wealth tax

[gold_dredger_phd]

Wealthy, productive people can just leave the US and renounce their citizenship to escape taxation. The whole wealth tax is based on envy.

Some people are hard-working, extremely talented, lucky or all three. They are bound to be wealthy.

Merit and wealth are well correlated in this country. To be wealthy in some other countries you have to be in politics or just be the best thief.

I think it is disgusting that people are talking about this now and we don’t even have a depression yet. Just wait 20 years and there will be a civil war.

[Raybyrnes]

Why not get your insurance or real esate licenses (even if your are not going to use them that much) set up an LLC (small cost) and start writing off expenses. A good one is mileage for your car.

My own situation is that my wife recently passed her dental exams so while whe will start out working for a dentist I will be actively looking for opportunities to incorporate as soon as the cash flow situation provides.

I am expecting AMT to be a challenge next year to work around.

[Raybyrnes]

Why not get your insurance or real esate licenses (even if your are not going to use them that much) set up an LLC (small cost) and start writing off expenses. A good one is mileage for your car.

My own situation is that my wife recently passed her dental exams so while whe will start out working for a dentist I will be actively looking for opportunities to incorporate as soon as the cash flow situation provides.

I am expecting AMT to be a challenge next year to work around.

[Raybyrnes]

Why not get your insurance or real esate licenses (even if your are not going to use them that much) set up an LLC (small cost) and start writing off expenses. A good one is mileage for your car.

My own situation is that my wife recently passed her dental exams so while whe will start out working for a dentist I will be actively looking for opportunities to incorporate as soon as the cash flow situation provides.

I am expecting AMT to be a challenge next year to work around.

[Raybyrnes]

Why not get your insurance or real esate licenses (even if your are not going to use them that much) set up an LLC (small cost) and start writing off expenses. A good one is mileage for your car.

My own situation is that my wife recently passed her dental exams so while whe will start out working for a dentist I will be actively looking for opportunities to incorporate as soon as the cash flow situation provides.

I am expecting AMT to be a challenge next year to work around.

[Raybyrnes]

Why not get your insurance or real esate licenses (even if your are not going to use them that much) set up an LLC (small cost) and start writing off expenses. A good one is mileage for your car.

My own situation is that my wife recently passed her dental exams so while whe will start out working for a dentist I will be actively looking for opportunities to incorporate as soon as the cash flow situation provides.

I am expecting AMT to be a challenge next year to work around.

[bubba99]

Aecetia,

“In 1980, when the top tax rate was 70%, the richest 1% paid only 19% of all income taxes; now, with a top rate if 35%, they pay more…”

Every thing you say here is true, but the more telling detail is the top 1% of the richest, earned 70% of everything. Although a 19% of total tax seems high compared to their 1% status, is seems a little low when compared with their 70% of earnings!

[bubba99]

Aecetia,

“In 1980, when the top tax rate was 70%, the richest 1% paid only 19% of all income taxes; now, with a top rate if 35%, they pay more…”

Every thing you say here is true, but the more telling detail is the top 1% of the richest, earned 70% of everything. Although a 19% of total tax seems high compared to their 1% status, is seems a little low when compared with their 70% of earnings!

[bubba99]

Aecetia,

“In 1980, when the top tax rate was 70%, the richest 1% paid only 19% of all income taxes; now, with a top rate if 35%, they pay more…”

Every thing you say here is true, but the more telling detail is the top 1% of the richest, earned 70% of everything. Although a 19% of total tax seems high compared to their 1% status, is seems a little low when compared with their 70% of earnings!

[bubba99]

Aecetia,

“In 1980, when the top tax rate was 70%, the richest 1% paid only 19% of all income taxes; now, with a top rate if 35%, they pay more…”

Every thing you say here is true, but the more telling detail is the top 1% of the richest, earned 70% of everything. Although a 19% of total tax seems high compared to their 1% status, is seems a little low when compared with their 70% of earnings!

[bubba99]

Aecetia,

“In 1980, when the top tax rate was 70%, the richest 1% paid only 19% of all income taxes; now, with a top rate if 35%, they pay more…”

Every thing you say here is true, but the more telling detail is the top 1% of the richest, earned 70% of everything. Although a 19% of total tax seems high compared to their 1% status, is seems a little low when compared with their 70% of earnings!

[alarmclock]

[img_assist|nid=6205|title=Income tax vs 2pct Wealth tax|desc=Income tax vs Wealth tax |link=node|align=left|width=466|height=258]

Again, thanks for the input. A few things

1) I wish I had not mentioned the oxygen tax, I essentially trolled my own post. It had nothing to do with the topic.

2) robson: “Taxing wealth discourages the incentive to save”.

Alarmclock: The only thing I would mention is that if you buy a refrigerator, you ‘credit’ your cash account and you debit your refrigerator account, so the balance sheet should remain the same — there’s no tax benefit to spending. Of course, this points to the infeasibility of calculating wealth, and it is unreasonable to expect all tax payers to depreciate assets.

3) If I can successfully post an image, then anyone in the “W” section would prefer a wealth tax; anyone in the “I” section would prefer an income tax.

I am done beating this horse. I honestly did not anticipate the uniformly negative responses but that is what makes the interweb great.

[alarmclock]

[img_assist|nid=6205|title=Income tax vs 2pct Wealth tax|desc=Income tax vs Wealth tax |link=node|align=left|width=466|height=258]

Again, thanks for the input. A few things

1) I wish I had not mentioned the oxygen tax, I essentially trolled my own post. It had nothing to do with the topic.

2) robson: “Taxing wealth discourages the incentive to save”.

Alarmclock: The only thing I would mention is that if you buy a refrigerator, you ‘credit’ your cash account and you debit your refrigerator account, so the balance sheet should remain the same — there’s no tax benefit to spending. Of course, this points to the infeasibility of calculating wealth, and it is unreasonable to expect all tax payers to depreciate assets.

3) If I can successfully post an image, then anyone in the “W” section would prefer a wealth tax; anyone in the “I” section would prefer an income tax.

I am done beating this horse. I honestly did not anticipate the uniformly negative responses but that is what makes the interweb great.

[alarmclock]

[img_assist|nid=6205|title=Income tax vs 2pct Wealth tax|desc=Income tax vs Wealth tax |link=node|align=left|width=466|height=258]

Again, thanks for the input. A few things

1) I wish I had not mentioned the oxygen tax, I essentially trolled my own post. It had nothing to do with the topic.

2) robson: “Taxing wealth discourages the incentive to save”.

Alarmclock: The only thing I would mention is that if you buy a refrigerator, you ‘credit’ your cash account and you debit your refrigerator account, so the balance sheet should remain the same — there’s no tax benefit to spending. Of course, this points to the infeasibility of calculating wealth, and it is unreasonable to expect all tax payers to depreciate assets.

3) If I can successfully post an image, then anyone in the “W” section would prefer a wealth tax; anyone in the “I” section would prefer an income tax.

I am done beating this horse. I honestly did not anticipate the uniformly negative responses but that is what makes the interweb great.

[alarmclock]

[img_assist|nid=6205|title=Income tax vs 2pct Wealth tax|desc=Income tax vs Wealth tax |link=node|align=left|width=466|height=258]

Again, thanks for the input. A few things

1) I wish I had not mentioned the oxygen tax, I essentially trolled my own post. It had nothing to do with the topic.

2) robson: “Taxing wealth discourages the incentive to save”.

Alarmclock: The only thing I would mention is that if you buy a refrigerator, you ‘credit’ your cash account and you debit your refrigerator account, so the balance sheet should remain the same — there’s no tax benefit to spending. Of course, this points to the infeasibility of calculating wealth, and it is unreasonable to expect all tax payers to depreciate assets.

3) If I can successfully post an image, then anyone in the “W” section would prefer a wealth tax; anyone in the “I” section would prefer an income tax.

I am done beating this horse. I honestly did not anticipate the uniformly negative responses but that is what makes the interweb great.

[Author]

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