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Senior Contributor

where will they go?

If Bernie or Buttigieg get their way there will be a wealth tax.  Europe and Japan have tried that and sent investors flying out of the country.

That got me to wondering.  Where will they go?

If you haven't been following lately, China is taking over Africa.  Europe has been a socialist crazy taxing body for decades and Japan isn't going to welcome white American investors.  India?  Maybe.  

But the reality is rich people are running out of places to go with their money and investments.  

Secondly a person that is inexperienced or who hasn't paid attention to history might believe that the wealth tax will just be on those evil million and billionaires.  

"The Revenue Act of 1916 began the practice of adjusting tax rates and income scales. The original income tax was 1% for the bottom bracket, which was comprised of income up to $20,000, and 7% for the top bracket which was comprised of income over $500,000."

And originally the deductions were business expenses; business and personal interest; state and local taxes; catastrophic losses (those “arising from fires, storms, or shipwreck”) not covered by insurance; bad debts; and  depreciation  of business assets.

None of that stayed.  We lost a lot of the deductions and we know the rates went up.

The wealth tax is going to be applied to people that have a ½ million dollar government valued home and a retirement program that the government will value at a couple of million.  The catch will be you don't actually have the money.  It will be like property tax.  Somebody will determine your wealth and you have to figure out how to pay.

5 Replies
Senior Contributor

Re: where will they go?

They are coming here and will be begging to get in.  This is where the action is and there will only be more....dems have zero chance of winning in November.

 

When they get done burning the Bernie crowd a second time, they probably wont even be able to field a baseball team.

Honored Advisor

Re: where will they go?

It`s like property tax in Iowa it`s $30/acre in Minnesota  it`s $60/acre in Nebraska it`s $100/acre.   That $100/acre payment is probably higher that the net return in some years, but you pay it or the sheriff will auction it off on the courthouse steps.

Some Libs will argue "It can`t happen here!   It`s for those worth over $50 million".   But if you`re a liberal that has a nice little nest egg, you might want to look around at the company you keep.  Most Americans live paycheck to paycheck and don`t have the funds to cover a $400 emergency ...are you sure when you`re invited to dinner that YOU aren`t on the menu?

The United States is the last haven on the planet, when we`re gone so goes the world.

Senior Contributor

Re: where will they go?


@BA Deere wrote:

 

The United States is the last haven on the planet, when we`re gone so goes the world.


Yes Sir, and the communists/globalists dang near got it done.

But what we're about to see is a mass rejection of globalism around the world.  All those investigations that have been ran like real investigations and not leaked are going to rain down like napalm upon the DC swamp with repercussions for the rat lines around the world.

I got a call from a buddy that was a life long democrat, and he said he took a survey at the church pot luck dinner and they all decided the swamp is screwed...  😉

Advisor

Re: where will they go?

BA, its more like $70 per acre here in MN with the latest increases, and one 80 I have is over $90 per acre with a couple of machine sheds and some old grain bins. There are quite a few sales now in the $3000 and $4000 per acre range, but the county assessors will just ignore them, saying they were forced or sweetheart deals and they will find the six sales that the BTO hog farmer paid a premium for and tax us based on that. These government officials know that there are a whole lot more voters in houses that were promised they were not going to have to pay for that $45 million school building, and that the "rich" farmers would pony up for it. You are lucky to live in Iowa where the people are not like the wipe "Boriz" here that was so gleeful about how farmers were getting shafted. What a tool that guy is.....ugh. Thomas Jefferson was so prophetic when he wrote about how you needed an agrarian base for a republican democracy to succeed.

I pray that Mean Amy doesn't get on a national ticket and possibly sway votes in MN....MN needs to have republicans take back our state and try to reverse what the fruitloops have been doing here......it's changing from the star of the north to the fruitloop bowl.

Advisor

Re: where will they go?

GH, yeah, but what did the guys mother have to say?