Elizabeth Warren's tax concept

Ian Jeffrey

Council Hall
Mar 2013
73,088
41,268
Vulcan, down the street from Darth Vader
#82
Many wealthy spread their wealth around, put real estate in a trust, or in their spouse's name. That makes it seem as if they own less than they do.
Like corporations, trusts and spouses are people, too. I.e., if assets are being taxed, then it would make little difference whose name is on the assets. Someone will be taxed on it.
 

Ian Jeffrey

Council Hall
Mar 2013
73,088
41,268
Vulcan, down the street from Darth Vader
#83
Oh horseshit, we are talking about 2% and only on those making in excess of an obscene amount in the first place. Most would not even be selling their stocks to pay those taxes.
If you are talking about selling $2M worth of stock to pay taxes on the stock, you bet it would move the market, even if done over the course of the year. I am not saying (on this point) that the person should not be taxed, only that we would not want to require stock sales in order to cover it.
 
Likes: bajisima
Nov 2006
53,617
19,673
#84
Whose to say what property you have beyond the jurisdiction of the US.

When Sherman marched, the Southerners buried their silver.
If you want to be a criminal and risk going to prison be my guest. For one with more money than they know what to do with I would say that is extremely stupid.
 
Nov 2006
53,617
19,673
#85
If you are talking about selling $2M worth of stock to pay taxes on the stock, you bet it would move the market, even if done over the course of the year. I am not saying (on this point) that the person should not be taxed, only that we would not want to require stock sales in order to cover it.
No one would be requiring stock sales and damn few of the 0.1% would be doing it anyway. 2 million is bought or sold on a daily basis by the extremely wealthy anyway moving the market and no one is saying they can't do it.
 
Jan 2019
91
61
Between Missouri-Kansas
#86
The rich will always find some loopholes that will benefit their wealth. Meaning...same old song, different verse.
 

Djinn

Council Hall
Dec 2007
50,020
36,232
Pennsylvania, USA
#87
So what specific "money" or "income" are we talking about here? How does one get "money"?
Well, in the context of this thread, I misspoke - Warren's proposal is a tax on wealth, not income. When I realized this, I attempted to delete my post.

But in all other contexts, "money" and "income" are very different things. Assuming you have a wallet, it probably contains money. Put the money on your nightstand for a few years, and you will never pay any taxes on it.

Some people call the inheritance tax a "double tax," which is incorrect. An inheritance is income; ownership of the money has been transferred from one person to another, and that means the money is "income" from the recipient's perspective. And income is taxed - once.
 
Nov 2006
53,617
19,673
#88
How does one do that? I mean sometimes its doable but not other times. Many wealthy spread their wealth around, put real estate in a trust, or in their spouse's name. That makes it seem as if they own less than they do. Not allowing that would affect us all, since many put their homes in trusts or in somebody elses name.
The wealthy file their taxes every year and they all have the line stating their gross salary or income. If the law were NO tax deductions or loopholes allowed on income in excess of say 10 million and that line says 20 million then you owe 70% ($700,000) on 10 million plus whatever you owe on the first 10 million after using all the deductions and loopholes you are capable of.

If we are talking about taxing assets then it might be difficult to determine the amount but banks do it for people every day when they apply for a mortgage, their is no reason the IRS could not do it for the rich.

And I don't see how it could effect us all if we are only talking about roughly 0.1% of the population anyway.
 
Jan 2019
91
61
Between Missouri-Kansas
#89
My wife is a cousin to Johnny Morris founder and CEO of Bass Pro Shops, who is worth more than 5.1 billion. He doesn't pay his fair share of taxes as he has many reasons. One is, he has claimed over 90 million people has benefited from his sports business for their health, and he can claims that on his taxes.
 

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