Income

[NW-Bound]

The fact is that the public debt is increasing, and it will have to be paid someday, somehow.

Wealth tax may not work, but is there an equivalent way? For example, benefits such as SS and Medicare can be means tested, which are now already there in the form of taxes or higher premiums. The effect is that the middle to upper middle class retirees will get taxed more, while the upper class who do not really need these benefits are not affected. Well, the upper class will get taxed more too via direct income tax but, as France is finding out, there are just not enough of them, and France is reaching down to people of less means than the multimillionaires.

See: Down and out: the French flee a nation in despair.

This is another reason I am not too thrilled about the current healthcare subsidy. Unless we know to control costs, just looking for someone else to foot the bills simply delays the inevitable issue: there's no more money where that came from.

 

[NW-Bound]

"Well, instead of working my @$$ off and living below my means, I'm gonna work maybe 20-25 hours a week, get earned income credits since I don't earn much, collect food stamps, get healthcare for nearly free with the subsidies, and maybe even get a government phone and internet thrown in for free."

Did you read about the man described in this thread: http://www.early-retirement.org/forums/f27/the-way-to-er-immediately-68742.html?

 

[txtig]

I definitely think that a wealth tax is the wrong way to go for our country. Although I haven't seen much discussion on it in the past two or three years, I think the FairTax would be the way to go. Completely eliminate the Federal Income Tax system and replace it with a national sales tax. Everybody pays based on the amount of their consumption each year. I don't think it would help me personally since I hope to FIRE within a few years and dramatically reduce my income, but I still think it's a better and fairer way of raising the revenue needed to run the country.

 

[youbet]

I'd like to see some forms of wealth taxed more heavily, real estate for example. Easy to do and folks are getting a huge bargain today on their McMansions and estate size properties.

 

[Gatordoc50]

I wonder what percentage of Americans believe that capital formation should be restricted. We are led to believe that the number is greater than half but I just can't grasp that.

 

[Ronstar]

I think the gov't would love to tax wealth, but it would be tougher to administer than income tax. The value of some investments, ie real estate, private businesses, etc are subjective, and the gov't would spend a lot of $ trying to figure out everyone's worth. My guess is that they'll just increase income tax rates when they want more money.

 

[Gatordoc50]

I'd like to see some forms of wealth taxed more heavily, real estate for example. Easy to do and folks are getting a huge bargain today on their McMansions and estate size properties.

I'd rather see a tax on things that cost us as a society. Like children. Someone's real estate or stock holdings don't cost anyone a dime but rather enhance the economy.

 

[FIREd]

I'd rather see a tax on things that cost us as a society. Like children. Someone's real estate or stock holdings don't cost anyone a dime but rather enhance the economy.

You don't think that children, a.k.a. future consumers, workers, investors, etc... enhance the economy?

 

[REWahoo]

I'd rather see a tax on things that cost us as a society. Like children. Someone's real estate or stock holdings don't cost anyone a dime but rather enhance the economy.

If you want to tax something that is really costing us as a society, tax voters. Look at what they are putting into office and what they are doing to us!

Yeah, a poll tax...

 

[Gatordoc50]

You don't think that children, a.k.a. future consumers, workers, investors, etc... enhance the economy?

We can import workers.

 

[Gatordoc50]

And pets. I'd tax the crap out of pets.

 

[youbet]

Someone's real estate or stock holdings don't cost anyone a dime but rather enhance the economy.

The same argument could be made about income.

Hey, if you hold significant real wealth and can't generate enough income from it to pay taxes on both the income and on the property, you need to sell the property to someone who can.

 

[Gatordoc50]

The same argument could be made about income.

Hey, if you hold significant real wealth and can't generate enough income from it to pay taxes on both the income and on the property, you need to sell the property to someone who can.

Good point. Let's stop taxing income. Makes no sense.

 

[Bestwifeever]

I'd rather see a tax on things that cost us as a society. Like children. Someone's real estate or stock holdings don't cost anyone a dime but rather enhance the economy.

Cats and dogs, I tell you. Why do they get all the fun and not have to pay their fair share in taxes? And don't get me started on robins--why should they get free worms?

 

[youbet]

And pets. I'd tax the crap out of pets.

Some are taxed locally here. I guess the fed give's em a pass.

But the houses they live in with their owners....... Need more tax there! A local real estate tax and then a fed surcharge on top of that.

It would be easy to execute. On your 1040 you state the amount of property tax you pay, then you mulitply that by 20% (or whatever) and add that amount to your fed tax bill.

Or, even simpler, just eliminate real estate taxes as an itemized deduction.

Da feds could tap into local accessors records to keep the dishonest somewhat honest.

 

[Sarah in SC]

And pets. I'd tax the crap out of pets.

Dang, dude, you need a beer.

 

[youbet]

Good point. Let's stop taxing income. Makes no sense.

Absolutely. When you tax income, you're taxing current wealth generators. When you tax wealth, you're taxing yesterday's news.

I'd like to see income earners/generators given a break at the expense of wealth holders.

 

[samclem]

Tax this interweb thing! Biggest time waster/productivity destroyer there is! (present site excluded-well, maybe not)

 

[Gatordoc50]

Seems we all have been convinced that we need more taxes. Government produced inflation is already taxing our income and wealth at about 3% a year. Plus whatever devaluing of our currency that has occurred. Every 20 years we are giving 1/2 of our wealth and income back to uncle Sam! On top of that, you want to add a 40% income tax, raise property taxes and raise capital gains taxes?

 

[youbet]

Tax this interweb thing! Biggest time waster/productivity destroyer there is! (present site excluded-well, maybe not)

You mean tax it more, don't ya?

Looking at my phone bill, I note that the buttholes at the phone company are collecting tax for the gov't on my DSL service. Of course, I live in Illinois, so they might just be collecting the tax and using it to fund junkets to warm destinations this winter.

 

[Fishingmn]

I'd like to see some forms of wealth taxed more heavily, real estate for example. Easy to do and folks are getting a huge bargain today on their McMansions and estate size properties.

Then the landlords such as myself who invest in rental properties will immediately pass on that tax in the form of higher rents and the people hurt will be the least able to afford higher living expenses. Around 35% of all property is rented.

 

[youbet]

Then the landlords such as myself who invest in rental properties will immediately pass on that tax in the form of higher rents and the people hurt will be the least able to afford higher living expenses. Around 35% of all property is rented.

Gov't rent controls........

 

[NW-Bound]

Sure, tax children. Then import workers, who do not get healthcare, decent housing and wages. We save money that way. Oh wait! They are called illegal immigrants, and are a big factor in our lower cost of food compared to that of other nations. Perhaps we do not want to enforce the border that closely after all.

Then, tax pets. Dogs, cats, and these goldfishes too!

I am trying to find that article that said Hollande issued order to his department heads to think of new taxes. One of the recent taxes had to do with commercial trucks, and that caused some cauliflower truckers getting mad and dumping their load in public places.

We need to tax everything! That's the bottom line. More taxes on beer, wine. And what's this homebrew stuff? Tax them too, for crying out loud. Got to hire more BATF agents to look for these future tax cheaters.

 

[youbet]

We need to tax everything! That's the bottom line.

Actually, we need to tax everything more. We already tax everything.

 

[aja8888]

I think it's about time we started taxing all the foreign countries we give money to.

And also let's tax the Saudi's for us teaching them how to find and produce crude oil in their own country.