rich people should have to pay a consumption tax on the money they borrow

Author: n8nrgim

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#31
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@n8nrgim
Rich is relative to poor

define poor and define rich.

Global standard vs USA standard etc.

Without a commitment by a global humanity --or dictator thereof--, regarding rich vs poor does not significantly change much of our global concerns of 8 billion plus humans wanting more and  more and growing on  Earth with its finite  resources.  Even the amount of solar gain is finite.

When the polar ice caps go, then......amongest many things predicted there is the unknowns.

..."One important thing that will happen is groundwater contamination. If the sea level is rising, there is going to be infiltration of saltwater in groundwater reserves further inland. So even though you may think that you're safe because you are higher than 250 feet, your well may now be contaminated and you can’t irrigate because it's salty water.c""


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#32
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@Sidewalker
a consumption tax is in addition to a sales tax. it's an attempt to tax the rich people's wealth, indirectly. just taxing the sales tax amount is very weak and ineffective at drawing money from them. it's only directed at rich people, in my way of doing things. 
#33
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@Sidewalker
Making borrowing more expensive will benefit the rich
Exactly. Rich people will get even more money from poor borrowers.
#34
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@n8nrgim
a consumption tax is in addition to a sales tax. it's an attempt to tax the rich people's wealth, indirectly. just taxing the sales tax amount is very weak and ineffective at drawing money from them. it's only directed at rich people, in my way of doing things. 
Generally speaking, the rich aren't the borrowers, they are the investors, the ones doing the lending, and borrowing isn't income, so you can't really tax it.  If you did, it would pretty much wreck the economy, mortgages go up, home buying goes down, construction goes to hell, and the economy slides into oblivion, and the rich buy everything they don't already have, and the us becomes a third world country.

Other than that, it's a good plan.
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#35
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@Sidewalker
how old are you? that's one of the stupidest most touch with reality posts i've ever seen on this site.

taxing rich people, i mean very rich... would hardly change anything at all other than increasing tax revenue. someone like jeff bezos doesnt barely pays taxes because he has stocks and no realized capital gains. if he actually had to pay a tax on the things he buys through loans, it's super small fries compared to his wealth. i mean, even if he spent a hundred million a year from loans, which is on the high side for a billionaire, he's still paying only maybe 40 million tax tops out of his 100 - 200 billion wealth. 
#36
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@n8nrgim
He is talking about how penalizing borrowed money will raise the interest rates as less money gets loaned out and banks have to cover the costs of business. While rich people can just then offshore and outsource their finances in a portable global economy, the poor people get saddled with ridiculous interest rates and also taxes on top of the already sky high mortgages that only channel money from the poor and middle class to the ultra-rich lenders.

And then you also get the knock on effect where there's no new construction cause nobody wants to get a local loan for new construction due to the risk of insolvency, and then high property prices get even higher. Rents go up. People get poor. Nobody wants to invest in new businesses for the same reason. Poor people lose their jobs.

It's the kind of policy people laugh at California for passing.

If you want to tax the rich, you really need to rethink the current unfair tax system.
#37
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@n8nrgim
how old are you? that's one of the stupidest most touch with reality posts i've ever seen on this site.

taxing rich people, i mean very rich... would hardly change anything at all other than increasing tax revenue. someone like jeff bezos doesnt barely pays taxes because he has stocks and no realized capital gains. if he actually had to pay a tax on the things he buys through loans, it's super small fries compared to his wealth. i mean, even if he spent a hundred million a year from loans, which is on the high side for a billionaire, he's still paying only maybe 40 million tax tops out of his 100 - 200 billion wealth. 
So you think the way the economy works is that the billionaires are borrowing money from the rest of us, the poor and middle class have the money and they lend it to the super rich, that's how it works, so if we tax borrowing that means the rich pay more, because they are the borrowers.  

LOL, amazing, I'm glad you think I'm stupid, I feel much better knowing a whack job thinks I'm the whack job, it's validating.

I'm gonna go lend Bill Gates some money now, how about you go help out Jeff Bezos...because you know, that's how the economy works LOL




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#38
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@Sidewalker
you are proving you know nothing of how the rich avoid taxes. what i'm stating is a fact. they borrow very low interest loans so they can avoid paying taxes on capital gains and so they can make profit on the income they didn't realize by selling. you are just proving you have stupid theories and that you are ignorant. there's a thing called google.... go educate yourself. 
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#39
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@Sidewalker
you didn't answer how old you are. you must be close to being a teenager, or at least you have the thought process of a teenager. out of touch with reality. 
#40
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@Greyparrot
He is talking about how penalizing borrowed money will raise the interest rates as less money gets loaned out and banks have to cover the costs of business. While rich people can just then offshore and outsource their finances in a portable global economy, the poor people get saddled with ridiculous interest rates and also taxes on top of the already sky high mortgages that only channel money from the poor and middle class to the ultra-rich lenders.
Bingo, the rest of us have mortgages, car loans, most of the country is up to thier eyeballs in debt, where does this guy think they money comes from, let's try to guess who the people who are borrowing  are borrowing from?  You don't suppose it's the people who have the money do you?    There's the haves and the have nots, the have nots are borrowing from the haves, taxing people for going into debt is the dumbest plan I've ever heard.

And then you also get the knock on effect where there's no new construction cause nobody wants to get a local loan for new construction due to the risk of insolvency, and then high property prices get even higher. Rents go up. People get poor. Nobody wants to invest in new businesses for the same reason. Poor people lose their jobs.

It's the kind of policy people laugh at California for passing.

If you want to tax the rich, you really need to rethink the current unfair tax system.
We absolutely need to tax the super rich more, much more, they are not paying thier fair share and it's on the backs of the rest of us.  Taxing borrowers would just make it more unfair.

But some innane plan that assumes the rich are doing the borrowing and the poor are doing the lending, isn't how to do it. And calling it a consumption tax just makes it even stupider.
#41
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@n8nrgim
you didn't answer how old you are. you must be close to being a teenager, or at least you have the thought process of a teenager. out of touch with reality. 
I got my degree in economics before you were born kiddie.
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#42
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@Sidewalker
if you're not a teenager, you have the mind of one. if you have a degree in economics, it's from a shit university or you barely scraped by. i didn't graduate with a degree in economics, but i was an honor's graduate who got an A in a graduate level economics class from a competitive university. 

you have too many incoherent and ignorant points to respond to.  you're a lost cause. 
#43
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@n8nrgim
if you're not a teenager, you have the mind of one. if you have a degree in economics, it's from a shit university or you barely scraped by. i didn't graduate with a degree in economics, but i was an honor's graduate who got an A in a graduate level economics class from a competitive university. 
I already said I find it comforting when a whack job thinks I'm the whack job.

you have too many incoherent and ignorant points to respond to.  you're a lost cause. 
The standard excuse of the clueless.
#44
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@n8nrgim
i didn't graduate with a degree in economics, but i was an honor's graduate who got an A in a graduate level economics class from a competitive university. 
Let's see, tax the middle class and pretend that you are taxing the rich, double down on stupidity, and respond by throwing out insults...obviously you studied economics at Trump University LOL.