Forgot Password
Pentax Camera Forums Home
 

Closed Thread
Show Printable Version Search this Thread
11-28-2012, 06:34 PM   #1
Senior Member
graphicgr8s's Avatar

Join Date: Jul 2012
Location: Tampa, FL
Posts: 229
Wealth

Seems as though "they" are looking to tax your wealth now in addition to your income. Even though it's double taxation and unconstitutional it seems many that's just a "technicality".

11-28-2012, 07:06 PM   #2
Veteran Member
larryinlc's Avatar

Join Date: Mar 2009
Location: Wisconsin USA
Posts: 993
Who are they?
11-28-2012, 07:12 PM   #3
Site Supporter
Site Supporter
dadipentak's Avatar

Join Date: Jul 2008
Location: Baltimore, Maryland
Photos: Gallery
Posts: 11,197
QuoteOriginally posted by graphicgr8s Quote
Seems as though "they" are looking to tax your wealth now in addition to your income.
Well "they" tax my major asset (my house) so it seems fair game to tax other forms of wealth.
11-29-2012, 03:45 AM   #4
Veteran Member
Nesster's Avatar

Join Date: Oct 2006
Location: NJ USA
Photos: Gallery
Posts: 13,056
And what specifically are you talking about 'wealth in addition to income'? An increase in capital gains tax? Or an AMT for the $500K+ set that 'they' Buffet is recommending? Or something else?

11-29-2012, 05:24 AM   #5
Veteran Member




Join Date: Dec 2009
Posts: 426
QuoteOriginally posted by graphicgr8s Quote
Seems as though "they" are looking to tax your wealth now in addition to your income. Even though it's double taxation and unconstitutional it seems many that's just a "technicality".
Never heard of this. I have heard the thought of increasing the capital gains tax for those who make their living off it, but this is not taxing wealth. This is taxing income from wealth.

Regardless, I think taxing wealth is a bad idea. Americans already have a hard enough time saving money. We don't have to make it worse by taxing those savings.
11-29-2012, 06:20 AM   #6
Banned




Join Date: Mar 2012
Location: Charleston & Pittsburgh
Photos: Albums
Posts: 1,668
Want to know exactly where the wealth is going? Because guess what, one would be quite suprised as to how much of it is not staying in america.

From most of the Fortune 500 companies keeping their assets off shore - to individuals... Or simply as most Wall St type people to see how much money is moving out of the country.
11-29-2012, 07:21 AM   #7
Veteran Member




Join Date: Aug 2010
Posts: 794
Seems as though they are looking to tax your assets. Taxing money you've already made. Furniture you've already bought. Whatever you own they are looking to tax. Money in the bank? Taxed. Stocks you hold? Taxed. Cars? Taxed. (Over and above normal registration fees of course) Heck why not? France does it already I believe.

QuoteQuote:
A wealth tax is generally conceived of as a levy based on the aggregate value of all household assets, including owner-occupied housing; cash, bank deposits, money funds, and savings in insurance and pension plans; investment in real estate and unincorporated businesses; and corporate stock, financial securities, and personal trusts.[1] A wealth tax is a tax on the accumulated stock of purchasing power, in contrast to income taxes which is a tax on the flow of assets (a change in stock).
11-29-2012, 07:27 AM   #8
Pentaxian
GeneV's Avatar

Join Date: Oct 2008
Location: Albuquerque NM
Photos: Albums
Posts: 9,822
QuoteOriginally posted by JohnInIndy Quote
Seems as though they are looking to tax your assets. Taxing money you've already made. Furniture you've already bought. Whatever you own they are looking to tax. Money in the bank? Taxed. Stocks you hold? Taxed. Cars? Taxed. (Over and above normal registration fees of course) Heck why not? France does it already I believe.
Where have you been living for the last century? The state, school board, water district, city, etc., etc.have been doing this since the dawn of government.

11-29-2012, 07:41 AM   #9
Veteran Member
riff's Avatar

Join Date: Jun 2011
Photos: Albums
Posts: 1,408
Well this should be just great right, because now the 1% get to man up right!
11-29-2012, 07:47 AM   #10
Veteran Member
Nesster's Avatar

Join Date: Oct 2006
Location: NJ USA
Photos: Gallery
Posts: 13,056
But... who is the THEY in this? I'm missing something here
11-29-2012, 01:57 PM   #11
Veteran Member




Join Date: Aug 2010
Posts: 794
QuoteOriginally posted by Nesster Quote
But... who is the THEY in this? I'm missing something here
Exactly. Who are "they" and how are "they" able to do so much? In other things how can "they" know so much about any subject "they" are asked?
Nesster your job is to devote all of your time, in fact quit your job and find out exactly who "they" are. We will await your full, concise report. Spare no expense to find out who "they" are. You will of course not be reimbursed for your expenses or time. "We" are trying to get in touch with "our" liberal, socialistic side while you are researching who "they" are.. So in this sense you will also be performing a service you should find total joy in doing.
11-29-2012, 01:58 PM   #12
Veteran Member
jeffkrol's Avatar

Join Date: Sep 2006
Location: Wisconsin USA
Photos: Gallery
Posts: 8,434
Arms manufacturers are entitled to bigger contracts, says Kucinich - Wichita Military Affairs | Examiner.com

QuoteQuote:

“Entitlement reform 2012. Let's see. Wealthy Americans are entitled to tax breaks. Corporations are entitled to billions in giveaways. Arms manufacturers are entitled to bigger contracts. The poor and the middle class? Well, they're entitled to unemployment, underemployment, foreclosures, and cuts in both Social Security and Medicare. Poor and middle class Americans know all about the fiscal cliff. They've been getting pushed off it for years with an unfair tax system, unconscionable trade deals, and the Fed's monetary policies.”

“Nearly 50 million people are in poverty in America, 12 million unemployed, millions more underemployed. On January 2, millions stand to lose unemployment benefits. Fourteen million Americans' mortgages are greater than the value of their homes. On the horizon loom massive cuts to essential services. Will the American austerity replace the American Dream? We need to turn back from the fiscal cliff with wealth creation, education, job creation, infrastructure rebuilding, monetary reform, trade reform, and protection of Social Security and Medicare. We need a great economic revival, not another Great Depression
11-29-2012, 02:00 PM   #13
Veteran Member
jeffkrol's Avatar

Join Date: Sep 2006
Location: Wisconsin USA
Photos: Gallery
Posts: 8,434
QuoteOriginally posted by GeneV Quote
Where have you been living for the last century? The state, school board, water district, city, etc., etc.have been doing this since the dawn of government.
Myopia runs deep in some minds....................
11-29-2012, 02:01 PM   #14
Moderator
Site Supporter
Blue's Avatar

Join Date: Jun 2008
Location: Florida Hill Country
Photos: Gallery | Albums
Posts: 17,250
QuoteOriginally posted by Nesster Quote
But... who is the THEY in this? I'm missing something here
I'm guessing "The Gubment." (Tax Cheat of the Treasury et al.)
11-29-2012, 02:16 PM   #15
Veteran Member
Nesster's Avatar

Join Date: Oct 2006
Location: NJ USA
Photos: Gallery
Posts: 13,056
QuoteOriginally posted by Blue Quote
Gubment. (Tax Cheat of the Treasury et al.)
QuoteOriginally posted by JohnInIndy Quote
Exactly. Who are "they" and how are "they" able to do so much? In other things how can "they" know so much about any subject "they" are asked?
Nesster your job is to devote all of your time, in fact quit your job and find out exactly who "they" are. We will await your full, concise report. Spare no expense to find out who "they" are. You will of course not be reimbursed for your expenses or time. "We" are trying to get in touch with "our" liberal, socialistic side while you are researching who "they" are.. So in this sense you will also be performing a service you should find total joy in doing.
OK so I googled Federal Wealth Tax.
A couple of WSJ articles at the top, then NYT - I click on that since I have access, and at the bottom of the page, the National Review about the NYT op-ed piece.
http://www.nytimes.com/2012/11/19/opinion/to-reduce-inequality-tax-wealth-not-income.html
The Constitutional Fiasco of a Wealth Tax - By Matthew J. Franck - Bench Memos - National Review Online
QuoteQuote:
Today the New York Times gave a large chunk of op-ed real estate (1,300 words) to Daniel Altman, a former Times editorial board member now teaching economics part-time at NYU. Concerned about wealth inequality–which he regards as a much more serious problem than mere income inequality–Altman proposes that we enact a wealth tax. This would target not what people earn but what they own–the houses, the cars, the money in the bank, the privately owned businesses, the investment portfolios themselves rather than the interests and dividends therefrom, and so forth.
So "they" are a part-time NYU economics professor with a NY Times connection?

Just so we know this isn't just a lone liberal crank, there was a lone conservative crank putting the Conservative case for this tax:
Ronald McKinnon: The Conservative Case for a Wealth Tax - WSJ.com
Oh and looks like O'reilly had another professor making the argument...

As far as I can see nobody actually in government has said anything at all about this... And certainly Congress won't ever do something like this, they are far too timid and divided, not to mention the concern about the constitutionality of the tax...

But, here's an idea whose time has come
Percy Downe: Federal government must go after wealthy Canadians who hide cash overseas to avoid taxes | The Province
OOPs never mind, I was hoping this was some US Politician wanting us to go after those tax cheatin' Canadians
Closed Thread

Bookmarks
  • Submit Thread to Facebook Facebook
  • Submit Thread to Twitter Twitter
  • Submit Thread to Digg Digg
Tags - Make this thread easier to find by adding keywords to it!
wealth
Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
uber-capitalist bias: should wealth creation be rewarded? Nesster General Talk 12 01-27-2012 11:39 AM
Wealth Distribution in an egalitarian society mikemike General Talk 37 11-11-2011 09:00 AM
400 people in the US now have more wealth than 1/2 of all Americans combined jeffkrol General Talk 193 05-05-2011 11:22 AM
True Wealth Mindaugas Post Your Photos! 3 06-09-2009 05:17 AM
The distributed wealth Conundrum shadowraven General Talk 21 01-15-2009 09:42 AM



All times are GMT -7. The time now is 09:14 AM. | See also: NikonForums.com, CanonForums.com part of our network of photo forums!
  • Red (Default)
  • Green
  • Gray
  • Dark
  • Dark Yellow
  • Dark Blue
  • Old Red
  • Old Green
  • Old Gray
  • Dial-Up Style
Hello! It's great to see you back on the forum! Have you considered joining the community?
register
Creating a FREE ACCOUNT takes under a minute, removes ads, and lets you post! [Dismiss]
Top