RE: A fair tax rate
October 10, 2021 at 1:40 pm
(This post was last modified: October 10, 2021 at 1:42 pm by Spongebob.)
(October 10, 2021 at 9:06 am)onlinebiker Wrote: Ok. I'll go along.
When you start paying tax on your bank accounts.
It' s the same thing.
And you get to still pay income tax.
It' s exactly the same.
Thinking of it - you already HAVE a wealth tax.
If you are wealthy - with no income - you have to pay taxes on your INTEREST the bank pays you if you accrue enough.
Want fair?
EVERYONE needs to start paying. Got a $5000 nest egg? Did you make $30 off of it? Give the tax man half.
You wealthy prick - you.....
If only it were so straight forward. But be careful to not exaggerate what capital gains tax is. It's a tax on the gains only, not the principle. So you are taxed a percentage of the amount earned only. And when you have great wealth, that can be a large part of your actual income. You buy a building in New York for $100 million and sell it ten years later for $150 million. So that $50M is taxable and it can represent millions of dollars in taxes. Of course these guys find ways to hide that, too.
But this is not a wealth tax; this is just a standard tax that anyone is liable to pay. Even if you own a $10,000 CD, you will pay taxes on the interest earned if you live on a middle class income.
Why is it so?
~Julius Sumner Miller
~Julius Sumner Miller