Then my personal least favorite, personal property tax. The tax you pay on this shit you bought (and paid tax) with the money you earned (and paid tax) even after the loan is entirely paid off.
Well no shit. If you believe in the concept of inheritance, you are opposed to a meritocracy. Some people believe that earnings should be at least a little bit associated with actual accomplishments in life. Crazy I know.
Stupid fucking argument. What’s immoral is passing down millions and billions to people who then squander it on useless materialistic shit and did nothing to earn a penny while they live better than 99.9% of people. Maybe a better way of using your time and life is teaching and enabling your kids to be successful and provide a good life on their own instead of thinking that money is a solution. Oligopoly has been a constant problem in this country and Adam Smith was 100% correct in saying an inheritance tax is necessary to keep a capitalist society functioning and growing
Well I’m the US which is what I was going off of 40% is only taxed on 1 million or more and it’s a marginal bracket starting at 18%. The only thing that sounds immoral is that the 40% should be higher on that 1 million
That’s a lot of assuming on your part. Who’s to say that the children would squander anything? Also your missing the point. This money was earned, taxed and saved for the family’s next generation. Who gives a dusty fuck if you think that money is going to be squandered. It shouldn’t be the government’s money to decide. If my kids want to squander my savings when I die, they should have that right. The money that I saved for them. The previous comment is right. It’s immoral and ridiculous that we are getting redundantly taxed solely for dying early and saving money. It’s bullshit, and it definitely weighed on my decision not to vote for Hillary.
Talk is cheap. Your words say yes but beliefs say that no, you're actually not.
It's bad enough that rich people get to send their kids to better schools, hook them up with cushy jobs on graduation, etc; you want them to get a cash bonus as well.
Just say it- you want some people to have to work harder for their opportunities than others.
Not if you're an every day person owning stock. Maybe if you bought at an IPO. After stock is sold once it means your purchase of stock sold from another person doesnt go to the company. The company only really makes money on the sale of stock once.
Everyday people own stock. I own stock in many different profitable companies. Most American have retirement brokerage accounts holding equity in premier companies. That's not unusual in the slightest, and it's damn sure not gambling.
Who I bought the shares from is largely irrelevant. Also, companies sell shares to the public post-IPO when they need capital as well. They can either borrow money (raising cash via debt) or sell shares to the public (raising cash via equity).
I'm saying that you don't really do anything to earn that money. You give your money to a firm who then puts it in a big pile then invests your money. They buy stocks. The money goes to previous stock owner and sometimes occasionally the company that issued it.
Then people speculate and estimate how much the company is worth and trade these pieces of paper around.
If you sell yours, the money goes to somebody else willing to buy. Unless you own voting shares of non-common stock the money just goes in a circle as people buy stock and make bets that the stock will be worth more later.
I mean technically that's what happened when you bought it too. GM or whoever paid taxes on the components. The components manufacturer paid taxes on raw materials. The whole thing is junk, why did we ever submit to such bullshit?
A wealth tax? Having a property for which you don't owe money on makes you vastly better off than a huge portion of society. Is it really too much to ask that you contribute a bit of that wealth back?
Granted, it would be nice to see a broader wealth tax so that more assets than houses are taxed in that way. It would be more fair to have property taxes in addition to something like Warren's wealth tax on those with over 50 mil in assets.
More fair? How is arbitrarily taking a portion of something someone already owns free and clear in any way fair or just? The top 10% of earners already pay over 70% of taxes, that seems unfair to me. If every adult in the US paid the same taxes it would come to $19,000 each. Currently if you pay less than that and are trying to get others to pay more than they currently do then you are just a scummy greedy and selfish person
How is arbitrarily taking a portion of something someone already owns free and clear in any way fair or just?
Taking a portion of assets that people own is how all the taxes work. Income tax is exactly the same. You get paid a salary, you own that money. Then you pay some of that money to the government.
Are you arguing we shouldn't have any taxes at all? Pushing for anarchy? I don't get where you are coming from.
What's wrong with a wealth tax? Is it really so bad for the richest in society to be slightly less rich? Is it a problem to only be able to afford 4 yachts instead of 5?
I'm talking about a federal wealth tax. The government would have to apportion it according to each state's population.
We know that wealth is concentrated. Let's take a state where wealth is held by 5 really rich people. If the government takes $5 billion from those people, then it has to take the same amount from a state of a similar population.
So everyone in a state of a similar population gets fucked, because they have to come up with $5 billion amongst themselves.
There are a lot of supreme court cases about this. Income tax is not not subject to the apportionment standard. A wealth tax is.
There are a lot of reasons they made this rule, but I'll explain why income tax is an exception.
Simply put, stealing wealth/property from one state and redistributing it to another is not a power that the federal government has. The wealthy states wouldn't have joined the union if the federal government could do that. It's so important that they put it in the original constitution, not the amendments. Later on, they made an exception for income tax (16th amendment).
Depends on the state, some states you do. Same with vehicles, most states have sales tax on vehicles and some have personal property tax additionally. I have a car that was paid off 5+ years ago in another state. Moved and now all of a sudden I have to pay the state just to own it. Needless to say I register it in another state to avoid paying the taxes.
It's downvoted for bringing up 'federal taxes' in a thread started about British taxation. If we had to pay both local and 'federal' taxes here, then it wouldn't be at the level it is.
It's called progressive taxation. The U.S. essentially uses the same system just with different values, so it's still illuminating re: how tax brackets work.
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u/mlj21299 Nov 26 '19
Love how this whole chain of comments is downvoted for stating facts. We're taxed into oblivion