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QuoteLet's see, I'm only going to pay tax on my income. Well, fortunately, I have 10 million dollars in the bank so I don't work. Nice to not pay any tax.
If someone has !0 million in the bank they have already paid the tax on it once.
Not if they inherit it, or get it from investing. I know, you're going to say if they inherit it then tax has already been paid on it. But that's the nature of taxation. It's the transfer of wealth that is taxed, as it has to be. The economy is a closed system. If you elliminate tax because "that money has already been taxed" then eventually, there won't be any money that qualifies.
billvon 3,111
>Well, fortunately, I have 10 million dollars in the bank so I don't
>work. Nice to not pay any tax.
Right now, today, someone who has 10 million in the bank doesn't pay any taxes on that money. They do pay money on the interest, which is income.
>Flat tax is the absolute best way to completely remove the tax burden from the rich.
A flat tax removes _some_ burden from the rich, but they still end up paying more taxes than someone who makes less money than they.
>work. Nice to not pay any tax.
Right now, today, someone who has 10 million in the bank doesn't pay any taxes on that money. They do pay money on the interest, which is income.
>Flat tax is the absolute best way to completely remove the tax burden from the rich.
A flat tax removes _some_ burden from the rich, but they still end up paying more taxes than someone who makes less money than they.
SkyDekker 1,465
QuoteIf someone has 10 million in the bank they have already paid the tax on it once.
Ahh but what tax would be paid on the income of the $10 million in the bank? Just retail sales tax? that would be a bit of a joke.
Muenkel 0
To the two Justins, two of my favorite people on these forums. Let's make a deal, the day we meet in person, we don't talk politics. We just discuss skydiving, boobies and share many beers. I'll buy the first case.
Deal?
Chris
_________________________________________
Chris
Deal?
Chris
_________________________________________
Chris
QuoteQuoteLet's see, I'm only going to pay tax on my income. Well, fortunately, I have 10 million dollars in the bank so I don't work. Nice to not pay any tax.
If someone has !0 million in the bank they have already paid the tax on it once.
Not if they inherit it, or get it from investing. I know, you're going to say if they inherit it then tax has already been paid on it. But that's the nature of taxation. It's the transfer of wealth that is taxed, as it has to be. The economy is a closed system. If you elliminate tax because "that money has already been taxed" then eventually, there won't be any money that qualifies.
I said that if you have 10 million in the bank, you have already paid the tax. If you inherit it it isn't in the bank. The inheritence tax is another issue altogether.
never pull low......unless you are
QuoteQuoteIf someone has 10 million in the bank they have already paid the tax on it once.
Ahh but what tax would be paid on the income of the $10 million in the bank? Just retail sales tax? that would be a bit of a joke.
I would consider interest to be taxable income.
never pull low......unless you are
QuoteI would consider interest to be taxable income.
You would, but every plan that's been proposed, and any plan that would ever have a chance of passing, wouldn't.
> that would suggest that 10 million = 1 Billion . . .
With logic like that, I think you're needed in Washington.
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