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RE: How possibly could one object to enforcement of tax laws? Current ones.

Posted by RGA (R) on October 28, 2021 at 18:09:59

In Reply to: How possibly could one object to enforcement of tax laws? Current ones. posted by tinear on October 27, 2021 at 12:59:19:

Romney and E-Stat are correct that proposals to tax "income" or placing various taxes on luxury goods will simply alter what the rich do with their money.

If you increase taxes on the stock market and IF the rich pull their money and buy art or property then it is possible that that action would hurt middle-class investors. Many of whom ride what the uber-wealthy are doing. IE; if Warren B invests in Coca-Cola - so will millions of people who don't know much about the stock market - they ride on his coattails - which is not a bad idea - following the experts.

And if you tax Ferrari higher the rich guys won't buy the Ferrari. Which hurts Ferrari.

Whenever you come up with an idea - you have to think of the ripple effect and try to forsee all outcomes.

In Vancouver BC - the rents and property have been going crazy - so the government comes in with a foreign buyer's tax to stop using the housing market like the stock market. 20% tax I believe. Then there is a problem where they would buy homes/flats and leave them empty. With a 0.5-1% vacancy rate, this causes problems where people can't find a place to rent. Local businesses go belly up because the local grocery store has no customers - homes are empty.

So the government puts in an 8% per year tax on the total value of the home - so if the home is worth $1m the YEARLY tax is $80,000 if the home is unoccupied for at least 6 months out of a year.

The government also wants lower-income housing - the problem there is that the companies building the flats/homes have no interest in the building if the rents are not sufficient enough to make them a profit. So construction companies move on.

The rich guys tend to buy enough politicians such that the laws will not change to hurt them in any way. So the left needs to stop wasting time trying to get blood from the proverbial stone and find other solutions. Reinforce the education system at all levels to get more kids literate and to improve work ethic so they can put themselves in positions where they are self-sufficient. You can't have people sitting around waiting for some government or some rich guy to hand you everything. The uber-wealthy are mostly psychopaths so trying to guilt or shame someone who feels zero shame or guilt (or empathy) is just a waste of time.

I remember the advice I got from a superintendent of schools - you can't save everyone - you can throw the life preserver but they have to reach out and take it.

With governments - it would be good if they were not wasting money on giving billionaires more hundreds of millions - so tax cuts for these guys is the poor subsidizing the rich. They never create jobs because the ONLY thing that has ever created jobs is demand. Billionaires don't hire an extra 50 workers out of the goodness of their hearts - they hire 50 workers if demand for the product requires that he hires 50 workers. Indeed, most of them will hire 45 to do the work of 50 to make a few extra bucks.

The only kind of TAX that might work is a wealth tax. The government sends a team of forensic accountants into a Jeff Bezos and they calculate all of his savings and total wealth (including personal property, accounts offshore - the lot) and they say right you have a total worth of $500 billion - here is a 35% tax bill $175 billion is owed by December 31st. (

Every 5 years you do the same thing. Massive fines if they try to loophole or hide funds - like 99% of all assets for any attempts to hide or shield assets.

But that will never happen because the billionaires, again, own enough politicians to make sure the law would never get changed. So get educated - work hard, invest in property or stocks and hope it works out.

The billionaire class aren't coming to save anyone - they're building rockets and polluting the world.

This post is made possible by the generous support of people like you and our sponsors:

Kimber Kable

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