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POLL: Tax the Rich - Round 2

Would you support eliminating the deficit by raising taxes on those earning over $1 million?

  • No, but I would support levying a wealth tax on those with 7-figure assets or more.

    Votes: 0 0.0%

  • Total voters
    34
Nov 28, 2010
87,543
42,365
113
Maryland
In the May poll I simply repeated a question from a national poll. The question then was "Should our gov't redistribute wealth by heavy taxes on the rich? "

I thought that question was problematic for several reasons but I wanted to see how HROT compared with the nation at large. Nationally, we are split nearly evenly on this question and have gotten more sympathetic to this approach over the years of rising wealth inequality and economic sluggishness. BUT HROT opposes it by a 2-to-1 margin.

So now my question is to try to eliminate the problematic parts of the original question. Here's what I thought those problematic parts were:

1. How heavy is "heavy"? If Romney pays 14%, are we talking about taxing him 90%? 60%? 30%? Should Warren Buffett pay more than his secretary, percentagewise, the same, less?

2. "Redistributing wealth" gets a knee-jerk negative reaction from a lot of people.

3. "Rich" is another troubling term. What do we mean by "rich"?

So I have settled on this poll question:

"Would you support eliminating the deficit by raising taxes on those earning over $1 million?"

Instead of a purpose of redistributing wealth, the purpose is to eliminate the deficit. Most people (I assume) find that a desirable aim.

Instead of the vague term "rich" I have set a dollar amount that I think most people would recognize as a high income, even if a million isn't what it used to be.

And while I haven't said how heavy the extra tax should be, it needs to be enough to pay off the deficit, whatever that happens to be. Nor does it rule out using more than one bracket as we move up the wealth/income curve. The idea is to raise the tax enough to get the job done. In subsequent years, if other ways of reducing the deficit can be found - spending cuts, more revenues from growing the economy, whatever - the taxes could be reduced accordingly.
 
My own preference (but I didn't want to make the poll too complicated) would be an income tax hike on high earners to eliminate the deficit and a wealth tax on high asset holders to pay down the national debt (over time).
 
So you want to double tax those with assets over 1 million for being responsible for saving?

The problem is ltcg rates for the hedge fund managers and the like. They should be paying ordinary rates. Clinton and Trump also agree with this problem.
 
So you want to double tax those with assets over 1 million for being responsible for saving?

The problem is ltcg rates for the hedge fund managers and the like. They should be paying ordinary rates. Clinton and Trump also agree with this problem.
Ah, the old double-taxation argument. As stupid and predictable as ever.

Yes, I want to double-tax those who got the primary benefit of the tax rules and subsidies that drove us into debt while enriching those who started with more wealth.

Seems perfectly reasonable to me. What's your problem with it?
 
Ah, the old double-taxation argument. As stupid and predictable as ever.

Yes, I want to double-tax those who got the primary benefit of the tax rules and subsidies that drove us into debt while enriching those who started with more wealth.

Seems perfectly reasonable to me. What's your problem with it?
I don't recall any special tax rules or subsidies of which I took advantage to amass my wealth (unless you are counting lower rates on capital gains). And 1mil in assets is not wealthy.
 
I don't recall any special tax rules or subsidies of which I took advantage to amass my wealth (unless you are counting lower rates on capital gains). And 1mil in assets is not wealthy.
Yes of course I am counting lower rates on cap gains. Plus the so-called Bush tax cuts that, together with the Iraq war, drove us deeply in debt (and are still driving us deeper in debt). Plus the death tax giveaway. And that's just for starters.
 
Yes of course I am counting lower rates on cap gains. Plus the so-called Bush tax cuts that, together with the Iraq war, drove us deeply in debt (and are still driving us deeper in debt). Plus the death tax giveaway. And that's just for starters.

Let me guess you don't have over a million in assets? Right or wrong? A million these days is not significant. Estate taxes will get this sooner or later for estates worth > $10.6 million so why would you want to tax this again? Stick to spending b/c you know nothing about tax revenue.
 
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