Website design By BotEap.comIntroduction Website design By BotEap.comI predict that to reduce the federal deficit, pay for extraordinary government spending on defense and infrastructure, protect the viability of Social Security, finance a substantial reduction in taxes for lower and middle class citizens, and reduce the growing wealth gap among the vast majority. of Americans and 1 percent, a one-time tax on assets of more than $ 15 million will be introduced by the Trump Administration by the end of the year. Website design By BotEap.comWealth tax will apply to personal assets, including owner-occupied homes; cash, bank deposits, money market funds, savings in insurance and pension plans, investment in real estate and unincorporated businesses and corporate actions, financial securities and personal trusts. However, liabilities (mainly mortgages and other loans) will be deducted from equity accounting. For this reason, the one-time tax could be more accurately referred to as a net worth tax. Website design By BotEap.comI hope Trump and his henchmen expand the basic idea to a single variable wealth tax. While it should start with a 15% net worth tax of $ 15 million, it should increase as follows:
- Website design By BotEap.com25% more than 20 million.
- Website design By BotEap.com30% more than 30 “
- Website design By BotEap.com35% over 40 “
- Website design By BotEap.com40% over 50 “
- Website design By BotEap.com45% over 60 “
- Website design By BotEap.com50% over 70 “
- Website design By BotEap.com60% over 80 “
- Website design By BotEap.com70% over 90 “
- Website design By BotEap.com75% over 100 “
- Website design By BotEap.com80% over 500 “
- Website design By BotEap.com50% more than $ 1 trillion
Website design By BotEap.comHowever, others see few options: it will follow logically. The late Harold Tascher as early as the mid-1950s suggested that, with continued rapid technological advancements and business growth, the workforce needed to maintain a healthy and growing national economy cannot achieve full employment. This will require some restructuring in the ways wealth is acquired and disposed of to ensure the dignity of all citizens. Tascher believed that the country’s combined wealth could easily cover this contingency without harming anyone.Website design By BotEap.comAnother, Warren Buffett, pointed out that we will need fewer and fewer people in our workforce to produce the products and services for our economic needs in the future. Buffett went on to suggest that the only solution to that situation was a progressive tax system that recognized the fact that some people will want to be in the workforce and others will prefer to go fishing. He also concluded that the nation had more than enough combined wealth to undertake such a conversion to accommodate such eventuality. Website design By BotEap.comNone of these proposals deprive anyone of the possibility of obtaining obscene amounts of income or inherited wealth. We know the problem; We have the need. We have the wealth to solve the problem and address the need. And please, to hell with labels. Call it what you like, but evaluate it for what it is: a consideration for the worth of each individual and an effort to raise that value to its fullest potential for both individuals and society. Website design By BotEap.comIt will be interesting to see how conservatives respond to this concept, if Trump presents it as I predict he will. If you want money to spend on necessary programs, you have few options.