Posted on 10/14/2013 5:45:35 AM PDT by reaganaut1
When governments move beyond taxing incomes to confiscation, you know the end of that government is near. It is the fiscal equivalent to a malignant tumor which will soon kill its host; in this case the productive working public.
This will end the way it always has ended throughout history with the eventual collapse of the government. It’s inevitable. The cancer does not want to be told that it is the problem.
Okay....pulling the Marines out of Lebanon after the bomb, nominating Sandy Day O’Connor and hiring THIS guy....the Gipper made THREE bad moves.
A wealth "tax" (confiscation, actually) would never apply to the ruling elites any more than Obamacare.
I love Ronald Reagan, the best president of my lifetime, but he made some additional bad moves.
His 1986 Amnesty, which he later regretted......supporting the Brady Bill......picking George H. Bush as his VP.
Overall, though, he’s the only president I’ve actually missed when he was no longer in office.
Or is it 30% each year for 10 years? I think it is this.
Good point.
The income tax is not a tax on the rich. It’s a tax on people trying to get rich. Is it any surprise that people who are already rich support heavy taxes that prevent others from joining their ranks?
The real rich in this country support democrats because they know the Constitution frowns on wealth taxes, and so the Democrats can tax all the income they want but they’ll never take the principal that wealthy people have already stored up.
Just when I was starting to like Stockman again.
One of Ronald Reagan’s biggest mistakes was in not firing this idiot at his first public insubordination.
A BUDGET DIRECTOR WHO QUESTIONS THE PRESIDENT’S PRIORITIES????? Stockman is garbage—recycled garbage.
Agreed. More scenes we’d like to see. Of course Democrats will never go along with it. They have an uncanny willingness to spend other people’s money. But when it comes to their own, not so much.
And I'd consent to a leprechaun leaving his gold on my door step, a unicorn for my grand-daughter to play with, and mermaids in the local lake to talk to while fishing.
There's no way such a powerful tool would ever be given up by the powers that be.
“The tax wouldn’t be permanent—it could be lifted in 10 years or so,”
Chortle
Hey Dave!
CUT GOVERNMENT SPENDING!!!
Limit government expeditures to CONSTITUTIONALLY AUTHORIZED FUNCTIONS!!
Here’s the quote: “Stockman would subject the nation’s top 10% of households to a levy equal to 30% of their wealth, payable over a decade.”
We can argue over the interpretation, but I think it means that if you have, say, $1 million, the government gives you a bill for $100,000 payable in installments over 10 years.
Look at it this way: If the government took 30% of your wealth EACH year for 10 years, you would have (0.7^10) left, or 2.8% of what you started out with. That would be a 97.2% confiscation—and you would certainly not be in the top 10% of wealth-holders after that. Stockman might have a radical idea here, but I doubt that radical!
Most recent statistics I can find say that the 10% break point for household wealth is $827,000. This includes the value of your house, personal property, stocks and bonds, and retirement accounts.
So if you think the IRS is intrusive now, with a wealth tax they would have to come out and visit you and conduct an appraisal on everything they believe you own.
Governments in extremis will do whatever it takes to keep the money flowing into their pockets. If it takes a 100% wealth tax, then that’s a small price for the citizenry to pay in their view.
This is another communist looking to lie about money. If we took every penny from the rich we couldn’t pay off the national debt or even pay this year’s deficit and he knows that.
Oh, I said I would consent to a wealth tax and I am not in the 1%. I want such a tax across the board. Take it out of the secretary’s 401(k) and the child’s 527 and the drug dealer’s stash and wherever.
And it can only become effective after the passing of the Liberty Amendments.
They would never give up the power? Funny how that works.
Oh, I said I would consent to a wealth tax and I am not in the 1%. I want such a tax across the board. Take it out of the secretary’s 401(k) and the child’s 527 and the drug dealer’s stash and wherever.
And it can only become effective after the passing of the Liberty Amendments.
They would never give up the power? Funny how that works.
Also, will this proposed tax crack open the Kennedy family's system of trusts which has kept intact their riches even past two to three generations of supposed inheritance taxation. As great believers in the inheritance tax, half of Joe's money should have been given to the government instead of to his children, then half of the remaining amount given to the government instead of their children and then half of the wealth of those of the current generation of elder Kennedeys (like JFK, Jr.) who have died should have gone to the government. How much has actually been paid? Probably a lot closer to 0% than 75-87.5% as would be predicted.
I suggest cutting all government spending by 30% instead.
LOL, hafta agree with you! :-)
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