Author Topic: Democrat debates  (Read 979 times)

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Offline Super Colin Blow

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Re: Democrat debates
« Reply #30 on: September 25, 2019, 08:04:38 am »
I hate to sound like a Libertarian or a Republican but that's just taking money out of somebody's bank account rather than their income. The Libertarians are known for saying "All taxation is theft!" Personally, I would rather not turn their boo-hoo cries into reality. I have a feeling the Supreme Court would strike it down and a hypothetical Pres. Warren will say "oh, well I tried guys!" (probably knowing all along that that would happen anyway.)

Um, what is this "significant number" and how much aren't they paying? If you earn interest in the United States, it's taxable, as is capital gains. Unless these wealthy people you refer to are saving their millions under a huge mattress they're paying interest/capital gains taxes to Uncle Sam.

Now, with Warren's "wealth tax" these rich people (and probably other people a lot poorer than them, as well) won't bother to put all their savings in banks. That's how it works: People get loans from the bank for a house, car, etc., because a bunch of depositors have put their money in that bank (at interest) for the bank to lend out (at slightly more interest). Institute a wealth tax and it will be harder for banks to find the deposits they need to thrive and, in consequence, there will be less money to lend out. Bill Gates and Warren Buffet will just get really big Scrooge McDuckian vaults in their basements, or, worse, funnel it to banks in the Cayman Islands or other tax havens. Our wealth inequality will not be affected one iota, and you'll mostly **** off the middle class.

It would at the least cause a very serious recession, as banks will scramble to get deposits. And scramble they will, because who the hell anywhere in the world wants to open a bank account in a country that will just raid it? Gotta think of the end result and consequences, rather than catering to a bunch of people (millennials mostly) who don't understand how banks work. I don't think Bernie Sanders was stupid enough to propose that one.
« Last Edit: September 25, 2019, 08:08:06 am by SuperColinBlow »
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