Wealth tax (1 Viewer)

Dre

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https://www.cnbc.com/2019/01/24/elizabeth-warren-to-propose-new-wealth-tax-economic-advisor.html

Elizabeth Warren is going to propose a wealth tax apparently. I’ll be honest, I don’t hate this nearly as much as an income tax increase. Probably because I’m not wealthy. You know wealthy Republicans will hate it either way (income or wealth tax). But I’ll enjoy seeing the response from wealthy liberals (they might not care honestly, but I’d like to see anyway). Wealth inequality is so much greater than income inequality. Income tax makes it more difficult for people to become wealthy, but a wealth tax really hits the mega rich.

I am not saying I want this, but if I had to choose one, I’d go with the wealth tax (since I don’t see myself ever being close to that one).
 

buzd

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Hey, let's tax political donations (tax the donor, not the recipient).
 

rob22278

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Which do not go to the federal government.

The local government doesn't use military to protect you.

Also, property taxes are based on the value of your home, but a lagging value. If property values go nuts, usually the assessed property value is well behind.

I'd imagine it's more so when you're ultra wealthy. Also, land/homes aren't the only assets that count as "property".
When was the last time the military had to protect personal property in the US? The national guard after Katrina?
Local government provides fire and police protection which property taxes help fund. That should be all the protection you need (response times of NOPD not withstanding). The homestead exemption in LA ensures that low assessed properties pay little or no property taxes at all.
 

Taurus

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When was the last time the military had to protect personal property in the US? The national guard after Katrina?
Hey, if it means slashing their budget, I'm cool with it. I mean, if they're not out there protecting my life and my stuff, what are they doing?

I've also seen various posters say that the wealthy don't owe us anything. Ok. I don't owe them anything, either. Yet here we both are, in this society we call America. As a nation, we have needs and things that must be paid for. I have no problem advocating for my middle-class side, just as obviously the rich have no problem advocating for their side. What I can't understand is why a middle-class person would advocate for the rich. They sure's hell don't need the help, while we do.
 

Saint_Ward

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When was the last time the military had to protect personal property in the US? The national guard after Katrina?
Local government provides fire and police protection which property taxes help fund. That should be all the protection you need (response times of NOPD not withstanding). The homestead exemption in LA ensures that low assessed properties pay little or no property taxes at all.
Again, you're thinking like a middle class home owner. I maybe should have used a better example.

If you're wealthy, you likely own or invest in big businesses.

The US Navy mostly patrols the globe keeping commerce safe. Those shipping vessels are owned by companies/people. Those products are currently owned by the shipper or company who's going to sell them.

Net worth isn't just a house and a car for these people.

Authur Blank has a nice new Shiny Stadium that is going to host a super bowl (even if it's a sham of one), and the Feds will be there to keep it protected. That's protecting his net worth and overall fortune.

His property taxes have nothing to do with that.
 

WhoDatPhan78

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Again, you're thinking like a middle class home owner. I maybe should have used a better example.

If you're wealthy, you likely own or invest in big businesses.

The US Navy mostly patrols the globe keeping commerce safe. Those shipping vessels are owned by companies/people. Those products are currently owned by the shipper or company who's going to sell them.

Net worth isn't just a house and a car for these people.

Authur Blank has a nice new Shiny Stadium that is going to host a super bowl (even if it's a sham of one), and the Feds will be there to keep it protected. That's protecting his net worth and overall fortune.

His property taxes have nothing to do with that.
Maybe we should charge people like Blank al a carte for their government services libertarian style.
 
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B4YOU

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Also, property taxes are based on the value of your home, but a lagging value. If property values go nuts, usually the assessed property value is well behind.
Property taxes on a primary residence might be one the worst designed tax systems ever. Income isn’t fixed and so taxes flex with income. Property taxes rates are fixed. Easy for government budgets but bad for at will residents.

I recently successfully argued down my assessed value by about 15% which was ridiculous based on neighborhooding property.
 

DCSaints_Fan

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Property taxes on a primary residence might be one the worst designed tax systems ever. Income isn’t fixed and so taxes flex with income. Property taxes rates are fixed. Easy for government budgets but bad for at will residents.

I recently successfully argued down my assessed value by about 15% which was ridiculous based on neighborhooding property.
On the other hand, its very easy to audit. Its very hard to conceal the fact you own property. Income on the other hand, can be concealed in many ways.
 

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