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View Diary: Krugman is Wrong: The Real Reason to Raise Taxes on the Rich (133 comments)

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  •  Tax income - or wealth? (5+ / 0-)

    This diary suffers from the same fuzziness as the arguments about taxing 'millionaires'; is a millionaire someone with a million in wealth or one with a million in income?

    Every January 1, trillions of under-taxed income becomes wealth - which will never be taxed, as things are. The key to societal change is to reach back to previous years' incomes for rectification, for instance, with a near-confiscatory inheritance tax.

    The .1% are laughing at us as we debate the minutiae of income tax policy year after year and allow them over and over again to convert 'taxable income' to protected wealth.

    Am I right, or am I right? - The Singing Detective

    by Clem Yeobright on Sat Nov 26, 2011 at 07:08:21 AM PST

    •  Agreed. (2+ / 0-)
      Recommended by:
      Clem Yeobright, Bob Guyer

      for example, a tax of at least 75% on all estates valued above $10 million would be a low end proposal.  What this also does is motivates people to spend more of that wealth while they are alive rather than ultimately lose it to the government at death.

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