Elizabeth Warren's tax concept

[Libertine]

That's true, but I'm not sure taxing an unrealized gain would necessarily be considered unconstitutional. Maybe it would.

The federal government already taxes all kinds of things, a wealth tax would probably survive a constitutional challenge.

 

[BigLeRoy]

A 1.5% growth rate economy needs a shot in the arm.

We were in dire need of corporate tax reform, dems and even you agreed.

Yes, we did need corporate tax reform. But we are NOT going to be able to get the economy to be able to grow much above 2% on an annual basis in the 2020's, simply due to demographic reasons, unless you've got a technological innovation as BIG as electricity in your back pocket-----because that's EXACTLY what triggered that 'special century' from ~1880 to ~1980.

 

[Neomalthusian]

Yes, we did need corporate tax reform. But we are NOT going to be able to get the economy to be able to grow much above 2% on an annual basis in the 2020's, simply due to demographic reasons, unless you've got a technological innovation as BIG as electricity in your back pocket-----because that's EXACTLY what triggered that 'special century' from ~1880 to ~1980.

Electricity? I think petroleum had a little something to do with it too.

 

[BigLeRoy]

Electricity? I think petroleum had a little something to do with it too.

I won't dispute that.....although I think electricity was more important.....

 

[Ian Jeffrey]

That's true, but I'm not sure taxing an unrealized gain would necessarily be considered unconstitutional. Maybe it would.

An "unrealized gain" is a phantom, not money, and therefore arguably there is nothing to tax.

 

[Ian Jeffrey]

The federal government already taxes all kinds of things, a wealth tax would probably survive a constitutional challenge.

A wealth tax might, though it might also be a direct tax prohibited by U.S. Const. art. I, § 9. Of course, that would have to be on actual wealth, and I imagine unrealized gains might not even be taxable.

 

[OldGaffer]

Just gin up the inheritance tax, the richest 25 families have been hoarding trillions for generations. Some of those fortunes are based on Robber Baron tactics from the Gilded Age, money that was obtained via Cartels, monopolies, fraudulent land deals, and Trusts, and has been passed down from generation to generation and growing every generation through rent seeking.

 

[Neomalthusian]

An "unrealized gain" is a phantom, not money, and therefore arguably there is nothing to tax.

I understand the logic, but begs the question how a wealth tax would work, given most assets are continuously-fluctuating valuations of non-liquidated stocks and options.

Just gin up the inheritance tax, the richest 25 families have been hoarding trillions for generations. Some of those fortunes are based on Robber Baron tactics from the Gilded Age, money that was obtained via Cartels, monopolies, fraudulent land deals, and Trusts, and has been passed down from generation to generation and growing every generation through rent seeking.

Never seen so many "rich-vs.-poor" dog whistles loaded into a post that short.

 

[Neomalthusian]

A wealth tax might, though it might also be a direct tax prohibited by U.S. Const. art. I, § 9. Of course, that would have to be on actual wealth, and I imagine unrealized gains might not even be taxable.

Calling it unconstitutional on direct-tax grounds would seem arbitrary and hard for me to understand relative to the fact that the individual mandate penalty/tax was considered not a direct tax because Chief Justice Roberts said so.

 

[OldGaffer]

I understand the logic, but begs the question how a wealth tax would work, given most assets are continuously-fluctuating valuations of non-liquidated stocks and options.


Never seen so many "rich-vs.-poor" dog whistles loaded into a post that short.

Never seen an industrialized nation with a worse wealth inequality problem, we are worse than many third world countries.

America Is the Richest, and Most Unequal, Country