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Absolutely! and TAX THE LIVING HELL OUT OF THAT MONEY! Money getting taxed at a lower rate when it is being used or in transition is ok....as long as it is getting used....aka distributed into and through the economy.
HOARDING capital and transferring capital to others that would hoard it should be an invitation for higher taxes. An incentive to not pocket 30% of the nations wealth.
I am not certain how Mr. Reich correlated morality with being taxed multiple times, but my concern is not with morality, as I personally don't think the government should be in that business, but more so with actual fairness in the tax code. Your position is that money earned by me, saved by me, and not spent, but given to my kids, should be taxed again. I know you are saying there should be an artificial number put on it (like millionaires!!), but the point is the same. You think money should be taxed twice. I strongly disagree with this principle. There are much more efficient methods to get at a progressive system. If the only intention is to get more money from some arbitrary number (like millionaires!!) then I think we are working against ourselves.
Our tax code should not penalize someone for making, saving, and giving money to their family. I agree that this may be "unfair" to those who don't make as much money, save as much money, or have any money left over when they die to be able to give to their family. But I think that our country should not be viewing this entire concept as negative. My goal is to be "rich" some day. Sure I may never make it. But I like the idea, and I work hard, save hard, and plan on making my kids lives better. Why should I be punished by a system that basically says - if you make it, you will be penalized. If you don't waste all your money on cars, houses, and other extravagent expenses, you aren't helping the economy and therefore more of your money should be taxed.... and then taxed again!
Close the loopholes. Make a sliding scale. Tax purchases. The entire idea that some arbitrary number (like millionaires!!) will support the entire system has been shown that it won't work. I am not arguing for trickle down economic, as that too has been shown to fail. My point is that saying anyone who makes a million dollars a year pays 75% of their income because they can. Or because they won't notice it. Isn't fair. It makes those of us who don't have to burden this requirement feel better, but it certainly isn't fair. The idea that they won't feel it because they make more, doesn't begin to touch on fair.
My frustration with the left is that instead of trying to push progressive solutions that create a new middle class, a strong upper middle class, and yes even a strong millionaire class, to allow each of these groups to thrive, they are going after millionaires. They are trying to tax success. They are conflating crazy CEO pay schedules, with hard working small business owners who make millions of dollar. Instead of focusing on solving some of the real problems (corporate welfare, CEO pay, golden balloons, etc.) they push tax reform for millionaires.
Close loopholes. Make a sliding scale. Create a fair tax with prebates, etc. Get everyone to know what they owe, and make it clear. Clarity is fair.
HOARDING capital and transferring capital to others that would hoard it should be an invitation for higher taxes. An incentive to not pocket 30% of the nations wealth.
The One said:1. Hoarding wealth hurts the economy....that has been proven. Less money being spent or passed through the system diminishes the entire economy.
2. Trickle Down economics doesn't work....has never worked and will never work.
3. Hoarders are NOT patriotic. Just look at all the ways they try to divorce their money from the United States.
4. There is a defined point after which money being "saved" is money being hoarded. Bill Gates, Warren Buffet and many other Billionaires have pointed this out in the last 15 years. They only continue to hoard because we allow it through relaxed tax policy (aka proper incentive to reinvest the money in something other then themselves).
5. Please don't pretend that we are talking about ANYONE other than about the top one half of one%.....they after all, have HOARDED about 30% of the nations wealth. The other 99.5% can continue hoarding if they choose to do so.
Oh and quotes from Robert Reich this week:
"Congressional Republicans’ decision last week to eliminate the estate tax, which hits only the richest one-tenth of 1 percent of Americans, is an example of their complete disdain for public morality – what we owe one another as members of the same society. Conservative Republicans have no problem with some Americans imposing their private religious views on other Americans. They just don’t want to impose any public responsibilities on super-wealthy Americans. Once again, they’ve got public and private morality backwards."
and;
"Last month, under mounting pressure, Walmart announced it would raise wages to $9 an hour in April and to $10 an hour by 2016. A study just out from Americans for Tax Fairness estimates that even this increase still requires taxpayers subsidize Walmart’s low wages with $6.2 billion a year in food stamps, housing assistance, and other aid, to keep Walmart workers and their families out of poverty. In other words, you and I and every other taxpayer will continue to shell out $6.2 billion a year because Walmart – America's largest employer, whose Walton owners and heirs have more wealth than the bottom 40% of Americans put together – still won’t pay its employees a livable wage."
The top 1/10th of 1% would benefit from that estate tax break......and a subsidy for a company that has more wealth than the bottom 40% of Americans!
DROPS MIC.....AGAIN.....
I am not certain how Mr. Reich correlated morality with being taxed multiple times, but my concern is not with morality, as I personally don't think the government should be in that business, but more so with actual fairness in the tax code. Your position is that money earned by me, saved by me, and not spent, but given to my kids, should be taxed again. I know you are saying there should be an artificial number put on it (like millionaires!!), but the point is the same. You think money should be taxed twice. I strongly disagree with this principle. There are much more efficient methods to get at a progressive system. If the only intention is to get more money from some arbitrary number (like millionaires!!) then I think we are working against ourselves.
Our tax code should not penalize someone for making, saving, and giving money to their family. I agree that this may be "unfair" to those who don't make as much money, save as much money, or have any money left over when they die to be able to give to their family. But I think that our country should not be viewing this entire concept as negative. My goal is to be "rich" some day. Sure I may never make it. But I like the idea, and I work hard, save hard, and plan on making my kids lives better. Why should I be punished by a system that basically says - if you make it, you will be penalized. If you don't waste all your money on cars, houses, and other extravagent expenses, you aren't helping the economy and therefore more of your money should be taxed.... and then taxed again!
Close the loopholes. Make a sliding scale. Tax purchases. The entire idea that some arbitrary number (like millionaires!!) will support the entire system has been shown that it won't work. I am not arguing for trickle down economic, as that too has been shown to fail. My point is that saying anyone who makes a million dollars a year pays 75% of their income because they can. Or because they won't notice it. Isn't fair. It makes those of us who don't have to burden this requirement feel better, but it certainly isn't fair. The idea that they won't feel it because they make more, doesn't begin to touch on fair.
My frustration with the left is that instead of trying to push progressive solutions that create a new middle class, a strong upper middle class, and yes even a strong millionaire class, to allow each of these groups to thrive, they are going after millionaires. They are trying to tax success. They are conflating crazy CEO pay schedules, with hard working small business owners who make millions of dollar. Instead of focusing on solving some of the real problems (corporate welfare, CEO pay, golden balloons, etc.) they push tax reform for millionaires.
Close loopholes. Make a sliding scale. Create a fair tax with prebates, etc. Get everyone to know what they owe, and make it clear. Clarity is fair.