General Discussion

brokechris

(192 posts)

24. yet some people have scrimped and saved

Tue Nov 20, 2012, 05:25 AM

Nov 2012

and worked very very hard to accumulate something so they can be comfortable in their old age. My own parents (in their 60s) have paid their house off through blood, sweat, tears and a lot of self denial.

My father was disabled at a young age, with a disease that was extremely painful--he worked every day for 47 years in spite of constant agony--never taking a sick day. His Dr's were astonished that he managed it.

So the little bit that they have accumulated for their old age---THAT is hoarding?

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NY Times Op-Ed: Tax Wealth, Not Income [View all] amborin Nov 2012 OP

Yep. I've said this for a while........ socialist_n_TN Nov 2012 #1

As Greece how well that works ProgressiveProfessor Nov 2012 #3

Simple, you make people report their own wealth. reusrename Nov 2012 #7

With what means of traceability or discovery? ProgressiveProfessor Nov 2012 #12

Good thinking. reusrename Nov 2012 #17

Would you commit perjury to hide your assets? closeupready Nov 2012 #8

Yet this can be a problem esp. for elderly who own their house or farm yet have SharonAnn Nov 2012 #15

I don't see the problem. reusrename Nov 2012 #19

This is an op-ed, not an editorial. athena Nov 2012 #2

Interesting. Game would change from disguising income to hiding wealth. DirkGently Nov 2012 #4

It just seems that way at first. reusrename Nov 2012 #10

It is much easier for the common people to hide wealth. ProgressiveProfessor Nov 2012 #13

Is the idea for the wealth to never grow beyond a certain amount? JustAnotherGen Nov 2012 #5

Let's see Retrograde Nov 2012 #6

End the massive accumulation of wealth, period n/t leftstreet Nov 2012 #9

It discriminates against savers, rewards the spendthrifts mainer Nov 2012 #11

we'll have to kill them first librechik Nov 2012 #14

holy carp! nt brokechris Nov 2012 #25

and we can't kill them either, obviously. That's why it's such a thorny problem. librechik Nov 2012 #34

How do you calculate wealth? gravity Nov 2012 #16

Tax both. ProSense Nov 2012 #18

Make all bank records accessible by the IRS... Comrade_McKenzie Nov 2012 #22

wow! all I can say is that I am FAR to the left of you brokechris Nov 2012 #23

aren't bank transfers over a certain amount, maybe $1K, already flagged? by homeland security? eom amborin Nov 2012 #37

"Privacy nuts"?? Wow---your board name really IS apt. WinkyDink Nov 2012 #29

I'm not sure I get it brokechris Nov 2012 #30

AFAIK, that's already the case. Bank accounts have required your 'SS# or Tax ID#' for years. freshwest Nov 2012 #35

This would be un-Constitutional PlasticFern Nov 2012 #20

Welcome to DU! hrmjustin Nov 2012 #38

Most people I know have no saved wealth... the entire paycheck goes to bills... Comrade_McKenzie Nov 2012 #21

yet some people have scrimped and saved brokechris Nov 2012 #24

My 88-yr-old mother, as well. Lives really frugally, so she can have some U.S. bonds. WinkyDink Nov 2012 #28

and I believe older people like your mother brokechris Nov 2012 #31

The virtual elimination of the inheritance tax, something the Founders approved of, destroys that. freshwest Nov 2012 #36

I am more comfortable with just income and estate taxes. MrYikes Nov 2012 #26

Well, there are a whole slew of retireees like me---from public education---who think this is a bad WinkyDink Nov 2012 #27

I do find it fascinating that now that the top marginal rate is likely to go back to 39% Warren DeMontague Nov 2012 #32

No shit! ProSense Nov 2012 #33

This ought to be the primary method for collecting taxes. reformist2 Nov 2012 #39