Do you think that Democrats will ever push for a "wealth tax"?

Question

Do you think that tax and spend Democrats will ever propose a tax on assets?

Examples:

Sweden has a .75% tax on individuals who have assets of over ~$215,000 in assets.

France's tax is between .8% and 1.5% for assets over ~$1 million

Spain's tax is between .2% and 2.5% for assets over~$223,000.

Do you think it will ever be proposed in the states, or are we Socialistic enough already?

Answer 1

The problem with these wealth taxes are the wealthy are not stupid. They find ways to hide their income, then you lose out on the revenue you may have collected had you not imposed a another stupid tax. You need to give Americans incentives for working and paying taxes. Confiscatory tax rates, tax rates that punish success, is not a good idea.

Answer 2

April 17, 2007, The filing deadline for the 2006 U.S Individual Income Tax Returns.

It is my honest opinion that before the United States will ever tax people for their assets that they will have to simplify and make fairer the income tax regulations. Individual as well as for the corporations, partnerships, and other businesses.

It used to be that a high school student who had a part time job could prepare his own income tax returns. It is no longer that simple. I don't know many high school students that are over 18 years old which happens to be the new age where his income can be charged as a kiddie tax (applying his parents rates to his income).

Did Congress have to stoop so low as to increase a high school students income taxes because the wealthy did not want an increase and congress was able to sell the public the tax package as they "lowered the income taxes - vote for me". They didn't lower the income taxes for that high school student as a matter of fact not only did Congress increase his taxes and they also made the tax laws so complicated that the middle class can no longer prepare their own returns and have to hire professionals. Some professionals are so busy worrying about getting the returns filled out that they are overlooking whether that amounts that their clients give them are the right amounts.

I once was working at a place that had hired a Master Mason from England to teach some apprentices the art of cutting stone. He asked me to help him with his tax returns over 25 years ago. He lived in Queens NY and had 3 returns to prepare (federal, state of NY and City of NY). As I asked him for the information requested by the forms he said to me: "I don't understand why all this is necessary. In England that take a percentage right off the top and you never see it again but you don't have to file any of this paper either. In England we don't have to pay for separate helath insurance either."

It is for this reason that I don't think any party will start a "Wealth Tax".

Answer 3

Unlikely, because the Tax system as it is designed now incorporates assets with income. Because of this they might increase taxes for the wealthiest and most well off Americans whose assets might be beyond millions of dollars. But as for initiating or proposing a new tax. This is highly unlikely and very unpolular in a dual party system. Where if voters find issue they merly switch to the other party.

Answer 4

John Kennedy was the first president to make a huge DECREASE in taxes on the wealthy. When he became president the top tax bracket was 90%.
The economy boomed and tax revenues to the federal government rose substantially.
Jobs were created.
Since then, the same results have been obtained every time the same ploy is attempted.
Obviously there is a point where tax reduction would result in losses, but that point has never been established.
To keep budgets in check, we must keep SPENDING in check.
That is conservative in principle, but where is there conservative leadership?
Nowhere in Washington, D.C.!!! - and nowhere in certain Socialist European countries either.
The Democrats are Socialists - so YES they will increase taxes.
They want power and control over your life.
When they control your money, they will control you!
Don't worry, when they have a federal health care system, they will have the power to give you a pill if you disagree with their actions.
THEN you wont argue against tyrannical power any more.

Answer 5

NO its a new economy, earners get the shaft and investors get the breaks.

There may be a 28% top bracket on earned income but Capital Gains and proceeds from Dividends are only taxed at 15%.

It's workers that get to pay the taxes!

Answer 6

We already have one, in a sense. Just take a look at the tax bracket percentages, and notice who's paying the lion's share.
As far as a separate wealth tax, well, we'll probably have one soon enough ...

Answer 7

We already have one do you know that 49% of Americans pay no federal income tax and the 10% earners pay 60% of all federal income tax so we are there already.

Answer 8

The tax and spend moniker no longer applies. They are now the Balanced Budget Democrats.

Answer 9

There has been no discussion by anyone -- except you -- on the subject. Are you suggesting that this subject be debated? Or are you merely whipping up some furor against Democrats?

Answer 10

That's all they do is push for more taxes. That's how they buy votes, with your tax dollars. If $20 billion in Democrat PORK tacked onto the troop funding bill doesn't illustrate that, nothing will.