consider the value of having open access to the world's most guileless and enthusiastic consumers. You shouldn't be allowed to parachute into a petting zoo at night with a giant sack and a wooden mallet. No guards on duty. Buy a ticket like everyone else before you start stuffing pygmy goats into the sack.
     
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  24. Healer_Leona

    Healer_Leona Squirrel Rangler of Fun & Games star 9 Staff Member Manager

    Registered:
    Jul 7, 2000
    It's past time for the wealthiest to start paying their fair share.

    Tax them and if they say no, eat them.
     
  25. Count Yubnub

    Count Yubnub Jedi Grand Master star 4

    Registered:
    Oct 1, 2012
    Yes, absolutely.