Rich people IS enough. I don't think you understand how much money the truly wealthy people, and corporations, are just holding onto. For example, the first part of the 2nd avenue subway will cost under $5 billion dollars. Chump change.
As of a year ago Apple computer has over $200 billion just in cash in the bank not doing anything. I see no reason not to tax that money at 90% or even 100%. Not hyperbole.
Sheldon Adelson, one of the most evil rich people around, is worth about $30 billion. Fuck him over, take 28 or 29 of those billions and he can still live in idle perfect luxury with the worlds most expensive cars and mansions until he dies (hopefully soon).
What would the taxable event even be, letting money sit in a bank? Our tax system doesn't work that way, so I'm guessing you want to change how it defines taxable income instead?
What would the taxable event even be, letting money sit in a bank? Our tax system doesn't work that way, so I'm guessing you want to change how it defines taxable income instead?
Who needs a taxable event? Unlike engineering, law has no rules of physics to hold it in. We don't need a taxable event to take money from someone and move it elsewhere. You write a law that says, in whatever words necessary, "Fuck you rich asshole/corporation. If you have money that is just sitting around not being used, we takin' it. Deal with it. Two pairs of sunglasses comin' down for this one."
Technically that money is being used, since it's most likely invested into a bank or stocks and therefore allowing the banks that hold it to lend money.
I am in favor of caps on total wealth, with additional taxation reducing the wealth of any person whose assets total an amount above said cap.
Make it suitably high, sure. Many many millions. But above that, either pay or give up your citizenship as the Libertarians would say "we take your money with guns" GLHF.
Who needs a taxable event? Unlike engineering, law has no rules of physics to hold it in. We don't need a taxable event to take money from someone and move it elsewhere. You write a law that says, in whatever words necessary, "Fuck you rich asshole/corporation. If you have money that is just sitting around not being used, we takin' it. Deal with it. Two pairs of sunglasses comin' down for this one."
Because that is one of the first principles of the USA's tax system, with one of the other's being the definition of income under the Internal Revenue Code. What you're proposing is such a fundamental shift that it's not going to be as easy as just writing one new law, you're going to have to write an entire new tax code.
I'm not disagreeing with you in concept, just in scope of what needs to be done to achieve it.
Who needs a taxable event? Unlike engineering, law has no rules of physics to hold it in. We don't need a taxable event to take money from someone and move it elsewhere. You write a law that says, in whatever words necessary, "Fuck you rich asshole/corporation. If you have money that is just sitting around not being used, we takin' it. Deal with it. Two pairs of sunglasses comin' down for this one."
Because that is one of the first principles of the USA's tax system, with one of the other's being the definition of income under the Internal Revenue Code. What you're proposing is such a fundamental shift that it's not going to be as easy as just writing one new law, you're going to have to write an entire new tax code.
I'm not disagreeing with you in concept, just in scope of what needs to be done to achieve it.
This is the first principle of the US tax system:
"The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises"
Law can be written to collect tax any way we damn well please if enough of congress votes yes.
Who needs a taxable event? Unlike engineering, law has no rules of physics to hold it in. We don't need a taxable event to take money from someone and move it elsewhere. You write a law that says, in whatever words necessary, "Fuck you rich asshole/corporation. If you have money that is just sitting around not being used, we takin' it. Deal with it. Two pairs of sunglasses comin' down for this one."
Because that is one of the first principles of the USA's tax system, with one of the other's being the definition of income under the Internal Revenue Code. What you're proposing is such a fundamental shift that it's not going to be as easy as just writing one new law, you're going to have to write an entire new tax code.
I'm not disagreeing with you in concept, just in scope of what needs to be done to achieve it.
This is the first principle of the US tax system:
"The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises"
Law can be written to collect tax any way we damn well please if enough of congress votes yes.
I actually think that if we taxed money just sitting in a bank. Some multi-billionaire is going to build a Scrooge Mcduck money pit to get around it.
Who needs a taxable event? Unlike engineering, law has no rules of physics to hold it in. We don't need a taxable event to take money from someone and move it elsewhere. You write a law that says, in whatever words necessary, "Fuck you rich asshole/corporation. If you have money that is just sitting around not being used, we takin' it. Deal with it. Two pairs of sunglasses comin' down for this one."
Because that is one of the first principles of the USA's tax system, with one of the other's being the definition of income under the Internal Revenue Code. What you're proposing is such a fundamental shift that it's not going to be as easy as just writing one new law, you're going to have to write an entire new tax code.
I'm not disagreeing with you in concept, just in scope of what needs to be done to achieve it.
This is the first principle of the US tax system:
"The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises"
Law can be written to collect tax any way we damn well please if enough of congress votes yes.
I actually think that if we taxed money just sitting in a bank. Some multi-billionaire is going to build a Scrooge Mcduck money pit to get around it.
First of all, that's a better use of the money than sitting in a bank. Second 1 picture of a 25 olympic swimming pools filled with $100 bills is both awesome and probably enough to get enough people angry to actually have that seized.
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Make it suitably high, sure. Many many millions. But above that, either pay or give up your citizenship GLHF.
I'm not disagreeing with you in concept, just in scope of what needs to be done to achieve it.
"The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises"
Law can be written to collect tax any way we damn well please if enough of congress votes yes.