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Frank Hovis

Tax the rich

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If they wish to pay more tax then there is nothing to stop them calculating their own on this suggested basis and writing a cheque to the US Inland Revenue Service; it happily accepts donations.

What they actually want to do is to force this tax upon people who don't want to pay it.  People who probably like me regard not paying tax as a moral duty because of the way in which governments spend it.

And oh lookie; there is Mr Toad again.

 

America's economic and social ills have created a crisis for the young, the poor, and the environment, they said. We don't have all the answers, but we can help: Impose a wealth tax on us - it's our moral and patriotic duty to hand over a bigger slice of our fortunes.

With her husband Ian, an heir to a family fortune himself, they discussed going public with people they knew held similar concerns.

Investor George Soros, Facebook's co-founder Chris Hughes, and Disney heiress Abigail Disney, were among those signing up. "There could have been more", Mr Simmons said. "We just wanted to pull in enough names to get the conversation going."

They are not wedded to a particular proposal, but one suggestion was this: Add a tax of two cents per dollar on assets after a $50m exemption, and one cent per dollar tax on assets above $1bn. It would generate nearly $3tn in revenue over ten years, they said.

 

https://www.bbc.co.uk/news/business-48804905

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Nope.

Fuck headed academic  economist doing interest rates, then bailing out rich old leveraged people with QE.

Fed needs to be run for main street not Wall street.

They need to hive off the NY Fed, to remove its influence.

And the wholesale banks need a new criminal code - ones that will see gross incomoptence met with 100+ years in jail and stripping off all assets.

 

 

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I read this story and being a cynic immediately assumed this burd had been gifted all this money - as nearly all the richest women have - and hadn't actually earned it herself. 

I was shocked to discover I was correct. 

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1 minute ago, ccc said:

I read this story and being a cynic immediately assumed this burd had been gifted all this money - as nearly all the richest women have - and hadn't actually earned it herself. 

I was shocked to discover I was correct. 

Similarly her husband.

Both spoilt rich kids feeling guilty about having wealth they didn't earn.

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They are terrified that they will give their money away but someone else won't and perhaps lose status as a result. That is what it boils down to. Otherwise, what are we missing? You are obscenely rich, you can wire transfer your balance into any number of accounts, charity, NGO, government etc. at the click of a button? I don't really buy any of this social concern coming from the billionaire class. I mean wtf is Buffett doing at his age? Eats a McD's brekkie every morning, drives a run-of-the-mill saloon car and lives in a paid off middle class suburban home. And is so troubled about wealth ineqaulity will give his wealth away when he dies? Why not just give 99% away now if he actually gives a f**k? I don't care too much in honesty as it is his money to do with what he pleases but they sign these letters and talk the talk but don;t seem to want to give it up while they are alive. Bill Gates is another who, contextually, gives pennies away in the grand scheme of what he needs to maintain his lifestyle. Terrified of going broke, leading to huge sums in the bank when they die. And pass this "problem" to the government as they can't handle the stress of giving it away.

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Thing with America (much like the UK) is the so called left are on the side of the neoliberals/corporations with their love of QE/ZIRP/endless borrowing/corporate bailouts and open door immigration  of cheap labour that they so desperately need.

Until these end everything is just virtue signalling and will eventually lead to something far more extreme than high taxation.

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1 hour ago, Frank Hovis said:

Similarly her husband.

Both spoilt rich kids feeling guilty about having wealth they didn't earn. worrying about a punitive tax, so offering up a token small er tax.

 

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Tax!?

If you're megabucks wealthy then you set up a philanthropic* fund that can actually help people.  If you give money to government then it'll all be spunked on some stupid useless schemes.

[*The sort that make sense, not the Clinton sort that only exists to make the 'owner' more wealthy]

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25 minutes ago, SillyBilly said:

They are terrified that they will give their money away but someone else won't and perhaps lose status as a result. That is what it boils down to. Otherwise, what are we missing? You are obscenely rich, you can wire transfer your balance into any number of accounts, charity, NGO, government etc. at the click of a button? I don't really buy any of this social concern coming from the billionaire class. I mean wtf is Buffett doing at his age? Eats a McD's brekkie every morning, drives a run-of-the-mill saloon car and lives in a paid off middle class suburban home. And is so troubled about wealth ineqaulity will give his wealth away when he dies? Why not just give 99% away now if he actually gives a f**k? I don't care too much in honesty as it is his money to do with what he pleases but they sign these letters and talk the talk but don;t seem to want to give it up while they are alive. Bill Gates is another who, contextually, gives pennies away in the grand scheme of what he needs to maintain his lifestyle. Terrified of going broke, leading to huge sums in the bank when they die. And pass this "problem" to the government as they can't handle the stress of giving it away.

Thats a canny image, some mid west dop,e cutting coupons.

Buffetts really good, he knows what hes doing an in area where its over paid idiots. And he eats his own dog food - his wealth is tied in his fund.

However ...

The folksy bit about buying companies is mainly BS.

He makes big leverages bets - see HP/3G. Or Amtrak. These are huge, commercial deals.

And Berkshire dabble in super-cat insurance.

The hole Berkshire play was writing insurance and using the premiums to buy cheap equity.

Super-cat scares the shit out of me. And I dont know how youd sensibly hedge it.

 

 

 

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47 minutes ago, SillyBilly said:

They are terrified that they will give their money away but someone else won't and perhaps lose status as a result. That is what it boils down to.

At the risk of sounding unfairly cynical..  you notice these people never give it away quietly under the radar.

Is there an element of: “look at me!!  I’m so successful and such a generally great person!  And my peers aren’t as great because they don’t give as much charity to the poor,  thus I’m the best !!  Look at me! Look at me!”  ?

I don’t know,  I don’t know them.

On the whole I have a bit more respect for people who do it quietly,  and I expect there are actually plenty of them.

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Posted (edited)
2 hours ago, Frank Hovis said:

If they wish to pay more tax then there is nothing to stop them calculating their own on this suggested basis and writing a cheque to the US Inland Revenue Service; it happily accepts donations.

What they actually want to do is to force this tax upon people who don't want to pay it.  People who probably like me regard not paying tax as a moral duty because of the way in which governments spend it.

And oh lookie; there is Mr Toad again.

 

America's economic and social ills have created a crisis for the young, the poor, and the environment, they said. We don't have all the answers, but we can help: Impose a wealth tax on us - it's our moral and patriotic duty to hand over a bigger slice of our fortunes.

With her husband Ian, an heir to a family fortune himself, they discussed going public with people they knew held similar concerns.

Investor George Soros, Facebook's co-founder Chris Hughes, and Disney heiress Abigail Disney, were among those signing up. "There could have been more", Mr Simmons said. "We just wanted to pull in enough names to get the conversation going."

They are not wedded to a particular proposal, but one suggestion was this: Add a tax of two cents per dollar on assets after a $50m exemption, and one cent per dollar tax on assets above $1bn. It would generate nearly $3tn in revenue over ten years, they said.

 

https://www.bbc.co.uk/news/business-48804905

The likes of Soros buying off the government as the harm they've done to europe, the world in general and increasingly the US itself becomes more and more evident - as typified by the NGO mass immigrant taxi service and along with the PC manipulations and social engineering.

Edited by twocents

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4 minutes ago, Libspero said:

On the whole I have a bit more respect for people who do it quietly,  and I expect there are actually plenty of them.

There are.

I was at a very high end Charity event that had an auction at the end.

One of the things you could bid for was to refurbish a hospital room - for £50k

There were ten available. Only one sold in the public auction.

I asked the organiser if they were a bit upset. Not at all, she said. I sold all the others quietly the following morning.

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1 minute ago, MrPin said:

Taxing the poor is much easier, as there are more of them, and they can't afford accountants.

Taxing the rich is only hard because they can afford to move elsewhere..

They can never escape gold digging wives and profligate children though..  what is it,  a three generation cycle from rags to riches and back again?

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