Elizabeth Warren proposes Wealth Tax on the very rich

We don’t like thieves.

The answer is in the song lyric … “Tax the rich; feed the poor; ‘til there are no rich no more.” Perhaps a Marxist might find that to be a worthy goal, but I bet very few Americans would agree. (Do you?)

Well at least they aren’t contributing to global warming. :wink:

taxing all income the same would be an easier solution, and in my opinion, one that is more philosophically proper.

We incentivize investment for good reasons. Capital investment is what separates rich countries from poor ones.

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Plenty of rich countries charge cap. gains taxes similar to their income tax rates.

Have a simple question.

Do you think the man that said if you raise my taxes I’ll invest my money…if you lower my taxes I’ll spend my money. Either way I’ll still win is wise?

Let me guess, a few Scandinavian ones with relatively out sized petrol reserves? Feel free to name the ones who have higher GDP growth than we do.

If you have a sum of money, you will choose to invest it base on the merits of the investment, not the tax environment.

At least I would.

For example, if I have an extra $1M and I already bought all the fancy cars I can handle, I will put it in the market weather the tax rate is high or low. Why wouldn’t I? Even if the tax rate is 36% instead of (er…long term cap gains is…15%? 20? 10? I forget).

Turning that $1M into $1.2M and paying 36% on .2 is better than sticking it under my mattress and it earning nothing.

Certainly I might shop over seas for an investment in a country with lower rates, that’s true, but that’s a lot more complicated than I am capable of.

Oh, and I don’t have an extra $1M, so, there’s that.

Or before claiming to be of Native American ancestry and then turning her back on her “kin”.

They never, ever, ever learn.

This chart has our 2015 cap gains rate of 28%. We are now 15 or 20 I think.

Sorry, but I don’t have time to cross reference this list with GDP growth, which, by the way, was not your original metric - you said ‘rich countries’ Not ‘fast growing countries’.

https://taxfoundation.org/us-taxpayers-face-6th-highest-top-marginal-capital-gains-tax-rate-oecd/

People are discussing tax law, the and the unintended consequences of them.

Compassionate is, for example, luxury tax law which resulted in unemployment.

Would you rather tax luxury goods so they are purchased overseas? Where is YOUR compassion for those domestic companies that went out of business (stopped paying taxes) and those who became unemployed as a result.

Or is the tax the wealthy, damn the consequences as far as you can see?

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So your complaint is what? That we already have the sixth highest cap gains rate?

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Umm, your only choice is not to invest your money in our domestic market. If our cap gain rate is to high, you can go elsewhere where the rates are not so onerous.

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Before the corporate tax cut (which was vilified by liberals) the US corporate tax rate was among the highest in the western world.

It’s in their genes. :wink:

Clueless Socialist economics

I did not make any complaint re: this topic. You claimed that low capital gains tax rates separate rich from poor countries. I provided a chart showing many rich countries with high capital gains tax rates. I do not believe your statement to be true, and I provided evidence of my position.

(That chart is adding other taxes into the nominal cap gains rate, while not taking into account any of the many deductions. It also is referring only to those americans making more than about $430K. The rate in that chart is certainly higher than the US EFFECTIVE capital gains rate. But none the less, the point remains, plenty of rich countries have similar rates.)

Did you not read my entire post?

I mentioned that when I said:

“Certainly I might shop over seas for an investment in a country with lower rates, that’s true, but that’s a lot more complicated than I am capable of.”

But you realize that for many americans that is a task too complicated. You can’t, as an individual investor, just put your money in an overseas market and avoid US capital gains taxes. You have to actually have the money in a foreign bank, and invest it through a foreign corp or entity.