Senate Is It Time For A Wealth Tax?

I believe it is Hammertime.

 

If ever there was a time to increase taxes on the wealthy with a specific rationale, it would be now. A once in a century pandemic and resulting economic hardship, c’mon.
But you know... welfare queens, makers and takers, better dead than red and all that.
In a fair system I myself would pay more (wouldn’t count by any of the wealthy thresholds defined in this thread of course).
Nothing will change though and we all know it.

 

A "wealth tax" per se has been pretty convincingly argued in my opinion to be de facto unconstitutional, so that's kind of a show stopper. However, I'm all for not only much higher marginal tax rates but also a comprehensive overhaul of the general public's gag reflex for "redistribution of wealth."

 

That is why I have started advocating for a split into two or more countries, a voluntary Korea/Cold War Germany of sorts. We make a new constitution that guarantees wealth redistribution as an inherent part of the policy.

Or at the very least, if that solution is unfeasible, work hard to amend the existing Constitution.

 

An important first step in bringing such a thing to pass would probably be to...reevaluate...how you package that idea.

 

36 trillion

Tax havens.

 

Where are they going to go? Much of the world’s economy—especially wealthy Americans’ fortunes—is tied to the US dollar. If that tanks so do their portfolios.

There’s also the us military to consider, which they need for muscle. They’re not gonna get that kind of dominance anywhere else. Not to mention it wouldn’t take long after an economic collapse for said military to lash out. The death throes of American imperialism would be devastating.

not that the wealthy in this country have anything to be worried about, anyway. The Democrats are as much in their pocket as the gop.

 

Every thread is a good thread to randomly go after the evil Democrats.

 

"Is it time for a wealth tax?"

No. It's long past time.

I have yet to hear a compelling counter-argument on the practical side and there is no counter-argument from the moral side. It's the right thing to do. We should have had one for years now. Full stop. Any attempt to "debate" the issue is a stalling tactic. Give us a wealth tax now.

 

It is time to bust a rhyme.

 

I think the thread is done.

 

Who gets to define "wealthy"?

 

In the millions or more seems good to me. The richer, the more severe.


And let's not forget salary caps.

 

Me.

 

What about the humble people who only own third homes and have yachts <100 feet long?

 

I'm skeptical of this. As a lifelong resident of NJ, I've seen how any fee or tax increase which is touted as the can't-miss, totally-foolproof solution to all of our society's problems turns out to be a total bust. The money invariably disappears into the bureaucratic sinkhole, leaving us right where we were before, if not worse.

 

@Kenneth Morgan
What you just said is so vague and generic that it is virtually impossible to even have a discussion about it.

 

I think that may have been the intention.

 

He's mostly just talking about the roads there.

 

Doesn't make it any less true.

 

Yes, but then they all run off to Monaco or the Bahamas, cos they can.

 

It's neither true nor false.

You are pulling a Shapiro.