Guest Post by The Zman
Elizabeth Warren is running for the Democratic presidential nomination, so she is out making the rounds, boasting of what she would do as president. She’s planning to run as the weepy champion of the middle-class, so you can expect her to say the “middle class is getting hammered” six million times over the next year. She can’t be a culture warrior, now that her fake Indian cover is blown, so she is going for the bourgeois populism that used to be a thing on the Left, before they discovered anti-whiteness.
Warren’s first salvo is a wealth tax, which will be some sort of levy on those with assets over $50 million. This will be in addition to the regular income tax and she says it will raise $2.75 trillion over 10 years. That’s like saying the plan will allow Big Foot to finally get the unicorn he always wanted. Politicians love making ten year projections, despite the fact no one believes them. It’s just a way for the actors, our rich people hire to run for office, to sound like they are something other than actors. It’s part of the role.
Portly polemicist Kevin Williamson was ready to lead the charge against this new communist assault on the rich people who pay him to sing their praises. That post is a madhouse of nonsense, but it is also like reading National Review from 1985. That old crowd is still lighting candles, hoping the Left will get back to talking like socialists, so they can get back to pretending to be conservatives. Comparing what Warren is proposing to the Soviet collectivization programs is dumb even by the standards of Kevin Williamson.
It’s also completely backwards. Historically, the radical position on taxes is all about restructuring society and making it more egalitarian. The Right took the position that the state was primarily in service to the rich, so the rich should pay for it. Sure, the rich tax the poor, that’s why they are rich, but they pay for the state, because it serves their ends. The Warren plan is hardly radical. Every state in America has property taxes. Some have inventory taxes on business and asset taxes on individuals. Asset taxes are common.
Of course, Warren’s game here is to pitch herself as the champion of middle-class white women. Kamala Harris will get the black vote. The question is whether she is black enough to get enough of it. Warren is betting she can scoop up the Sanders vote and the box wine auntie vote, in order to counter the black vote. That’s why she is pitching this idea, which she knows will never happen. It’s a form of virtue signaling in order to shape the narrative of the 2019 election season, heading into the primaries next January.
Still, it is an idea that should be discussed. America has many problems and is probably headed for a very bad end, but if reform is possible, it starts with reigning in the out of control plutocrats. Everyone talks about the racial and ethnic hostility, but one big problem is the degree of inequality. You can make all the libertarian arguments you like to explain why this is not a bad thing, but history says otherwise. Throw in the outright hostility of the rich toward their duties to the nation and it is a dangerous brew.
A debate about an asset tax also does something else that is needed. It raises the issue of why taxing income is acceptable, but taxing other things is taboo. Why do we treat investment earnings as sacred, while the working man’s paycheck is fair game? Take this further, why are we using an industrial age tax philosophy in the technological age? The world is a very different place economically, compared to a century ago when income taxes were invented. It’s time to think about modernizing taxes.
Another thing worth debating is how tax policy changes the behavior of office holders in a neoliberal democracy. Every shabby economics expert in Conservative Inc. can lecture on tax policy and market incentives, but no one thinks about how tax policy changes the behavior of public officials. Income taxes encourage government to attract earners, not builders. Countries become flop houses for stateless economic pirates. That’s what countries are in the global age. They are a pirate’s cove for global capital.
Asset taxes could motivate politicians to attract investment that creates wealth in the nation. After all, if the money available to the politicians is pegged to the asset value of the nation, nationalism makes a lot of sense. That’s why the flunkies and coat holders for the globalist class will be howling in agony at any attempt to debate this idea. Income taxes serve the interest of the post-nation future. Global capital is just a renter, always looking for the cheapest rate, with no stake in the port where they find shelter.
Make no mistake, Elizabeth Warren is as dumb as a goldfish. She’s proposing this because the script writers hired for her told her it will get applause from the demographic she is courting. On this side of the great divide, it offers a chance to talk about bigger issues in practical terms that disgruntled whites can follow. It also offers another chance to be the thoughtful, intellectually serious alternative to the sad clown show that in conservatism. The politics of the future, will need a tax policy to match it.
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CNN – the stupid, it burns.
Mad as Hell,
Is it not true or something?
So goldfish are even stupider than I thought.
The point to the reposted blog is that we need a modern tax structure. The idea of a Transaction Tax is relatively new, but it’s a morally based system that taxes both the buy and sell sides of a transaction (a contract between a supplier and a consumer), and could ELIMINATE ALL OTHER TAXES…yet, we get more 19th Century nonsense from both economists and politicians and the sycophants who report upon them. Here’s the tax link, look at it yourself: http://www.apttax.com/index.htm
You’ll find a tax system that is both modern, and will enable EVERYONE to pay their “fair share,” as the socialists like to say…Will it ever pass? Not until the next Revolution, unfortunately.
If the axiom that, “the power to tax is the power to destroy”, has veritas, how about a “transaction” tax on HFTs of ETFs/Derivatives? If it could be implemented, possible scenarios:
1) the gov deficit would end
2) eventually all such txns and naked shorts would end
3) the Fed’s dark “PPPT market interventions” would be exposed and end also
4) the super-rich globalist financiers may be forced to actually fund again enterprises of real PRODUCTIVITY/benefit to said PRODUCTIVE “People”.
If you think you own your house, or car, try not paying taxes on them
Exactly. I tell this to people all the time.
Ooooo, so . . . succinctly stated! Hoo-rah.
“… but taxing other things is taboo.”
Pardon me, but everything I paid for yesterday; from the grocery store, dry cleaning, monthly phone bill, the interior paint, oh, and sorry but don’t forget at the gas station, had layers of taxes on it. Beginning from the property & employer’s taxes on the producers, road and fuel taxes on the transport, FCC taxes and, environmental use taxes. And the ubiquitous sales tax at the point of purchase. No taxes on “other things” aren’t taboo, but instead are a both a Government’s sacrament and raison d’etre.
Piracy you’ve called it. And it is. The labeling of the Buccaneers, however, depends on the flag one is flying: government, privateer or freelance. ANd also how much booty one is allowed to take. Arrrghh.
Nicely said. You’re so polite. I’m working on that but finding it difficult these days.
pequiste,
did you go to gasparilla yesterday?
I don’t pretend to understand the ins and outs of the argument but is not the income tax flat out unconstitutional? The amendment not properly ratified? Perhaps someone more familiar with the situation might chime in…
It’s kind of like this gcp, I used to have a nice little tome on the subject of morals and ethics.
But, somebody stole it.
One major financial area that nobody is discussing is the amount of tax-free assets there are in “foundations” and “endowment funds”. Most of these are left-wing entities that dole out their funds (actually only from the interest earned on these funds) to support primarily left-wing causes.
Almost every college-based endowment fund could easily afford to provide free tuition to their students without making a dent in the solvency of their funds.
Maybe it’s time to tax the “wealth” in these funds.
The author’s premise is correct, that income taxes impose a substantial burden on those least able to pay while treating “unearned income” such as stocks, bonds, and other non-labor assets preferentially with lower tax rates.
Maybe a one-time “wealth tax” is not such a bad idea, especially for those who are wealthy enough to have their holdings in foreign tax shelters and other tax-free venues.
It could be argued (it already probably has) that “income” from labor is not really “income” at all, because it is a “trade” of one’s expertise and time for cash. There is no “profit” gained by the employee. It is merely a “trade” transaction. This premise could make income taxes on labor illegal. Of course, the courts probably have already ruled otherwise, but it is just an idea.
Great post, Anarchyst. While most people have been going about their daily business, the biggest theft of all time has been taking place. The FED counterfeits trillions, lends it to the banks at 0%, and they buy everything. We call these people billionaires in America, celebrate them as the finest capitalism has to offer. Bullshit. They’re thieves. In Russia they call them oligarchs. So we’ve got to do something about this, or we lose our country. Doesn’t matter what the mechanism is, taxes, regulation, antitrust, guillotines. Makes no difference. There’s a job that’s got to get done
sorry anarchyst,
any trade or barter is also taxed–
You are correct that the IRS considers “barter” or “trade” to be “income” for tax purposes.
This erroneous interpretation is what makes the tax system as lucrative as it is, but, it is in error, because there is NO GAIN. Labor is merely “traded” for dollars…
Endowment funds cannot cover tuition, except in very very few instances. That claim you made is bullshit.
For instance, I just picked a random college – Boston College. It has around 10,000 students, and a 2.6 billion endowment. At 5% return, that is 130 million a year. But it needs to grow a bit, too, or inflation will kill it. So let us say $100 million a year is the net income available. For 10,000 students. Which equals $10,000 per student. And that does not consider capital expense requirements that are very consequential. Which means anarchyst is talking shit once again.
Really, anarchyst should do some actual research before posting shit. It is embarrassing the crap posted as fact which is just crap.
This is easily verifiable by anyone.
actually llpoh,
it’s not such a bad idea–if they were told to pay it out as tuition or pay a tax,along w/no more fed $ if they don’t comply,i bet they could figure out a way to do it–
perhaps that prof who teaches the making trannies feel secure in an evangelical family course could be fired,along w/a few other profs–
a 5% salary reduction for all personnel,and in a city such as boston,i bet that they could lease out a few classrooms to make some $,wouldn’t take long to pay that tuition–
Tampa – go get the figures and tell me how much they pay out. My guess is they pay a lot out already. As I said, the bullshit about how they make enough to cover all tuition is total bullshit. Additionally, they need the endowment to keep up with inflation. Additionally they need the endowment to cover capital expenditures – like new dorms and such – that happen all the time.
Your ridiculous answer ignores numbers. Tuition is around $50k a year or whatever, and endowment could maybe cover around 20% of that. Firing a few professors, renting out a few offices, etc., reducing wages 5% is not going to generate $400 million a year so as to eliminate tuition (say wages are $300 million a year. Your stupid plan will take 15 million as reduced salary, and maybe 30 million if 10% of the profs are entirely cut. So you have cut a total of 45 million – which leaves another $355 million, which you think can be covered by renting classrooms. Fuck me dead, you are an idiot.)
Let that sink in, you numbskull – the endowment can cover maybe 20% of the $500 million tuition bill, but the tuition bill likely already reflects that. And that does not include the capital costs, room and board, etc.
Seriously, how is it folks like you and anarchyst can be so fucking stupid? Numbers. They are easy to calculate. They do not lie.
And here is the thing- Boston College would be one of the best endowed schools in the country, outside of the Ivies, Stanford, etc. Most schools have no where near that per capita endowment.
Buy a damn clue. You are obviously financially illiterate, along with anarchyst who regularly posts bullshit.
Ha Ha, Llipoh…looks like I struck a nerve…
Your name-calling exposes you as a small-minded, insecure individual. It’s time for you to leave your mom’s basement…
These endowments and private foundations do not pay out much at all. They are sitting on mounds of tax-free cash.
Llpoh must be a college professor who feels that his “profession” is potentially being threatened by their “cash cow” being exposed…
A good example of taxpayer abuse by these foundations and organizations is that of the Detroit Institute of Arts. The Institute managed to get a property tax millage passed by crying poverty, despite having BILLIONS in assets and cash. They offered “free admission” to those who lived in the three counties that were subject to the millage. It turns out that they have increased the number of “special events” that do not qualify for “free admission” for county residents. Almost every week there are “special events” that require admission fees from those who are now “paying the bills”–county taxpayers.
At the present time, they are begging for “volunteers” as the millage doesn’t appear to be enough…bastards.
So much for “bait and switch.
Anarchyst – you simply showed what a moron you are. You seriously are innumerate. What say you post some facts to support your lunacy? You cannot. Because it was all a lie formulated in your mind with zero facts to back it up.
Please post the endowments of any three non-Ivies, non-elite universities that can cover the cost of tuition. Go for it big boy. Hell, even some of those will be unableto do it.
Further, I talk about endowments and he talks about art. Amazing.
Further, I did a quick bit of research, and lo and behold, universities spend about 5% of their endowment each year. Wow. Exactly what I said. Amazing, right.
So anarchyst claim that they do not spend is another lie. 5% is what is considered sustainable. And it may be too high.,
The Detroit Art institute is a museum. The vast majority of its assets are in art, with non-art endowment in the $200 -400 million range. What it has to do with your absurd lies about university endowments I do not know. Nice bait and switch, given you cannot defend your lies.
A couple other facts, which anarchyst ignores:
Total of all US endowments $525 billion approx.
Total available each year to spend approx. $25 billion
Total students 25 million
Total available endowment per student = $1000
Holy fuck! Facts! And it blows anarchysts claims that endowments can cover tuition to shit.
maff hurts my feelings,i no wanna be your frien no more–
The problem is that everyone has accepted the premise that taxation is just or even necessary to fund a government. ZH had the per capita tax burden on their site this morning and it was something like 5-6K per person, every year.
Are you getting 5-6K in value from the FedGov?
Asks the guy who does not file a tax return.
Bingo! Zman talks about how to fund the bloated welfare/warfare State instead of trying to figure out how to reduce it. Not that I’m advocating a white identity government like Zman is, but you’d think a fundamental principle for it would or should be limited, Constitutional government, FFS.
He has this pipe dream of exerting political control via a wealth tax over all the irritating progressive oligarchs he despises. Short of un-Constitutional Bills of Attainder, how is this possible? Isn’t it easier just to enforce anti-trust laws? Or even to break up large banks?
How he proposes to have a wealth tax without destroying our debt-driven, interest-rate sensitive economy is anyone’s guess. One man’s debt is another man’s wealth after all. Zman has a tenuous grasp of basic finance.
If the Government were 1/2 the size of the present one, Nancy Pelosi and her ilk would be a tolerable annoyance. It’s just intellectually unsound to argue that the current government footprint would be fine if only White Nationalists were in charge of it. If Jesus Christ were in charge of this Government, I would still find it too large.
Tax take does not mean expenditure. The fuckers might be taking $6k per capita, but with the deficit they are spending $10k per capita. Are you getting $10k per family member value?
That is rhetorical.
Sometimes tax policy has other goals besides funding the government. Llpoh, you had a great comment some months back about the pros and cons of the estate tax.
No matter what tax system you prefer, there will be high priced lawyers setting up complex dodges for asset rich people to avoid paying”their fair share.”. So don’t eat the rich, just eat their lawyers.
Elizabeth Warren has lost a great deal of credibility in the last several years due to some silly to idiotic comments regarding herself and Native American family history among other things however she is probably truly one of the more intellectual women in Congress today . If she would or could stick to absolute facts and figures she would do much better and at least 100 MILLON unemployed or grossly underemployed Americans would listen . Income tax is a good start . If your money invested earns you income it is taxed at 15% but if you get your hands dirty earning income you are taxed at 28% . Gee I wonder who bought I mean voted that tax law into effect . Dont start that trickle down investment job creation. That bull shit never truly materialized and honest people know it . If minimum wage only kept up with the real inflation figures it would be $21 dollars per hour . Drastic changes must take place or their will be a civil uprising that could reach epic proportations due to the true disparity of wealth in this country between the top 10% and the other 90% .
The elites making up the circle jerk that is Wall Street to K-Street to Capitol Street have overplayed this poker hand for decades and now its time to call their bluff . Time will tell but hiding behind badge wearing minions will be of little consiquence if the real shit hits the fan . Time will tell but the time to prevent blood shed is getting short .
So long as we have taxes base on aggression, we will never have peace or prosperity. People must learn and support the non aggression principal if we are ever going to return this country to what it was meant to be. The non aggression principal simply says it is wrong to harm or steal from someone by force. This applies to taxes from the point that most taxes today are enforced at the point of a gun. Income and property taxes go against the spirit of the Constitution and the Declaration of Independence. The only taxes that are compatible with the spirit of freedom are voluntary taxes, not taxes by force. The only taxes that are voluntary are sales taxes. With sales taxes, you at least have the freedom to decide weather to purchase or not.
The current tax system makes slaves of the working class, and until people realize that, we are going to be relegated to being nothing more than indentured servants.