Joe Biden's campaign strategy of Shutting Up seems to be working

[Sgt. York]

I'm all for it. Pull the plug on nato, close most overseas bases. Let the rest of the world pay for it's own defense.

China would expand exponentially in Asia. Russia would expand in the Baltics and Europe. India and Pakistan would be slinging nukes at each other. Cuba would invade the United States.

 

[ivwshane]

It's an estate tax based on one's net worth. What is there to not understand detective dipshit?

Something tells me you're a little slow to be invested in this topic - run along little boy.

Lol! The fucking moron doubles down!

 

[s0me0nesmind1]

I wonder what effect it would have on the stock market with all the millionaires and billionaires cashing in tens of billions in stock every year to pay their taxes.

https://en.wikipedia.org/wiki/Wealth_tax

A 2006 article in The Washington Post titled "Old Money, New Money Flee France and Its Wealth Tax" pointed out some of the harm caused by France's wealth tax. The article gave examples of how the tax caused capital flight, brain drain, loss of jobs, and, ultimately, a net loss in tax revenue. Among other things, the article stated, "Éric Pichet, author of a French tax guide, estimates the wealth tax earns the government about $2.6 billion a year but has cost the country more than $125 billion in capital flight since 1998

 

[s0me0nesmind1]

Lol! The fucking moron doubles down!

Don't go doing something rational like explaining your argument - that would be thinking with half a brain.

Continue to not argue and show your ignorant cuck self.

 

[ivwshane]

China would expand exponentially in Asia. Russia would expand in the Baltics and Europe. India and Pakistan would be slinging nukes at each other. Cuba would invade the United States.

What it would do is destabilize markets with the US taking the biggest hit. It would also increase immigration to first world countries. It would also create an arms race and result it the US spending even more money on defense which defeats the whole purpose leaving NATO.

However we can easily cut the military budget by a 1/3 and still remain in NATO. We could even get out of the middle east however that may require us the beef up security at home but I'd imagine the long term costs would be cheaper.

 

[s0me0nesmind1]

You caught me in a typo, how will I ever live with the embarrassment?
All of that equates to 3.3 million dollars per year per ultra rich person. Not an unreasonable figure based on having hundreds of millions of dollars. On the surface, I don't like the idea of being taxed forever on the same dollar, but we already do that with property taxes, so it seems acceptable to the masses. It's not as sour when viewed as assets rather than money.
My hunch is there will be an exodus of the ultra rich if this becomes law. Some will be forced to liquidate because while they are rich on paper, they don't have much liquidity. I know a couple that would fall into that category, though I don't think they would fall into the ultra rich category.

If it worked out that would produce two hundred and fifty billion a year in revenue, a respectable sum. The two hundred billion balance (assuming the google numbers are correct) would still have to come from government or other private party's. But it get's better than half way there.

Eh - At least with property taxes you ultimately have a reasonable choice and the keys to drive the decision. You can CHOOSE to live in a below means housing. Hell - I've been doing it the last 5 years with a house that is worth half of our annual income.

It isn't at all rational however, to simply say "Progressive taxes are too high at this level, so I'm not going to earn additional money"... Well, at least until they jack up the rates to unreasonable amounts like 70%+

 

[ivwshane]

Don't go doing something rational like explaining your argument - that would be thinking with half a brain.

Continue to not argue and show your ignorant cuck self.

No point since you apparently can't even be bothered to read replies that address the very things you claim are issues.

Stop being a fucking moron and you won't be treated like a fucking moron.

 

[s0me0nesmind1]

No point since you apparently can't even be bothered to read replies that address the very things you claim are issues.

Stop being a fucking moron and you won't be treated like a fucking moron.

Are you high or just incredibly retarded? No one here touches on the subject of the estate tax except for Greenman.

I know you're slow as fuck - but christ, learn to eat your own words before posting them at least you stupid insignificant cuck.

 

[Greenman]

China would expand exponentially in Asia. Russia would expand in the Baltics and Europe. India and Pakistan would be slinging nukes at each other. Cuba would invade the United States.

We could handle Cuba. India and Pakistan can engage in all of the population reduction they want. It's their country's let them blow them up if it makes them happy. If the rest want US protection let them pay for it.
I'm pretty much done with check book diplomacy. If the US is buying friends we should purchase Mexico first, then take Canada on a lease option.

 

[ivwshane]

Are you high or just incredibly retarded? No one here touches on the subject of the estate tax except for Greenman.

I know you're slow as fuck - but christ, learn to eat your own words before posting them at least you stupid insignificant cuck.

Good god! You are one dumb mother fucker! The answer to your issue was addressed in a post you fucking quoted!

 

[s0me0nesmind1]

Good god! You are one dumb mother fucker! The answer to your issue was addressed in a post you fucking quoted!

Do you know what a net worth tax even is? How bad did you fail the IQ test?

God damn you're fucking dumb.

 

[Blackjack200]

https://en.wikipedia.org/wiki/Wealth_tax

Wish I could imagine how France, a small country in a regional monetary and economic union was different from the country with largest and most powerful economy in the world.

Ahh yes, billionaires would avoid an annual 2% wealth tax by changing in all their dollars for Pesos and living on empanadas and tequila for the rest of their lives.

Or maybe they would simply invest in an index fund, earn 8% on the money (6% after income taxes) and after a 2% wealth tax still be left with a 4% return, beating inflation by 1-3%.

 

[Greenman]

Eh - At least with property taxes you ultimately have a reasonable choice and the keys to drive the decision. You can CHOOSE to live in a below means housing. Hell - I've been doing it the last 5 years with a house that is worth half of our annual income.

Yes and no. Lots of people have owned their homes for forty or fifty years, it's not right that they be taxed out of them. When property taxes go up, we're being taxed on unrealized income. 401k's are taxed when you take the money out, property should be the same. Why should I have to pay a tax on what my property might be worth, as opposed to what I paid for it? If the market is down when I sell, do I get a refund on all of the back taxes I paid? I don't see that happening, whereas if your 401k goes tits up you only pay taxes on whats left when you take it out.

 

[s0me0nesmind1]

Yes and no. Lots of people have owned their homes for forty or fifty years, it's not right that they be taxed out of them. When property taxes go up, we're being taxed on unrealized income. 401k's are taxed when you take the money out, property should be the same. Why should I have to pay a tax on what my property might be worth, as opposed to what I paid for it? If the market is down when I sell, do I get a refund on all of the back taxes I paid? I don't see that happening, whereas if your 401k goes tits up you only pay taxes on whats left when you take it out.

Well, I mean... ironically from an income perspective, the IRS would normally tax the income you make from a home sale (e.g. Buy the home for $40,000, sell it for $100,000). Instead, they made an exception for homes in-which you live in up to $250k ($500k married). https://www.irs.gov/taxtopics/tc701

I agree with your overall sentiment regarding property taxes and increasing them based on things you can't control though.

But ultimately, the alternative is this: 3 Main types of taxes - Income taxes, Consumption taxes (Sales tax), and Property tax... one or multiple of those will increase over time sadly.

 

[ivwshane]

Do you know what a net worth tax even is? How bad did you fail the IQ test?

God damn you're fucking dumb.

And the fucking moron triples down!!

 

[Greenman]

Well, I mean... ironically from an income perspective, the IRS would normally tax the income you make from a home sale (e.g. Buy the home for $40,000, sell it for $100,000). Instead, they made an exception for homes in-which you live in up to $250k ($500k married). https://www.irs.gov/taxtopics/tc701

I agree with your overall sentiment regarding property taxes and increasing them based on things you can't control though.

But ultimately, the alternative is this: 3 Main types of taxes - Income taxes, Consumption taxes (Sales tax), and Property tax... one or multiple of those will increase over time sadly.

All three would be my bet.

 

[sportage]

I worry about "The Hillary effect".
Joe looks old. He looks frail.
At his few rallies when Joe runs up onto stage as to appear energetic, however Joe looks like he nearly missed it.
Like that effort almost did him in.
So......... what we can expect to happen should Joe become the guy up against Trump, Joe Biden will be lagging while Donald runs circles around Joe.
As with 2016, Trump will hold two maybe three rallies a day while Joe barely gets in one rally a week. The Hillary effect.
Donald seems to have endless energy. Maybe its the evil that motivates Donald? The dream of locking up kids in cages and his Muslim hate talk and his building of walls to keep "THEM" out.
I don't know where Donald's energy comes from, but it will be hard for Joe to keep up.
One minor Hillary-like slip-up for old Joe will just about end it for Joe.
While Donald Trump heads off to rally number three on any given day.

 

[soundforbjt]

I worry about "The Hillary effect".
Joe looks old. He looks frail.
At his few rallies when Joe runs up onto stage as to appear energetic, however Joe looks like he nearly missed it.
Like that effort almost did him in.
So......... what we can expect to happen should Joe become the guy up against Trump, Joe Biden will be lagging while Donald runs circles around Joe.
As with 2016, Trump will hold two maybe three rallies a day while Joe barely gets in one rally a week. The Hillary effect.
Donald seems to have endless energy. Maybe its the evil that motivates Donald? The dream of locking up kids in cages and his Muslim hate talk and his building of walls to keep "THEM" out.
I don't know where Donald's energy comes from, but it will be hard for Joe to keep up.
One minor Hillary-like slip-up for old Joe will just about end it for Joe.
While Donald Trump heads off to rally number three on any given day.

Trump's energy comes from literally doing absolutely nothing all day everyday. Except for his rallies and golf (where he drives a cart, even on the greens), he watches TV, eats, sleeps, and tweets. Not hard to have extra energy when you don't expend any doing anything else. His "work" day starts at what 11 AM?

 

[aj654987]

Has he stopped smelling children's hair?

 

[brycejones]

Has he stopped smelling children's hair?

4 years and then this.

 

[aj654987]

4 years and then this.

Would you let Joe Biden smell your child's hair?

 

[Starbuck1975]

Free . . . collage?

Well, gosh, there's some telling indication in your post that you could have benefited from free college.


There is. There absolutely is. And it would pay for tuition free college and much, much more:



The specific and comprehensive details of her plan:

The Ultra-Millionaire Tax taxes the wealth of the richest Americans. It applies only to households with a net worth of $50 million or more—roughly the wealthiest 75,000 households, or the top 0.1%. Households would pay an annual 2% tax on every dollar of net worth above $50 million and a 3% tax on every dollar of net worth above $1 billion. Because wealth is so concentrated, Saez and Zucman project that this small tax on roughly 75,000 households will bring in $2.75 trillion in revenue over a ten-year period.
Rates and Revenue

• Zero additional tax on any household with a net worth of less than $50 million (99.9% of American households)
• 2% annual tax on household net worth between $50 million and $1 billion
• 1% annual Billionaire Surtax (3% tax overall) on household net worth above $1 billion
• 10-Year revenue total of $2.75 trillion (estimate by Saez and Zucman)

ADDITIONAL DETAILS

• All assets are included in the net worth calculation, which will produce more revenue and reduce opportunities for avoidance and evasion: All household assets held anywhere in the world will be included in the net worth measurement, including residences, closely held businesses, assets held in trust, retirement assets, assets held by minor children, and personal property with a value of $50,000 or more.
• Taxpayers will be permitted to defer payment of the tax with interest for up to five years: For the rare taxpayer with an extremely high net worth but liquidity constraints that make it difficult to pay this additional tax, there will be an option to defer payment of the tax for up to five years, with interest. The IRS will also be instructed to create rules for cases where deferment is required in truly exceptional circumstances to prevent unintended negative impacts on an ongoing enterprise or a taxpayer facing unusual circumstances that would advise for delay.
• Valuing assets for the purposes of the Ultra-Millionaire Tax will provide an opportunity to tighten and expand upon existing valuation rules for the estate tax: The IRS already has rules to assess the value of many assets for estate tax purposes. The Ultra-Millionaire Tax is a chance for the IRS to tighten these existing rules to close loopholes and to develop new valuation rules as needed. For example, the IRS would be authorized to use cutting-edge retrospective and prospective formulaic valuation methods for certain harder-to-value assets like closely held business and non-owner-occupied real estate.
• The proposal also includes strong anti-evasion measures, including but not limited to:
  • a significant increase in the IRS enforcement budget;
  • a minimum audit rate for taxpayers subject to the Ultra-Millionaire Tax;
  • a 40% “exit tax” on the net worth above $50 million of any U.S. citizen who renounces their citizenship; and
    systematic third-party reporting that builds on existing tax information exchange agreements adopted after the Foreign Account Tax Compliance Act.
• Leading constitutional law scholars believe the Ultra-Millionaire Tax is constitutional: Legal experts have submitted two separate letters in support of the constitutionality of this proposal.

EXAMPLES
Married couple with household net worth of $100,000—the median level in the United States

• Pays zero tax because they are below the $50 million threshold

Married couple with a primary and vacation residence and substantial retirement savings for a household net worth of $20 million

• Pays zero tax because they are below the $50 million threshold

Extremely successful small business owner of a $30 million business as well as additional assets for a household net worth of $40 million

• Pays zero tax because they are below the $50 million threshold

Hedge fund manager with a net worth of $500 million

• Pays a 2% tax on the $450 million in net worth above the $50 million threshold, producing a total annual liability of $9 million

Heir with a net worth of $20 billion

• Pays a 2% tax on the $950 million between $50 million and $1 billion, and a 3% tax on the remaining $19 billion, for a total annual liability of $589 million.

No, no, no, that's Trump's tax CUT for the wealthy that you're thinking of. Stop gazing longingly at that men's swimwear collage of Trump and Karl Rove and Rupert Murdoch and smarten up. You've been a suck-up chump for the ultra rich for far too long.

Warren is doing an impressive job of defining her platform, and she is slowly rising in the polls. If Biden wins the nomination, she needs to be the VP. I would vote for that ticket.

The best thing Biden can do now is draw fire from Trump.

 

[Commodus]

Would you let Joe Biden smell your child's hair?

Far better than voting for Trump, the sexual assaulter and possible rapist.

 

[brandonbull]

Yeah Dem's dont' need to say much really. Trump sinks his own ship a bit more each day.

He would but the Dems have a compulsive need to try and poke holes in the hull which end up blowing up in their collective faces. The Trump sinking would happen organically but Liberals have to rush out and take credit which, ultimately, is their undoing.

 

[hal2kilo]

This is neat, a knucklehead get together.