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View Diary: It is time to WAKE THE HELL UP... (214 comments)

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  •  You want to address the really wealthy? (3+ / 0-)
    Recommended by:
    NoMoreLies, Sunspots, miriam

    Let's have Warren Buffet, standing next to President Obama, spearheading a drive to tax wealth.

    A graduated wealth tax, starting at 1% for net worth of at least 50M.  The Warren Buffets and Larry Ellisons of the US would pay 8% of their net worth to the government each year.

    That's how you address wealth inequality.

    You don't address it by increasing the tax burden on the working and middle-class.  And that's precisely what you'd be doing if you don't extend the tax cuts.

    Mark my words.  Romney''s going to exploit this every night leading up to the GE.

    Learn about Centrist Economics, learn about Robert Rubin's Hamilton Project. http://www1.hamiltonproject.org/es/hamilton/hamilton_hp.htm

    by PatriciaVa on Tue Jun 05, 2012 at 08:51:12 PM PDT

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    •  Don't extend above 250k (10+ / 0-)

      is a whole lot simpler and easier to fight for.

      look for my eSci diary series Thursday evening.

      by FishOutofWater on Tue Jun 05, 2012 at 08:54:12 PM PDT

      [ Parent ]

    •  Warren Buffet has done that aka "the Buffet tax" (1+ / 0-)
      Recommended by:
      PatriciaVa

      not your idea exactly, but an extra tax on incomes over a million.  And extending Bush tax cuts would only continue to disincentivize investment in the economy.  Agree they should be extended to those under certain income threshold, but it should be low enough that money continues to circulate.  And maybe not as "Bush tax cuts" but as increase to earned income credit, IRA credit, college expense credit, etc.

    •  Patricia - most constitutional experts (2+ / 0-)
      Recommended by:
      sethtriggs, FG

      think that you would need a Constitutional Amendment to have a national wealth tax, just like the 16th Amendment was needed for the income tax. Some countries, nearly all in Europe, have an annual wealth tax in the 1-3% range. More countries had a wealth tax and dropped them. What they found is that over the long term their tax revenues declined due to capital flight, lower domestic investment and lower domestic economic growth.

      Warren Buffett would not stand with anyone for an 8% annual tax on his wealth, or anyone else. I don't think he favors wealth taxes, although I have not read him quoted on the topic. Buffett does not even support the Buffett tax as currently drafted in the Senate. He believes higher rates should start at $5 million of annual income, not $1 million.

      "let's talk about that"

      by VClib on Tue Jun 05, 2012 at 10:11:37 PM PDT

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      •  And it's relatively tiny, usually around 1%. (1+ / 0-)
        Recommended by:
        VClib

        Given that US already has property taxes, wealth tax is not going to be a big revenue generator. In France it contributes about 1.5% of the budget.

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