ineenia posted:

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I've been trying to verify the numbers but I can't find a dollar number for the wealth of the top 1-10%.

There was someone claiming that a one time 12%wealth tax on the top 5% would pay our national debt down by over 50%. If his numbers are correct I'm guessing 20% wealth tax for the top 1%,10% for the top 3-5% and a 5% for 6-10% would more than pay our debt off,it would also give us a start on upgrading and repairing our infrastructure.Why the hell wouldn't we?The wealth tax would not effect anyone's ability to make a living or even drastically change anyone's lifestyle and we wouldn't be passing our debt onto our children and we would be throwing money away on interest....seems to be a no brainer to me.

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ineenia posted:

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I fail at math.

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Bowlartz posted:

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http://www.usatoday.com/money/perfi/taxes/story/2012-03-20/buffett-millionaire-tax-proposal/53669452/1

The "Warren Buffet tax" would put about 31 billion in the tax coffers over 10 years. In those 10 years we will be adding 6-7 Trillion more to the debt.

The problem is way beyond taxing the rich.

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ineenia posted:

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Bowlartz posted:

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http://www.usatoday.com/money/perfi/taxes/story/2012-03-20/buffett-millionaire-tax-proposal/53669452/1

The "Warren Buffet tax" would put about 31 billion in the tax coffers over 10 years. In those 10 years we will be adding 6-7 Trillion more to the debt.

The problem is way beyond taxing the rich.

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and this tax would collect

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GrilledCheez posted:

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They should figure out a way to steal that wealth

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ineenia posted:

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Wealth Tax

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ineenia posted:

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the just the top ten earners made about 300 billion last and our debt is about 15.5 trillion.

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GrilledCheez posted:

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Umm the wealthy's wealth grows at a far faster rater than wages grow.

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Brother_Tempus posted:

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Math is st00pid and faith is gr8

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Brother_Tempus posted:

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GrilledCheez posted:

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Umm the wealthy's wealth grows at a far faster rater than wages grow.

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Not if you stealing it ... Wealth will eventually dry up and then you are still left with the spending problem

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Moe_Nox posted:

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BT has a very valid argument, pre-Magna Carta.

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Brother_Tempus posted:

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The ad hominems by Grilled and Reese show they cannot defend their position

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Brother_Tempus posted:

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The wealth of a country is finite, and a closed system, but if the gov't ever touches the money it disappears forever.

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GrilledCheez posted:

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They should figure out a way to tax that wealth.

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Cawlin posted:

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Any discussion of further taxation without a discussion of concurrent spending reduction and without an ironclad commitment to put increased tax revenues toward debt is just hollow sounding.

If government is allowed to tax with no commitment to reduce spending or to put increased revenue towards debt, all they do is make different people wealthy.

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theredkay1 posted:

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Cawlin posted:

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Any discussion of further taxation without a discussion of concurrent spending reduction and without an ironclad commitment to put increased tax revenues toward debt is just hollow sounding.

If government is allowed to tax with no commitment to reduce spending or to put increased revenue towards debt, all they do is make different people wealthy.

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Hopefully people reward the congressmen/presidents who do propose both.

Too often the discussion likes to pretend that there is nobody in that circle.

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Moe_Nox posted:

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BT has a very valid argument, pre-Magna Carta.

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Ashmaele posted:

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GrilledCheez posted:

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They should figure out a way to tax that wealth.

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Capital gains rate increase for starters.

RMoney's 21 million was stolen at 15%-ish last year iirc. That is beyond absurd.

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Cawlin posted:

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theredkay1 posted:

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Cawlin posted:

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Any discussion of further taxation without a discussion of concurrent spending reduction and without an ironclad commitment to put increased tax revenues toward debt is just hollow sounding.

If government is allowed to tax with no commitment to reduce spending or to put increased revenue towards debt, all they do is make different people wealthy.

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Hopefully people reward the congressmen/presidents who do propose both.

Too often the discussion likes to pretend that there is nobody in that circle.

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In our current system, it is unlikely to happen. We need to take the money out of political campaigns.

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The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

Brother_Tempus posted:

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The wealth of a country is finite. The more the government steals, the less wealth there is to invest and generate more wealth

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Ashmaele posted:

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Yes all taxes are stealing

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Yukishiro1 posted:

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Brother_Tempus posted:

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The wealth of a country is finite. The more the government steals, the less wealth there is to invest and generate more wealth

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It's like BT thinks when the government spends money it just goes into an incinerator and permanently leaves the economy.

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Brother_Tempus posted:

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Yukishiro1 posted:

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Brother_Tempus posted:

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The wealth of a country is finite. The more the government steals, the less wealth there is to invest and generate more wealth

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It's like BT thinks when the government spends money it just goes into an incinerator and permanently leaves the economy.

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it does,

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Yukishiro1 posted:

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That may just be the

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Tych2 posted:

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ineenia posted:

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the just the top ten earners made about 300 billion last and our debt is about 15.5 trillion.

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That doesn't seem right. The top ten earners made 30 billion in income each last year? Do you have a link for that?

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Brother_Tempus posted:

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Yukishiro1 posted:

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That may just be the

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smartest thing said ... I know

Debt is lost money

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ineenia posted:

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the just the top ten earners made about 300 billion last and our debt is about 15.5 trillion.

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ineenia posted:

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http://www.forbes.com/forbes-400/



Name Net Worth Age Residence Source
1 Bill Gates
Bill Gates
$59 B

2 Warren Buffett
Warren Buffett
$39 B

3 Larry Ellison
Larry Ellison
$33 B

4 Charles Koch
Charles Koch
$25 B

4 David Koch
David Koch
$25 B

6 Christy Walton
Christy Walton
$24.5 B

7 George Soros
George Soros
$22 B

8 Sheldon Adelson
Sheldon Adelson
$21.5 B

9 Jim Walton
Jim Walton
$21.1 B

10 Alice Walton
Alice Walton
$20.9 B

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Tych2 posted:

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Ineenia thats net worth not income. Slight difference.

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Brother_Tempus posted:

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Yukishiro1 posted:

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Brother_Tempus posted:

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The wealth of a country is finite. The more the government steals, the less wealth there is to invest and generate more wealth

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It's like BT thinks when the government spends money it just goes into an incinerator and permanently leaves the economy.

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it does,

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ineenia posted:

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Tych2 posted:

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Ineenia thats net worth not income. Slight difference.

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actually a big difference...I missed it completely.OOPs sorry I wasn't trying to deceive anyone.

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Brother_Tempus posted:

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Yukishiro1 posted:

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[quote=Brother_Tempus]The wealth of a country is finite. The more the government steals, the less wealth there is to invest and generate more wealth

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It's like BT thinks when the government spends money it just goes into an incinerator and permanently leaves the economy.

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Brother_Tempus posted:

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Yukishiro1 posted:

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Brother_Tempus posted:

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The wealth of a country is finite. The more the government steals, the less wealth there is to invest and generate more wealth

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It's like BT thinks when the government spends money it just goes into an incinerator and permanently leaves the economy.

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it does, that's why the government has debt .. If they took the wealth they have stolen and used it productively then government would have made a profit

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Ashmaele posted:

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The next time BT's electricity bill comes due he should wad it up and throw it into his fireplace instead of paying it, either action will have THE EXACT SAME EFFECT.

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Kjarhall posted:

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Ashmaele posted:

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The next time BT's electricity bill comes due he should wad it up and throw it into his fireplace instead of paying it, either action will have THE EXACT SAME EFFECT.

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He is self sustaining, he doesn't get an electricity bill. He just tells the kids to run faster on the hamster wheel.

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Kjarhall posted:

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Accounting is probably also illegal and slavery.

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