Cross post: World's richest woman to poor people: LOL WORK MORE NUBS. - Page 8 - Politics and Economics

jt217 · 09-03-2012, 09:08 PM

Quote:

Originally Posted by tzwien

I always find it amusing how these arguments rarely involve incentives.

A lot of people work far longer than they need to because they want to leave behind their fortune to their family members. A lot of these people are ones that are in a good position to earn significant money, and a portion of them are even job creators. If there's a 100% death tax, there's a huge disincentive to work after you earn more than you'll be able to spend in your lifetime. Obviously this leads to decreased production and results in a much poorer economy.

You think business owners are going to keep producing goods for the consumer if every dollar they earn is going to be headed straight to the government when they die instead of their loved ones? You think anybody over 55 is going to keep working if they think they can make it down the home stretch with their savings and government handouts?

Right, because when a business shuts down leaving excess demand no other business ever opens up to fulfill that demand.

Inso0 · 09-03-2012, 09:10 PM

Quote:

Originally Posted by Autocratic

Yeah, just like the money I have is after-tax. And yet, when I give it to the guy at a 7-11 in exchange for a soda, it gets taxed. INDEFENSIBLE.

You're starting to understand.

Inso0 · 09-03-2012, 09:15 PM

Quote:

Originally Posted by Ashington

So based on this logic, lottery winnings should not be taxed amirite?

Most definitely not.

There are a lot of countries that don't tax lottery winnings.

the USA's neighbor to the north, for starters.

Autocratic · 09-03-2012, 09:16 PM

Quote:

Originally Posted by Inso0

You're starting to understand.

Please explain how taxation in your one-time-taxes-only miracle country would work.

Inso0 · 09-03-2012, 09:18 PM

Quote:

Originally Posted by Riverman

lottery = triple tax! you pay tax on your income, then they take 50% of the lottery money, then you win and pay taxes AGAIN! FASCISM

The fact that this doesn't upset you makes me sad.

FlyWf · 09-03-2012, 09:29 PM

FlyWf · 09-03-2012, 09:30 PM

That's about capital gains, lol, but the estate tax also involves taxing rich people so it is also double taxation. Obviously.

Inso0 · 09-03-2012, 09:48 PM

Quote:

Originally Posted by Autocratic

Please explain how taxation in your one-time-taxes-only miracle country would work.

You can tax income or you can have a VAT/Sales tax. In either case, God Emperor Inso0 would do away with exemptions or special cases/rules.

Choose one. You cannot have both.

If you want to be a benevolent dictator, exempt the first 10-20k of income so I don't have to hear you bitch and moan about the hypothetical minimum wage earner who will be forced into homelessness by being forced to pay taxes.

tzwien · 09-03-2012, 10:24 PM

Quote:

Originally Posted by jt217

Right, because when a business shuts down leaving excess demand no other business ever opens up to fulfill that demand.

People won't have enough startup to fill the shoes of say, Microsoft, Apple, or Walmart. Big companies like that simply wouldn't exist. By the time you reach a level like that you're already rich beyond belief, which is what allows them to keep developing new technology or expanding their business in hopes of earning even more money. Greed creates economic growth. Taxes in general, and the death tax more specifically, disincentivize growth.

sterlinguini · 09-03-2012, 10:27 PM

Anybody who believes unrestricted wealth accumulation is a moral good is living in a GOP fantasy world in which the earths resources are infinite.

I'd like to see a cultural solution however rather than a tax, as govs cannot be trusted to dispose of the money responsibly. A simple moral obligation to donate the vast majority of accumulated wealth before death seems like the best solution to me.

Autocratic · 09-03-2012, 11:51 PM

Quote:

Originally Posted by Inso0

You can tax income or you can have a VAT/Sales tax.

Ha. Seriously though.

Harruin2 · 09-04-2012, 12:47 AM

Quote:

Originally Posted by tzwien

People won't have enough startup to fill the shoes of say, Microsoft, Apple, or Walmart. Big companies like that simply wouldn't exist. By the time you reach a level like that you're already rich beyond belief, which is what allows them to keep developing new technology or expanding their business in hopes of earning even more money. Greed creates economic growth. Taxes in general, and the death tax more specifically, disincentivize growth.

So what about those being public companies do you not understand? Or are you saying that because of an estate tax, they wouldn't go public and up their networth by let's just say 1000x+?

Also, why would old people not wanting to invent things suddenly cause young people not to?

Edit: I'm not saying it should be 100% though.

74Offsuit · 09-04-2012, 04:48 AM

Quote:

Originally Posted by tzwien

Greed creates economic growth. Taxes in general, and the death tax more specifically, disincentivize growth.

Why is growth the only metric by which to judge the success of policy. What about stability, equality and sustainability?

CaliBobby · 09-04-2012, 06:09 AM

Quote:

Originally Posted by FlyWf

That's about capital gains, lol, but the estate tax also involves taxing rich people so it is also double taxation. Obviously.

I think capital gains should be taxed higher but I think the estate tax is BS and so is the gift tax.

JayTeeMe · 09-04-2012, 07:41 AM

Quote:

Originally Posted by 13ball

What's next? "Don't tax lottery winnings! That's stealing and you're just jelly!"

Quote:

Originally Posted by Ashington

So based on this logic, lottery winnings should not be taxed amirite?

Of course lottery winnings shouldn't be taxed. The 65+% government vig is the tax imo. The government doesn't need all the money.