Going forward…I wish you great financial success…and then I hope your words present a better understanding to yourself, in your future.
Perhaps, you could tax comprehensive income…The change in the value of unrealized gains and losses. 
A wealth tax would not be ruled as a direct tax as the founders intended because apportioning a wealth tax among the states would completely overburden a poor state like Mississippi. It defeats the purpose of apportionment.
Let me make this clear…government…get out of my life and get out of my death. I’ll cut you all the checks along the way because that’s the agreement. Don’t change the rules because you can’t manage your budget.
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It’s what’s being proposed by Bernie, that I object to.
The Founding Fathers abhorred concentrated wealth.
With the current tax system, we basically have new economic “royalists”, or put another way, a pseudo monarchy.
Not sure about a wealth tax, but we do need a “salary cap”. And it can be incredibly high, let’s say $150 million a year of taxable income. That would leave around $120 million to live on a year.
$10 million a month.
Who can’t live large on $10 million a month?
People would still strive to become rich, as they do today. And still, only about 1% would get to that level.
It was the 45% tax on anything over 3.5 million that caught my attention.
When I got started years ago, 3.5 million was a lot. Today, it won’t purchase anywhere near what it would have purchased at that time. Costs have have gone up dramatically but the ability to earn a profit, has not. Margins have decreased and the competition is from around the world. Small businesses have a much tougher time today, than yesterday. That’s why the number of small mom and pop stores have dramatically declined. Anyone who has withstood this onslaught of negative changes and may have amassed several million in their life, should not be robbed at the end of their life because the rules are then changed due to campaign promises.
That said, what ever the rules are, I’ll do my best to abide by them but use every loophole there is, to short change those in government who attempt to get elected by playing Robin Hood.
Identity politics is the democratic bread and butter. Keep the population divided against themselves.
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I wasn’t talking about whether it has to be apportioned or not. I was only mentioning that a federal property tax existed at one point in time. And apportionment would not stop a wealth tax from being a wealth tax.
the main reason smaller businesses have not done as well, is more due to monopolies than anything else.
The Estate tax that Sanders suggest would only effect .2 of the population.
If you are among them, good for you.
You of course, will not be taxed (since you are dead), nor would your spouse when you die.
Your heirs would be taxed that rate for anything over 3.5 million.
Seems reasonable to me. I assume your heirs are probably doing ok…and with a bump of 3.5 million upon your death…that would be one heck of a windfall.
Did you get anything like that when your folks passed?
I agree that the Amazons and Walmarts are a whole different segment of business than what I have spoke of in this thread. They aren’t small business owners and 3.5 million doesn’t mean squat to them. The taxes proposed by Bernie weren’t aimed at Jeff Bezos…they were targeting small business owners like myself and hence…my objection.
It probably does…until you work the hours and years that I have. If you haven’t, what have you got to lose? If…I choose to hand over my estate to my children or donate it to a charity…it’s my business and my business alone.
Regarding your second question, I am very fortunate in having a parent still living and what’s really cool…is…she’s sharper than I’ll ever be. If I were to receive an inheritance, it’d be the saddest check I ever received.
“Seems reasonable to me to take, take and take some more.”
Not to mention that you have already paid taxes on it the whole time.
His heirs have not.
I have worked pretty much all of my life, since the age of 17. I have worked 40 hour weeks, and 80 hour weeks. Other than being unemployed for a month here or there…I have always worked.
And if by the time I die, I have 3.5 million+ is assets, my kids will get a nice bonus…even with the proposed tax.
Besides the obvious reason for the inheritance tax (funding the government) another one of the ideas behind an inheritance tax, is to reduce “dynasties”.
Of course, with the amount of wealth that is accumulated by some, there will always be some dynasties.
I am sure you cherish the time you have with your parent. I lost both of mine, and it sucks.
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The democrat party leadership, for a very long time, have been using their office of public trust to plunder our national treasury which has been filled by taxing working people’s paychecks.
Are we to forget how the democrat party leadership under Obama, transferred $BILLIONS from our federal treasury to his donors, under his “green energy” deal?
See: 80% of Obama green jobs money goes to Obama donors.
Are we to forget that our Supreme Court rightly said that such transferees of tax revenue were nothing less that a robbery?
"To lay with one hand the power of the government on the property of the citizen [a working person’s earned wage] and with the other to bestow upon favored individuals, to aid private enterprises and build up private fortunes [Obama’s Solyndra, Chevy Volt, Fisker, Exelon swindling deals] is none the less a robbery because it is done under forms of law and called taxation."____ Savings and Loan Assc. v. Topeka,(1875).
The Democrat Party Leadership has made fools of the working people who are taxed to finance their thievery.
JWK
Elizabeth Warren’s Government sponsored capitalism is about fattening the fortunes of those holding political power with tax revenue, while regulating a free market, free enterprise system into submission, and then into extinction.
Or your religious institution.
Why should non-profits be taxed? On what basis? They have no profits or income to tax. At least, I know my church doesn’t.
How else are they going to force God out of the neighborhood?
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They could pay property taxes on the building they use in their city. In my hometown, half the property is owned by non-profits and the rest of the citizens are heavily taxed to make up for the shortfall because of it.
