Posted on 08/01/2018 12:06:00 PM PDT by Brian Griffin
End the Fed and stop paying them interest on our own money.
All taxes are bad however the income tax is both bad and evil.
Don't property taxes go towards school maintenance, road repair, street and traffic lights, police/fire/EMT, pest control, community landscaping, and such?
-PJ
Wealth Tax?
In before the zot.
mostly to teacher retirements.
There is already a wealth tax (on some wealth). It’s called “deficit spending”.
The way deficit spending works is the government gives the government a T-bill in return for printing money. This makes the value of all US Dollars worth less.
In short, it is a tax. The government takes value from people who have dollars (or a flow of dollars, like a retirement) and spends it.
Interestingly, it’s a flat tax. Anyone who has dollars is taxed at the same amount (said amount being the amount of deficit spending (i.e., new dollars) over the total amount of dollars outstanding.
Due to the power of the USA, we get to export part of this tax burden onto any country that holds dollars (or holds T-bills).
So China pays a pretty damn fair amount of the deficit tax.
That’s way better than taxing people in the USA.
(And why I oppose deficit spending, but am less opposed to it than new taxes.)
“So frugal people will be taxed more.”
Almost no frugal person would get taxed. If you are subject to the tax, being frugal would be stupid.
“Does this happen every year?”
It’s “annual federal wealth taxation”.
“Does [real] property get taxed as property and as wealth?”
Yes, that’s why owner-occupied homes get a federal rate of wealth tax rate of 1% instead of 2%.
“Seriously, this is the dumbest thing every written.”
The spending bills of Congress are the dumbest things ever written.
Please remember 3% interest on $21 trillion comes to $630 billion a year, about 40% of federal individual income tax revenue.
A wealth tax is way superior to the income tax, flat or otherwise.
It’s a tax on your past income. And it could be imposed as often as a gov’t wished.
We have had a Funded Public Debt ever since Alexander Hamilton was the first Treasury Secretary- he set up the system, which stabilized the shaky finances of the United States and saved the dollar from the oblivion it suffered under the Articles of Confederation gov’t .
As long as the debt service is a manageable percent of the GDP there is no good reason to pay it off. There was a sinking fund for paying it off in early administrations but when it was paid off the country went into recession.
Investors like the guaranteed return on Treasury paper, which is what the national debt is composed of. Insurance companies and retirement guarantors own a very large amount of Treasury paper in order to fund their operations.
Why should anyone that did not cause the issue (debt) be forced to fix it?
You aren’t serious are you? Aren’t you just a talking dog with horrible taste in women?
The government was almost entirely funded by tariffs which is the best choice out of a field of bad choices.
Monstrous, even.
He was eating hair.
“End the Fed and stop paying them interest on our own money.”
There is no such thing unless you are writing a personal check to the Fed. Are you doing that?
The only interest you pay goes to the Treasury via the IRS.
This has to be a troll job.
Anybody proposing a solution to a problem he is at least three orders of magnitude off in describing deserves not to be taken seriously.
It’s worthy of a discussion because the income tax(16th amendment) is driving us to socialism just like early 20th century progs knew it would eventually. The 17th amendment was its companion legislation.
NO.
It is best to introduce the federal wealth tax when asset values are high, so a smaller percentage of rich people's assets have to get taxed to pay off the national debt.
NO.
The tax might be levied upon the total of net personal property financial holdings and the equity in real property.
NO.
The rates might be: 1% on the equity in real property habitually resided in by the filer(s),
NO.
2% on the equity in agricultural land, less .05% for each year owned & habitually worked personally, up to 20,
NO.
2% on the equity in other real property not habitually resided in by the filer(s),
NO.
2% on the net worth in personal property financial holdings, other than common stock, and
NO.
4% on the net worth in common stock.
NO.
You do realize this is a CONSERVATIVE site.
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