ACTUALLY…it is a dangerous act and one which has been present in the US before and which Obama has his heart set on reinstituting. BTW, Spain is looking into the imposition of a “wealth tax” as well. What the progressive ninnies don’t understand (or more likely give a damn about since they believe their loyalty will save them from the worst effects) is that the wealth of the rich is not enough to meet a fraction of their wants and once the Feds gain the wealth of the “Rich” and still have nothing to show for it, then the shit will flow downhill real quick and their base will understand poverty as it is in the rest of the world. For ease, I used the wiki version of the FDR scam to soak the rich, the “Revenue Act of 1935.
Revenue Act of 1935
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The Revenue Act of 1935, 49 Stat. 1014 (Aug. 30, 1935), raised United States federal income tax on higher income levels, by introducing the "Wealth Tax". It was a progressive tax that took up to 75 percent on incomes over 5 million.[1]
It was signed into law by President Franklin D. Roosevelt.
The 1935 Act also was popularly known at the time as the "Soak the Rich" tax.[2] Many wealthy people used loopholes in the existing tax code to evade these taxes, and the Revenue Act of 1937[1]
cracked down on this by revising tax laws and regulations.[1]
Tom
"Send Lawyers, Guns, and Money,
The Shit has hit the Fan"
"Hiding in Honduras"
- Warren Zevon
From: opendebateforum@googlegroups.com [mailto:opendebateforum@googlegroups.com] On Behalf Of SpaceRace65@aol.com
Sent: Tuesday, November 27, 2012 3:02 PM
To: opendebateforum@googlegroups.com
Subject: Re: If top 5% paid 40% of taxes, what is their 'fair' share?
In a message dated 11/27/2012 2:38:02 A.M. Central Standard Time, Pred544@aol.com writes:
In a message dated 11/26/2012 3:23:11 P.M. Central Standard Time, thevirtualtruth@gmail.com writes:
If you have 40% of the wealth you will pay 40% of the taxes, how hard
is this to comprehend?The USA taxes income, not wealth. How hard is that to comprehend? The top 5% income earners pay 40% of the income tax on only 26% of total earnings. It is time for the slacker class to pay their fair share.
ROFL! VT has totally lost it. Wealth taxes? LOL.
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