My Outline for a Federal Wealth Tax

08/01/2018 | Brian Griffin

[Ted Grant]

What’s the point if DC gets us heavily into debt again, which they will.

[Brian Griffin]

“all of you’re liberal buddies can write a check to the US Treasury to help pay off the debt.”

They sort of think they are immune from biting taxation, which is why really rich people tend to be left-leaning, but this was written for the purpose of showing that a wealth tax is actually quite possible.

I would like a country as our Founding Fathers intended, but if not, I’d like the tax bite to be felt broadly.

I’ve known tax bite pain, especially as a retail clerk.

At a bare minimum, I’d be happy if the wealthy wrote campaign contribution checks more carefully.

Senator Mitch McConnell, please hold that spending beast in check.

[Boomer One]

Very bad idea as it fails to take into account income. As a retiree, a portion of my annual spending is supported by asset liquidation. I am already penalized by the government when I sell assets and have to pay taxes on long term profits. Add an annual wealth tax to this and my assets and lifestyle quickly disappear. So, in return for 50+ years of sacrifices in order to save for the future, you want to destroy what I have achieved in a few years. No thank you, I pass on the idea of a wealth tax. If you want to get real about the national debt, let’s adopt the oft proposed 1% reduction in government spending and add a national sales tax on a basis to be determined (i.e., excluded items, graduated scale for big ticket items).

[Leaning Right]

I strongly disagree with your plan. It's too complicated, and it would require even more federal intrusion into our lives. And Congress would just spend any additional revenues anyway.

But I'll give you credit for something (really). You are badly outnumbered here. But you're holding your ground as best you can. In a way, you're in the same position as this guy.

[Brian Griffin]

“I think that a hard cap of 10% totally of the GDP being sent to Washington would be a good start.”

The borrowing is a problem too. It distorts the economy because a deeply in debt government wants low-interest rate money.

I was planning on getting 5% on average at least on my money.

[T. P. Pole]

To be honest, I was expecting Terry and Paul to be a gay marriage. That’s how normalized this mess has become.

[central_va]

Taxing wealth means you tax productivity, period.

Taxing income means you tax productivity. Fixed it for you.

[pas]

Is this that damn dog on Family Guy?

[PA Engineer]

Hey dumbass, you have to have income to pay the wealth tax or you have to sell your assets to pay the wealth tax. I hate these a__holes.

Agreed. Their stupidity is a black hole that sucks all sanity out of the world. I thought Idiocracy was just a movie.

[central_va]

or you have to sell your assets to pay the wealth tax.

That's the point isn't it? I'd rather do that that tax the sweat off of someones back which is what the income tax is all about

[central_va]

The interest on the debt is 6% of the budget. Using $3T as a baseline that is $180B not $450B.

[Brian Griffin]

“It’s too complicated”

We had an intangible wealth tax here in Florida from 1931 until Jeb Bush got rid of it.

I don’t know if Pennsylvania still has intangibles tax.

[Intolerant in NJ]

Yeah, that’ll encourage people to save more to take care of their own kids’ educations, health needs and old age - just what we need - when we become convinced that all wealth really belongs to the government......

[unread]

"The spending bills of Congress are the dumbest things ever written."

Say... You do have a good bead on this thing don't you.. :)

[Brian Griffin]

“how and when is the value calculated? Is it the last trade price on a certain day?”

When Florida had the intangible wealth tax, we used the values in the S&P stock guide.

I believe it was the closing price on the last trading day of the prior year.

“Under $1 million, most wealth is equity in the primary residence.”

People don’t get out of college until about age 22. They probably can’t buy until at least age 24. The house won’t be paid off until age 54, by which time the exemption for the couple that owns it outright would exempt a paid up $1 million house.

I gave five examples, each showing how the exemption system would function.

[The Pack Knight]

“Did you forget about Article I, Section 9, Clause 4? This is an unconstitutional direct tax.”

That clause probably was effectively nullified by Amendment XVI over a century ago.

“It’s a tax on your past income.”

Someone else wrote that a short time ago.

Article I, Section 9, Clause 4: "No Capitation, or other direct, Tax shall be laid, unless in Proportion to the Census or Enumeration herein before directed to be taken."

Amendment XVI: "The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration."

What part of 16th Amendment nullifies the Direct Tax Clause with regard to a wealth tax?

The tax you propose is not a tax on "past income." It is a federal property tax, which is precisely the sort of direct tax that is prohibited by the Direct Tax Clause unless apportioned among the States according to the census.

[Osage Orange]

I have a few jokes about unemployed people but it doesn't matter none of them work.

Why are you here?

[Brian Griffin]

“That Picasso painting, what is it worth on today’s market? And what about that rare coin? And what about that autographed cowboy hat once worn by Tom Mix?”

I listed no rate for chattels.

[Osage Orange]

I bot my first house when I was 26 or 27...paid it off when I was 35.

You seem to think you know everything.

You don't know squat.

[NorthMountain]

Your name is not Brian Griffin, it is Karl Marx. Take your communist suggestion and shove it up your ass.