... they don't seem to mind.

https://nypost.com/2019/06/25/...nt-to-be-taxed-more/

America’s richest billionaires say they want to be taxed more

By Mark Moore June 25, 2019 | 2:43pm | Updated

The richest of the 1 percent have a message for the 2020 presidential candidates: Tax us.

​Financier George Soros and heiress Abigail Disney are among the 19 billionaires who published an open letter Monday ​to Republican and Democratic hopefuls saying that they “support a moderate wealth tax on the fortunes of the richest 1/10 of the richest 1% of Americans — on us.​”​

​”​The next dollar of new tax revenue should come from the most financially fortunate, not from middle-income and lower-income Americans​,” they wrote.

Along with Soros and Disney, signers include Facebook co-founder Chris Hughes, Molly Munger, daughter of Berkshire Hathaway vice chairman Charlie Munger, and members of the Pritzker family — along with one anonymous signer.

​”America has a moral, ethical and economic responsibility to tax our wealth more​,” they wrote in the letter.

​A wealth tax could ​raise funds to address the climate change crisis, bolster health care measures, curb income inequality and provide relief for those with student loans.

​”​The concept of a wealth tax isn’t new: Millions of middle-income Americans already pay a wealth tax each year in the form of property taxes on their primary form of wealth — their home​,” the letter says. “​The kind of moderate tax on the richest 1/10 of 1% that we support just asks us to pay a small wealth tax on the primary source of our wealth as well.​”​

​The letter noted that a number of Democratic candidates — Sen. Elizabeth Warren, Mayor Pete Buttigieg, former Rep. Beto O’Rourke and Rep. Tim Ryan — support the idea.

​Warren has already proposed a plan to tax 75,000 of the wealthiest families in the country.

It would put a 2-cent tax on the dollar on assets over $50 million and an additional levy of 1 percent on assets over $1 billion.

The tax would raise nearly $3 trillion over 10 years.

Why don't they just send it in? Nothing stopping them.

I think the bikers will be really upset. Link explains it all.

LINK: https://guestofaguest.com/new-...iginal-one-percenter

As long as it's voluntary, I'd have no problem with it. It's the liberals 'You make it and we'll take it' that bothers me.

What will really be done with that influx of cash? Hopefully not to typical special interests. Our veterans need to be high on the list of recipients.

quote:

America has a moral, ethical and economic responsibility to

Spend Less!

The problem is that the definition of "wealth" is a very loose and ambiguous one. Anybody who, for example, owns a home, has a substantial savings account, a 401(k) or other retirement plan will eventually be targeted.

Yes, send it in now. There is nothing stopping those virtue-signaling liberals from writing a check for half their net worth and sending it in to the gov't. Do it now. You don't need a law passed to force you to do it. Put your money where your mouth is....

quote:

Originally posted by Sailor1911:

Spend Less!

Amen!! Of course political types of any persuasion don't use that word!

Assholes are free to write checks in whatever amount and however often they want. They can instruct their accountants and lawyers to stop with the deductions and asset shifts. But no, they demand a law. It's cover for themselves so when the demand that they pay more rings out from the money grabbing leftists they can plead that they'd pay if only there were a law.

quote:

Originally posted by egregore:
The problem is that the definition of "wealth" is a very loose and ambiguous one. Anybody who, for example, owns a home, has a substantial savings account, a 401(k) or other retirement plan will eventually be targeted.

The problem with our tax code is NOT that the wealthy don't pay enough. They do. The problem is that the poor don't pay enough.
I'm totally serious. We have exempted almost 50% of the people from paying a dime in Federal Income Taxes.
The tax burden should be spread out farther. Wide and shallow rather than narrow and deep.

quote:

The problem with our tax code is NOT that the wealthy don't pay enough. They do. The problem is that the poor don't pay enough.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
I could go for that. The problem is that there are not enough wealthy people. Middle class people will always pay the bulk of the taxes since there are more of them.

quote:

The tax would raise nearly $3 trillion over 10 years.

Assuming that's accurate, giving politicians $3T additional dollars would mean $5T of additional spending. The problem isn't now, nor has it ever been, revenue, isn't spending.

And chellim1 is spot on. In my way of thinking income at any level should not be taxed at all. That's immoral. Taxes should come from spending where everyone across the board pays the same rate for every dollar spent with no carve outs. That would even insure illegals in the country pay something. And it would be progressive given the rich spend a whole lot more than the poor and as such, would pay a whole lot more in taxes. Best of all, April 15th would just become another day on the calendar.

quote:

The tax would raise nearly $3 trillion over 10 years.

That's it? Less than one-tenth of the "Medicare for all" wet dream. And forget a drop in a bucket, it's not even a whiz in the ocean for all the other shit like reparations, student loan forgiveness, free college and lots more.

This message has been edited. Last edited by: egregore,

quote:

Originally posted by bigdeal:

quote:

The tax would raise nearly $3 trillion over 10 years.

Assuming that's accurate, giving politicians $3T additional dollars would mean $5T of additional spending. The problem isn't now, nor has it ever been, revenue, isn't spending.

And chellim1 is spot on. In my way of thinking income at any level should not be taxed at all. That's immoral. Taxes should come from spending where everyone across the board pays the same rate for every dollar spent with no carve outs. That would even insure illegals in the country pay something. And it would be progressive given the rich spend a whole lot more than the poor and as such, would pay a whole lot more in taxes. Best of all, April 15th would just become another day on the calendar.

I'm fine with some people not paying taxes, just as long as they don't get to vote how to spend my taxes. No representation, without taxation.

With no skin in the game, there is no reason one wouldn't want free education, abortions, Medicare for all, debt forgiveness, and an iPad for everyone over six. Once you are paying for these pie in the sky ideas, support goes way down.

quote:

Originally posted by ZSMICHAEL:

quote:

The problem with our tax code is NOT that the wealthy don't pay enough. They do. The problem is that the poor don't pay enough.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
I could go for that. The problem is that there are not enough wealthy people. Middle class people will always pay the bulk of the taxes since there are more of them.

This statement above is false. -- Middle class people will always pay the bulk of the taxes since there are more of them. --

According to the IRS for 2016,

Top 1% paid 37% of taxes
Top 5% paid 58% of taxes
Top 10% paid 69.5% of tax

For the 140,000,000 returns, 14,100,000 returns/families paid about 70% of the tax burden. I am pretty sure no one would classify folks in this demographic as middle class.


https://taxfoundation.org/summ...ax-data-2018-update/

--k

‘Poor’ people don’t pay any net taxes

quote:

Top 1% paid 37% of taxes
Top 5% paid 58% of taxes
Top 10% paid 69.5% of tax

What percentage did the bottom 30% pay? How about bottom 10%?

quote:

For the 140,000,000 returns, 14,100,000 returns/families paid about 70% of the tax burden. I am pretty sure no one would classify folks in this demographic as middle class.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
I would. Define middle class. There are lies and there are damn statistics. Your figures are confusing. Whatever. I am not a CPA. Show me a simple BAR GRAPH. The term middle class can be defined sociologically as well.

quote:

Originally posted by Kranky:

This statement above is false. -- Middle class people will always pay the bulk of the taxes since there are more of them. --

According to the IRS for 2016,

Top 1% paid 37% of taxes
Top 5% paid 58% of taxes
Top 10% paid 69.5% of tax

For the 140,000,000 returns, 14,100,000 returns/families paid about 70% of the tax burden. I am pretty sure no one would classify folks in this demographic as middle class.


https://taxfoundation.org/summ...ax-data-2018-update/

--k

Wouldn't the top 5% be considered wealthy rather than middle class?

It is all a political game. I would go for an across the board ten percent of income or a use tax. Simple enough.