@nitinkhanna sometimes the powerful are "we the people".
@nitinkhanna sometimes the powerful are "we the people".
@nitinkhanna One can't have an honest debate about this if one starts from the position that wealth is gained by "fooling, stealing and magicking money out of people."
"This is how it's done. When people are sitting on shit that you want, you make them your enemy. Then you justify taking it." ~ Jake Sully
@nitinkhanna Austria, Denmark (1995), Germany (1997), Finland (2006), Luxembourg (2006) and Sweden (2007) all reversed their wealth taxes.
The Federal Constitutional Court of Germany in Karlsruhe found that wealth taxes "would need to be confiscatory in order to bring about any real redistribution". In addition, the court held that the sum of wealth tax and income tax should not be greater than half of a taxpayer's income. "The tax thus gives rise to a dilemma: either it is ineffective in fighting inequalities, or it is confiscatory – and it is for that reason that the Germans chose to eliminate it." Thus, finding such wealth taxes unconstitutional in 1995
Also wealth taxes are a transfer or personal wealth to the government. Are you advocating the wholesale theft of billions of dollars of personal wealth to the USA government? The same government that intentional meddles in the affairs of other countires, that intentionally destabablises countries. You are delusional to believe that this money would be used for the good of ALL. How would you feel if a wealth tax was used to build a border wall or fund ICE programs?
@nitinkhanna when I have engaged in similar converstaions in the past I was told that I was wealthy and could not understand "normal people". I don't feel wealthy but compared to other I am wealthy. I guess it all depends on where the starting line for defining wealth lies.
FYI. The debate isn't about taxing profits. A wealth tax is about taxing holdings of assets i.e. all cash and non-cash assets, e.g. saving accounts, checking accounts, bonds, stocks, 401k, property, business holdings, etc.
I think there is an undercurrent of envy in the campaign against extremes of wealth.
@jsonbecker your thinking may change once you've done more reading around the topic. See Why was a wealth tax for the UK abandoned?: lessons for the policy process and tackling wealth inequality by Howard Glennerster.
@jsonbecker In the 1970's my wife's family (six people) came from a very poor neighbourhood in India to live in poor neighbourhood in New Jersey. She graduated valedictorian from her high school and got a scholarship to college. So did her sisters. Her younger sister and brother work for Cisco and make very good incomes. I grew up in the Caribbean. My Dad came from a poor family. Neither of my parents attened college. But today, their three sons have gradudate degrees. We are high income earners. Are we now part of "the wealthy" that need to be hit with a wealth tax?
How would a wealth tax work? I imagine a scenario where I have millions of dollar of stock assets that I have saved over my 40 year working life and then having to sell the stocks just to pay wealth taxes or worse having to get a job to pay the taxes on that accumlated wealth. Or I have millions of dollars in savings accounts and have to watch as the gooferment just siphons off my savings in a wealth tax.
This doesn't seem right.
@jsonbecker and after paying all those taxes, I somehow have to find a way to fund my retirement just to have the gooferment show up later in life to punish me with a "wealth tax".
@gregmoore so point proven. 😃 Brilliant!
@jsonbecker New Jersey has the highest average real estate property tax. 2.47% of our home value in paid in municipal property tax. When we bought the house that tax was just over $5000, but due to rising house values, it is now over $11,000. We get no additional value for those extra taxes as my kids no longer attend school. I can’t imagine it feels great for retirees who’ve finally paid off a mortgage but still pay thousands in yearly property taxes.
New Jersey has a 6.625% state sales tax (reduced from 7%). All revenues are deposited in the State Treasury for general state use; nothing goes to municipalities.
My wife and I are working and paying 35% of our earnings in federal taxes. In New Jersey for earnings between $75,001 and $500,000, the tax rate on every dollar of income earned is 6.37%. Including property taxes, 43.7% of our earnings goes to taxes. So when I hear, let’s tax wealth, it feels like we are engaging in manorialism with the state.
@AlanGMarz I remember the days of app upgrade pricing in the computer market. Consumers ran very old and depracted software but expected vendor support with security and bug patches. Consumers still complained about the cost of upgrades even when the upgrade pricing was just %50 less. It seems to me that this is a problem of wanting it all and the best of it all, for low costs. This is never ending.
@jsonbecker is correct. @jsonbecker can you define "wealth tax"?
@gregmoore what is an oldsters? Do I have permisison to start throwing around millenial snowflake comments?
@canion in the early days of lockdown, the local restaurants that offered outdoor dining or takeout removed their printed menus. We had to scan a QR code to see the menu and place our orders.
@bensmithuk I like the tracker. Regretably, I've never done this in an organised way.
@mangochutney that's the part that warms my heart. A month ago we brought Alphie home from a rescue shelter. He was a feral cat that was neutered and ready for release back into the wild. He's so happy now.
@danielpunkass I don't understand what you just wrote.
@odd is Evernote really over priced if (based on the responses here), it's a crossplatform (iOS, Windows, macOS) app that is capable of meeting the users requirements?
@ronguest @maique Apple extended by one month the free subscription that came with my iPhone 11 Pro. Time enough to watch Obi Wan’s 2004 show, Long Way Round, also with Charley Boorman.
@AlanGMarz my Xfinity broadband/cable package cost more than yearly. So does the AT&T family share cellular plan. 🤷🏾♂️
@pip That’s an odd sign.
@rwnash Is this a collaboration? The ABV IS 6.8% but in your comment you wrote ”strong”. What does strong mean?
@Gabz My wife loved it. My daughter thought it was “meh”.
@Miraz @cheesemaker I enjoyed watching this last month. I’m looking forward to the next season.
@keinan Almost in my backyard. I’m easy walking distance from van Horne Park.