Drudge Retort: The Other Side of the News
Saturday, January 11, 2020

The idea of imposing a wealth tax on the richest Americans has elicited sharply divergent views across a spectrum of politicians, with President Donald Trump branding it socialist and progressive Democratic presidential contenders Senators Elizabeth Warren and Bernie Sanders prominently endorsing it.

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People earning 6 figures ($100k) are the very rich. Tax them all. 90% on everything over 100k and tax their wealth too. Any assets over $100k is too much. Most of us make less than 30k a year and have to rent or trying to buy a 60k home is a struggle.

Bloody rich people. Anyone making more than you is filthy rich and probably leeched it like all rich people do.

#1 | Posted by Petrous at 2020-01-11 06:37 PM | Reply

Half the country gets by on a median income or less, that must be adequate, and enough for anybody.

#2 | Posted by Charliecharles at 2020-01-11 07:30 PM | Reply

How about you tax rich people at the same rate as the middle class. That would be a massive tax increase.

#3 | Posted by bored at 2020-01-11 08:04 PM | Reply | Newsworthy 2

Wont matter.

They'll offshore it or funnel it through so many llcs it'll make your head spin.

Until actual enforcement is implemented via the IRS this is just talk. We have a president that a draft-dodging tax-evader for Crimonys sake.

#4 | Posted by LostAngeles at 2020-01-11 08:16 PM | Reply

How about you tax rich people at the same rate as the middle class. That would be a massive tax increase.

#3 | Posted by bored

Or get rid of things like special categories for capital gains.

If it's income, tax it as income.

#5 | Posted by jpw at 2020-01-11 08:33 PM | Reply

Remember when the AMT started, it was only to be on those wealthy upper income earners, nowadays it applies to many not in the upperclass. God ahead and start and see where it eventually leads. Slope slippery...

"In reality, the AMT can hit some middle-income taxpayers, too. The tax takes away some common deductions to arrive at a taxpayer's alternative minimum tax income (AMTI). That's the "alternative" part. ... He must pay the AMT if the AMTI calculation results is more than that year's exemption amount"
Alternative Minimum Tax: What Is It? Does It Affect You?
https://www.thebalance.com alternative-minimum-tax-3192753

Once a wealth tax starts it will eventually 'trickle down'. Wealth can mean the value of any and all you own [value of house, car, investments, savings, etc.]

#6 | Posted by MSgt at 2020-01-12 11:35 AM | Reply

A wealth tax on the uber-rich would be next-to-impossible to calculate and it would face constitutional challenges in court.

#7 | Posted by JeffJ at 2020-01-12 01:08 PM | Reply

Wealth and to a lessor degree income are not always easily computed so taxes based on them end up complex and convoluted. Consumption taxes have less complexity are less arbitrary.

#8 | Posted by visitor_ at 2020-01-12 03:52 PM | Reply

Easy fix: tax everyone at the same rate. Including stocks/capital gains/etc.

But guess who won't go for that?? And the same thing as always will happen with taxes on the rich. Loop holes created by politicians who are backed by...guess who again.

#9 | Posted by brass30 at 2020-01-12 07:50 PM | Reply

"But guess who won't go for that?? And the same thing as always will happen with taxes on the rich. Loop holes created by politicians who are backed by...guess who again."

Yeah...I don't think progressives would go for that either. What you're describing is a flat tax.

And it's nearly impossible to make someone pay a tax if they're dead set against it.

#10 | Posted by madbomber at 2020-01-13 02:44 AM | Reply

"the very rich should contribute an extra share of their total wealth each year to support public programs" - the essence of a wealth tax.

The left is being toyed with. There is zero political chance of this happening. Let's not pretend Warren and Sanders are anywhere near that naive.

"How about you tax rich people at the same rate as the middle class. That would be a massive tax increase."

Yes, perhaps something realistic. Realistic for 1 main reason...it's a tax on income, IOW a transfer or transaction.

With the exception of property taxes, we only really tax transactions. A wealth tax is a bad idea except when the wealth transfers to someone else.

#11 | Posted by eberly at 2020-01-13 08:40 AM | Reply

"I don't think progressives would go for that either. What you're describing is a flat tax."

The person who pays the highest percentage of federal taxes on their income isn't the millionaire, or even the billionaire; it's the wage earner making $138,000/yr.

#12 | Posted by Danforth at 2020-01-13 09:10 AM | Reply

"it's nearly impossible to make someone pay a tax if they're dead set against it."

America's compliance rate belies your claim.

#13 | Posted by Danforth at 2020-01-13 09:11 AM | Reply

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