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Wealth Tax Fails The Test Around The World

 
Old 02-03-2019, 10:45 AM
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Default Wealth Tax Fails The Test Around The World

Wealth Tax Fails The Test Around The World

Wealth Tax: There's little doubt that the political flavor of the day is what the left calls "democratic socialism." And one of this movement's more recent ideas, from Sen. Elizabeth Warren, is to impose a "wealth tax" on the wealthy. Sorry, senator, it's an old idea one that's thoroughly discredited.

To begin with, the wealth tax is nothing new. It's been tried by many nations, but most who've tried it have dropped it. As recently as 1990, according to the Organization for Economic Cooperation and Development, 12 of its member countries imposed a wealth tax on citizens. Today, it's just four.

The irony is that those who ended their failed experiments with the wealth tax are those that America's "democratic socialists" say they most admire. That includes Denmark and Sweden, nations often cited by people like Warren, Sen. Bernie Sanders, and Rep. Alexandria Ocasio-Cortez as worthy of emulation by the American left.

Why did those countries drop wealth taxes? As The Tax Foundation noted, "Countries have dropped the taxes due to the challenges they pose." Among others, those challenges include wealthy people fleeing the country to avoid taxes, and declines in investment and jobs.

Warren's proposal is radically simple: She wants to tax anyone with net assets over $50 million 2% a year on their wealth. If you have over $1 billion in net assets, the tax goes up to 3% a year.

Taxing, Or Theft?

Gee, you say, why not tax the rich? It would transfer $2.75 trillion of wealth from those who earned it to wasteful big government. That's not taxing, it's theft, and very likely unconstitutional. Why start down that socialist road now?

Worse, wealth taxes can have very bad effects. Take France. There, "A wealth tax imposed on assets over 1.3 million euros led to an exodus of taxpayers from the country. In 2016 alone, 12,000 millionaires left France, the highest outflow in the world." The year before, 10,000 millionaires left.

And it's been going on for years. As Simon Black of the Sovereign Man website noted, "In France, 513 wealthy households left the country every year for 35 years because they were tired of paying a wealth tax taking an estimated $175 billion of assets with them." This, Black adds, has cost France some 400,000 jobs.

Even Sweden Ended Wealth Tax

This explains in part why France's Gilets-Jaunes are demonstrating. Their taxes go up as the wealthy leave. But that's always the case when socialists tax "the rich": When the rich leave, the middle- and lower-classes, who can't afford to move, pay more of the tax burden.

As for Sweden, its tax brought in about $600 million a year, but ultimately cost the country some $200 billion in capital flight. Not worth it.

If Warren and her socialist buddies get their way, it will happen here too. Democratic presidential candidate Michael Bloomberg is exactly right, likening wealth taxes and other items on the far-left's agenda to what's going on today in Venezuela.

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Old 02-04-2019, 12:50 AM
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To what extent socialism had benefits in Sweden, Norway, and Denmark, keep in mind that at the time these countries had homogenous populations; i.e. non-diverse populations. Everyone spoke the same language, everyone had the same cultural background and they were proud of their cultural background, and they were all basically of the same race and pretty much all looked alike. It's not all that disruptive for a tax code that takes part of your wealth and distributes it to someone who is pretty much like you, but just not as wealthy.

In a diverse society, socialism means that the government is going to take part of your wealth..a substantial bite...and distribute it to someone who doesn't share your cultural beliefs...maybe even hates your cultural beliefs, doesn't speak your language, and is most likely not financially able to support themselves because they are non-functional. In these circumstances socialism will be an abject disaster.
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Old 02-11-2019, 04:37 AM
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Tabbing between Twitter, Tumblr (may she RIP - thanks to the cu-nts in Cupertino who subject Chinese peasants to a firing squad yet maintain God’s greatist gift is being born a fa-ggot. <rolleyes>

Anywhoo, a thread shouldn't be titled ***** absent delicious depictions of such. <frown>
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Old 02-11-2019, 06:55 AM
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The guy who wrote Warren's plan ultimately said they would eventually go after people with a net worth 1-6 million with incomes of 4-500k.

It's a slippery slope and dropping the 50m threshold if implemented is guaranteed.
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Old 02-11-2019, 07:00 AM
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Originally Posted by 68/70Vette View Post
To what extent socialism had benefits in Sweden, Norway, and Denmark, keep in mind that at the time these countries had homogenous populations; i.e. non-diverse populations. Everyone spoke the same language, everyone had the same cultural background and they were proud of their cultural background, and they were all basically of the same race and pretty much all looked alike. It's not all that disruptive for a tax code that takes part of your wealth and distributes it to someone who is pretty much like you, but just not as wealthy.

In a diverse society, socialism means that the government is going to take part of your wealth..a substantial bite...and distribute it to someone who doesn't share your cultural beliefs...maybe even hates your cultural beliefs, doesn't speak your language, and is most likely not financially able to support themselves because they are non-functional. In these circumstances socialism will be an abject disaster.
In ALL circumstances socialism is an abject disaster.
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Old 02-11-2019, 08:46 AM
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Originally Posted by theandies View Post
In ALL circumstances socialism is an abject disaster.
True! Denmark and Sweden are real shitholes.
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Old 02-11-2019, 08:51 AM
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Originally Posted by theandies View Post
In ALL circumstances socialism is an abject disaster.
Yup... It makes as much sense as a dog in a tutu.


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Old 02-11-2019, 09:41 AM
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Originally Posted by juanvaldez View Post
True! Denmark and Sweden are real shitholes.
All the Scandanavian countries (Norway, Finland, Sweden, Denmark) are beautiful. But they are not an "apples to apples" comparison to any other countries except each other.

A close friend of mine grew up in Oslo, Norway (his family has lived in Oslo for over 100 years and continues to live there) and spent several years living in Sweden (boarding school of some kind, IIRC) before attending college in the US and eventually choosing to stay here. Him and I have had extensive conversations about the Scandanavian vs US way of life.

They are tiny nations (comparatively speaking). The general population is all of Scandanavian heritage. This matters because Scandanavians have a very strong work ethic reinforced from a young age. They work hard and play hard. Being a lazy bum is simply not something a Scandanavian believes in. They are similar to the Amish in that regard. There is simply no justification for being a lazy POS in those societies. You will be "shunned", more or less. They frown heavily on those who are lazy A-holes.

They have strong, close knit families. Traditions are very strong there. They are sincere, genuinely nice people with some of, if not, the lowest violent crime rates in the world. They do not have 30%, 40% of the kids born into 1 parent households. They do not have 7+ kids when they can afford only 1 (or none) and demand the government pay. Families are very fiscally responsible and have the number of kids they can afford and feel comfortable caring for.

Politicians there are far, far more honest than ours. People take pride in learning and being well informed over there. They don't tolerate the government corruption we have.

Contrast that with the US. If all Americans acted that way, maybe, possibly, arguably Socialism could work, but only 10, 15, 20% of our population is hard working and altruistic.

You'd have a better chance at Tom Brady throwing 40 TDs in a single game than Socialism being successful here.
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Old 02-11-2019, 09:44 AM
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they just didn't do enough of it[/kotex]
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Old 02-11-2019, 09:57 AM
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Originally Posted by Slo Yelo C5 View Post
All the Scandanavian countries (Norway, Finland, Sweden, Denmark) are beautiful. But they are not an "apples to apples" comparison to any other countries except each other.

A close friend of mine grew up in Oslo, Norway (his family has lived in Oslo for over 100 years and continues to live there) and spent several years living in Sweden (boarding school of some kind, IIRC) before attending college in the US and eventually choosing to stay here. Him and I have had extensive conversations about the Scandanavian vs US way of life.

They are tiny nations (comparatively speaking). The general population is all of Scandanavian heritage. This matters because Scandanavians have a very strong work ethic reinforced from a young age. They work hard and play hard. Being a lazy bum is simply not something a Scandanavian believes in. They are similar to the Amish in that regard. There is simply no justification for being a lazy POS in those societies. You will be "shunned", more or less. They frown heavily on those who are lazy A-holes.

They have strong, close knit families. Traditions are very strong there. They are sincere, genuinely nice people with some of, if not, the lowest violent crime rates in the world. They do not have 30%, 40% of the kids born into 1 parent households. They do not have 7+ kids when they can afford only 1 (or none) and demand the government pay. Families are very fiscally responsible and have the number of kids they can afford and feel comfortable caring for.

Politicians there are far, far more honest than ours. People take pride in learning and being well informed over there. They don't tolerate the government corruption we have.

Contrast that with the US. If all Americans acted that way, maybe, possibly, arguably Socialism could work, but only 10, 15, 20% of our population is hard working and altruistic.

You'd have a better chance at Tom Brady throwing 40 TDs in a single game than Socialism being successful here.
They're acting "civilized" since they don't have to put up with "diversity" and the gangs that come with it

Last edited by StrangelovesM6Vert; 02-11-2019 at 10:00 AM.
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Old 02-11-2019, 05:00 PM
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Originally Posted by StrangelovesM6Vert View Post
They're acting "civilized" since they don't have to put up with "diversity" and the gangs that come with it
There is your problem.

Scandanavian countries don't have gangs, baby momas, welfare fraud, etc. With those present, not a snow cone's chance in hell of socialism working.
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