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Dear Anti-Capitalist Billionaires, Why Wait For a Wealth Tax? Contribu Rate Topic: -----

#1 User is offline   pepperonikkid 

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  Posted 07 July 2019 - 09:12 AM

Dear Anti-Capitalist Billionaires, Why Wait For a Wealth Tax? Contribute Your Money Now!



https://www.capitalismmagazine.com
BY ANTHONY GILL
JUL 3, 2019




Article:



George Soros and his son Alexander Soros, Facebook co-founder Chris Hughes, heiress Abigail Disney and "Anonymous" are free to give their wealth to politicians right now.


On June 24, 2019, nineteen billionaires released a letter to the media entitled "A Call to Action: A Letter in Support of a Wealth Tax." They urged potential presidential candidates to campaign for and, if elected, implement a new wealth tax that would strengthen America. I hereby offer my own letter in response.

Dear Billionaires,

Thank you for your patriotic concern about our nation's democracy and the global climate. The willingness shown to submit yourselves to higher tax rates warms my heart as we approach the season in which we celebrate US Independence from Britain, brought about mostly over a concern about arbitrary taxation without adequate representation.

Your plans, as presented, are somewhat vague other than a call for the federal government to tax your "wealth" (as opposed to income). Wealth, not to mention income, comes in a variety of forms. A more detailed plan would specify the forms of wealth to be taxed (e.g., real estate, cash held in bank accounts). However, I take it on good faith that you are willing to submit yourselves to the public generosity that only Congress and the Internal Revenue Service could compel.

The appeal to presidential candidates indicates that such a plan will rely upon an amenable person winning the 2020 general election as well as a majority of Congressional representatives favorable to this idea. Add to this the time spent drafting, voting upon, and implementing a viable "wealth tax" and we might be looking at another 2-3 years before revenue from this plan starts drifting in. Alas, the problems detailed in your letter from climate change to economic growth to cultivating a general sense of fairness seem to suggest that more immediate action is necessary.

Fortunately, there is a quicker and perhaps more simple solution. After just a few minutes on the Internet, I discovered that the US Treasury accepts voluntary gift donations to reduce debt held by the public. The link can be found here, with more explicit instructions on who to make the check out to and where to send it here. You don't have to wait for all that pesky legislative debate and cumbersome bureaucracy to start making a difference immediately. Even better, this proposal avoids the reems of paperwork needed for the typical tax filing and won't require you to contact your accountant.

Simply calculate what you consider to be your fair share, write the check, and drop it in the mail. Your honorable wishes realized, instantaneously! Better yet, you can do this every year.

The good news is that several of your fellow citizens have already stepped up to the plate. In fiscal year 2018, the Treasury collected just over three-quarters of a million dollars in donations. The high water mark was in 2012 when nearly $8 million was voluntarily contributed. Given your generous concern for the well-being of our country, I'm hoping you can raise the bar by several hundred million by the end of fiscal year 2020.

Granted, your voluntary contributions to the US Treasury would be directed towards debt reduction and not the specific issues you spelled out in your letter, but the good news is that money in fungible; all the financial resources that would have been used to service the debt in lieu of your donation could now go towards promoting the issues you consider a high priority. I am sure that if you attach a note to your check specifying your interests, the word will get to the appropriate people to fund those concerns appropriately.

Should my immediate solution here appear too simple or banal, there are other possibilities available. Again, calculate what you consider to be a fair tax rate on your wealth, and then take that money and invest it in clean energy or heart disease research. There are numerous private enterprises and public universities that would love to help out on those fronts.

Or repair our crumbling infrastructure by directly paying for new roads or filling in potholes. (Word has it, Domino's Pizza has found a way to make this work.) Start some new businesses that would employ folks and provide them with good wages. And if concerns over inequality are on the top of your mind, you always can write me a check directly, which will go a long way to bridging the wealth gap between you and I.

Given these alternative ways to invest in the common welfare of the nation, I wonder why you would consider government management of your tax revenue to be better? Many, if not all, of you have founded charitable foundations designed to alleviate a variety of social ills. Why not fund those efforts more fully, or create new institutions? Why would you expect the federal government to be better caretakers of your wealth? I'm truly curious.



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#2 User is offline   Joe the Pagan 

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Posted 07 July 2019 - 10:42 AM

In Massachusetts you can either pay 5.1% or 5.85% on your income taxes. Almost every year Howie Carr does a column on how many people sent in 5.85%. A few years ago when a bunch of millionaires went to 0bama asking for a higher tax rate. Some of them were from Massachusetts. Howie Carr called them, and asked if checked the box for the higher tax rate. Only one answered, and admitted the only way he would pay the 5.85% would be if he was forced to pay it.
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#3 User is online   gravelrash 

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Posted 07 July 2019 - 01:04 PM

These billionaires already have a plan in place. They push for a wealth tax because they have the insider info to protect themselves at your expense. It's a shell game.

Like Nazi Pelosi complaining that Trump's tax cuts are "crumbs". Yet she is frantically trying to repeal them so "government can return to normal". When I was growing up, we were warned that megacorporations were going to put us under heel.

Well, here we are.
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#4 User is offline   Severian 

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Posted 07 July 2019 - 01:38 PM

These rich types made their fortunes, now they want to pull up the ladder making it harder for anyone else to get rich. They don't want any smelly plebeians mingling with them and stinking up the rarefied air up at their level. Why next thing you know normal people will be able to get to the Riviera and stink up the place! Oh the humanity, oh the horror.
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#5 User is offline   Taggart Transcontinental 

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Posted 07 July 2019 - 03:38 PM

View Postgravelrash, on 07 July 2019 - 01:04 PM, said:

These billionaires already have a plan in place. They push for a wealth tax because they have the insider info to protect themselves at your expense. It's a shell game.

Like Nazi Pelosi complaining that Trump's tax cuts are "crumbs". Yet she is frantically trying to repeal them so "government can return to normal". When I was growing up, we were warned that megacorporations were going to put us under heel.

Well, here we are.


This is all about keeping newcomers out of the country clubs, it has nothing absolutely nothing to do with fixing anything. It's just another way to create a glass ceiling.
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#6 User is online   zurg 

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Posted 07 July 2019 - 03:51 PM

View Postgravelrash, on 07 July 2019 - 01:04 PM, said:

These billionaires already have a plan in place. They push for a wealth tax because they have the insider info to protect themselves at your expense. It's a shell game.

Like Nazi Pelosi complaining that Trump's tax cuts are "crumbs". Yet she is frantically trying to repeal them so "government can return to normal". When I was growing up, we were warned that megacorporations were going to put us under heel.

Well, here we are.

:thumbsup:

View PostSeverian, on 07 July 2019 - 01:38 PM, said:

These rich types made their fortunes, now they want to pull up the ladder making it harder for anyone else to get rich. They don't want any smelly plebeians mingling with them and stinking up the rarefied air up at their level. Why next thing you know normal people will be able to get to the Riviera and stink up the place! Oh the humanity, oh the horror.

:thumbsup:

View PostTaggart Transcontinental, on 07 July 2019 - 03:38 PM, said:

This is all about keeping newcomers out of the country clubs, it has nothing absolutely nothing to do with fixing anything. It's just another way to create a glass ceiling.

:thumbsup:
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