[ExI] Michael Cohen
spike at rainier66.com
spike at rainier66.com
Thu Feb 28 17:53:42 UTC 2019
From: extropy-chat <extropy-chat-bounces at lists.extropy.org> On Behalf Of Henry Rivera
Subject: Re: [ExI] Michael Cohen
>...Spike, please. This seems hardly plausible. You sound paranoid. And comparing it to slavery? That comes off as pretty insensitive to the brutality that slavey was...
On the contrary Henry.
If this government or any government makes arrangements for a 70% progressive tax bracket that is enveloping more and more people, most capital investments no longer make sense. Capital goes elsewhere. Fewer people have jobs. Government revenue goes down as collective need goes up. You have never seen brutality until you have seen the result of such a thing.
>...I’m reminded that Warren Buffett, who is estimated to be worth more than $47 billion, called on Congress to commit to "shared sacrifice" and raise taxes on people earning more than $1 million...
Sure of course, because Warren Buffett is among those few who will not share that sacrifice. Bigtime investors don't really have much taxable income. They build wealth in a way that isn't taxable through income tax. They occupy themselves by increasing the value of their holdings. The US government can only tax income. They have no way of knowing what you already own, and have no business knowing that. Your net worth isn't on a tax return, and doesn't need to be: that isn't taxable. Warren Buffett isn't suggesting any tax that will cost hm much of anything.
Beware the advice of highly successful people, for they do not want your company.
>...So there is even support for this among the filthy rich who realize they can maintain extravagant lifestyles even with larger tax rates on them...
Notice you always hear this kind of thing from people who have already made their fortunes. They are all for higher taxes on those who are coming up behind them.
But consider for a moment, what if... what if the system were changed to some kind of wealth tax. How would the government calculate your tax bill? They can do it when you sell a property which has appreciated by treating that as income, but what about your holdings you don't reveal such as physical gold and bitcoin for instance? If you hold that stuff, you better not tell people you have it. Reasoning: if you have physical gold, criminals will break into your house and kill you if you don't hand it over. If you hold bitcoin or cash, criminals will steal your children and kill them if you don't hand it over.
Result: if the US federal government even starts seriously talking about a wealth tax, or any tax on that which you already own, the value of property goes way down and the value of gold, cash and bitcoin goes thru the roof.
With that in mind, how difficult would it be to get at least a third of the senators to just say no? It would be the easiest election in history: vote for me, and I will prevent compelling criminals to steal and murder your children.
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