a 1% tax on net wealth above $20 million would generate nearly $70 billion in new revenue in 10yrs

Discussion in 'Reality Check' started by Boots, Nov 14, 2019.

  1. Boots

    Boots
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    45 Richest Canadians Are Now Wealthier Than The Economies of Half of Canada’s Provinces and Territories

    https://pressprogress.ca/45-richest...of-half-of-canadas-provinces-and-territories/
     
  2. Boots

    Boots
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    Get to taxing imo. Although we'd need the USA to do the same so people didn't just bounce.
     
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  3. Grifter

    Bluh?

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    Edit: I'll admit I wasnt properly educated on this. Reading the posts has changed my perspective.
     
    Last edited: Dec 1, 2019
  4. MRA

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    and the government would still find a way to waste all that extra money
     
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  5. KLD

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    It's great in theory, but don't a lot of ultra-rich people just hide their money in off-shore accounts to avoid paying taxes? I feel like if the loop holes that allow them to get away with that could be fixed, it would be a lot better.
     
  6. billybob

    The Schooner, the better.

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    Rich people don't stay rich by throwing their money away. With the current frivolous fiscal policies of our Federal government, rich people exposed to this tax would rather spend the entire potential taxed amount avoiding the tax rather than roll over and pay it.

    My old Chairman, Murray Edwards, is the perfect example of that.
     
  7. Boots

    Boots
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    I didn't know it worked that way. I'm going to buy a new car this year instead of paying income taxes :rofl:
     
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  8. PirateSteve

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    Of course it can work this way. If you are a profitable business and you can increase some deductable expenses and gain some HST credits all the while getting something for it, it is much better imo than just writing the govt a cheque for more taxes. I see it relatively even in my small business.
     
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  9. Boots

    Boots
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    Yeah I get that. If someone is willing to sacrifice some of their personal wealth to benefit their business that's probably still better than just stacking it in their personal stockpile.
     
  10. PirateSteve

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    I may be just about foolish enough to think that racing cars actually adds to my personal wealth lol
     
  11. Boots

    Boots
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    You're one of the lucky few who's business is directly tied to what you enjoy :cool:
     
  12. Duggan

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    And its not like he went to a tax haven either.
     
  13. HairyAss

    Cheese on Toast

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    Warren has really been pushing a tax on the ultra rich as part of her platform for the Democrats. It's insane when you look at how much someone like Gates or Bezos would end up paying but even more insane when you look at how much they would have left. No one really needs that much money - I'm all for figuring out a system that forces the wealth to be shared a bit more.

    Gates' defense is the money he's spending as philanthropist and don't get me wrong, I think what he is doing is awesome, but when you compare the amount he puts into his foundation compared to his overall wealth, it's peanuts.
     
  14. HairyAss

    Cheese on Toast

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    It's also insane living in Seattle with both Gates and Bezos.
     
  15. Boots

    Boots
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    Hasn't Gates pledged to give it all away?
     
  16. HairyAss

    Cheese on Toast

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    Half: https://givingpledge.org/Home.aspx

    I think it awesome that folks like Gates have become philanthropic with their wealth.

    I don't always agree that they use their money for the "right" causes, though. Then again, they earned it, so... I'm torn.
     
  17. billybob

    The Schooner, the better.

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    Of course it works that way and you're foolish if you think it doesn't.
     
  18. billybob

    The Schooner, the better.

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    Lol guess I should have read the pirates replies. Foolish is a popular word lol.
     
  19. Boots

    Boots
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    Yeah his reply made sense. You made it sound like you could go out and buy a new boat instead of paying income taxes lol
     
  20. Smokey

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    I'd much rather see things like Bill Gates giving his money away for his philanthropic ventures than see it go to the government.

    The government has proven time and time and time again that they are recklessly corrupt, incompetent and inefficient with managing my money
     
  21. HairyAss

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    Gates is probably great at managing that money being spent but... it goes to what one person thinks is important as opposed to society.

    also - if you look at the math of what he’s spending through his foundation, he’ll never make a dent in his billions... so why not both?
     
  22. Smokey

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    Because every fucking government has proven to be completely and utterly incompetent at managing our money. We should give them more? Is that the theory?
     
  23. HairyAss

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    Let’s assume all billionaires are philanthropists. Are you ok with that small group of elite (mostly old white men) deciding what is important for society?
     
  24. RoryTate

    Buffer the streaming media unto me.

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    God damed Stonecutters.
     
  25. Smokey

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    Not sure what their age or race have to do with it but yes, I have vastly higher levels of trust for someone who has created billions of dollars of value, over a group of unqualified idiots who have won a popularity contest.
     
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  26. Boots

    Boots
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    Sounds like you'd be happier living in Saudi Arabia.
     
  27. Duggan

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    [​IMG]

    I know someone else who would too.
     
  28. HairyAss

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    If you don't see why having a diverse set of people helping to decide the future direction where a ton of money would be spent is important, I think ...

    I don't have a way to say what I want to say without being insulting. From past history on RC, you have a thick skin, but I'd also rather approach this in a better way as the discussion is interesting.

    So... to me, it's important that the future direction of our society be determined not just by folks who all look and think exactly like me. I see a huge benefit in beliefs coming from a larger range of society when we make decisions about where we're going in the future. I see a large problem in today's current political makeup where it is still largely older white men who make most of the decisions. Canada is getting ahead of the US here in solving this but it is still an important piece of building a better society moving forward, IMO.

    All to say, yes, I do think it is important that it is not just a group of older white men making these decisions - we shouldn't only value "being good with money" as the reason they get to determine the future of the world.
     
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  29. Duggan

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    Is there anyone under 70 running for President in 2020? It's crazy that 90% of the population retired at the age the candidates are applying for a new job.
     
  30. Smokey

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    For sure I understand the value in having a diverse set of people at the helm. But heres my problem, I have this crazy idea that those people should have credentials to qualify them for those positions. I don't care what race, sex, religion or ethnic background they may be. I feel like somebody who is say a finance minister, should maybe have a masters in economics, or a CPA, or run/built a massively successful business. Just like the health minister should have extensive credentials in the area they are serving. I agree 100% with equality of opportunity, not equality of outcome. I dont think our cabinet should be 50% women "because it's 2019" I think it should be 100% women, or men, or however it breaks down, as long as they are the most qualified.
     
  31. Duggan

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    I did have trouble with the Alberta health minister being grossly obese, maybe there was some condition in play but preaching about healthy lifestyles for both children and adults alike to create less of a strain on the health system now, and in the future is highly hypocritical. In my opinion government should be run more in line with a board of directors. Where members have an equal say and aren't just there to tug off the chairman.
     
    Last edited: Nov 28, 2019
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  32. HairyAss

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    After listening to more folks talk about what they found offensive about “because it’s 2019”, I can definitely see where you’re coming from. On the other side, I tend to look to history and the opportunities some folks have had in society vs others and sometimes do believe you have to push on the edges of equality to make real change happen. Sometimes you ruffle a few feathers along the way.

    Also agreed that you need the credentials to do the job.

    In the case of what we’re debating, I’m simply saying I’m not comfortable with it being all rich, white, unelected men (did I mention old?) deciding what is right for our future.
     
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  33. infatuous

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    Taxing wealth is not the same as taxing income, and it is immoral theft. It's literally walking into someone's home and just taking shit because you think you deserve it more than the guy who earned it. It's the most evil type of tax they have ever come up with. Carbon tax is a close second.

    First, it's impossible to calculate. Billionaires tend to own assets that are considered priceless. Worldly paintings and sculptures, antiques, and other high value collectables that generally are not valued until they are sold at auction. Are they supposed to slice off 2% of that Picasso every year? And taxing based on business value is immoral as well. What if they tax someone 2% of a billion dollar stock value, and then that stock plummets 20% the next day? It is impossible to accurately value wealth, and the income that was invested in that wealth was after tax income anyway, so it's worse than double dipping.

    I also agree that money is always better in the hands of citizens and not the government. Until governments start to show more respect for the hard work that goes into generation of revenue, they should not be given more. I'm so fucking tired of the argument that we don't have money because rich people hoard it all. We don't have enough money because our governments are corrupt and irresponsible with what they have already. Nobody in western civilization is under paying on taxes. The top 1% already pays something like 40% of all income taxes. Be as envious as you'd like, but they have done their part tax wise, now leave them alone to decide what good things they will do with what is left over. Bill Gates cures diseases, which is a fuck of a lot more noble than just starting another war, which is all the American government likes to spend money on.
     
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  34. Smokey

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    A-fucking-men. So tremendously refreshing to see something other than far left wing bullshit being posted on RC. I dont think the general polulation has any idea how difficult it is to build a business, the work, the time and the sacrifices that they make. You become ultra wealthy by creating tremendous value, period.
     
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  35. Boots

    Boots
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    infatuousinfatuous this particular tax is on accumulated financial wealth, not material possessions. Like taxing their stock holdings 1% for example.

    Not too often you hear people looking to grow the 1%. Interesting take for sure.
     

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