January 13, 2013
Salve Sclave: "Note that tax increases are on income, not on wealth."
The notion is to prevent anyone not already rich from having any hope of becoming rich.
If you are born rich you may be able to graduate from a major university without owing tuition debts. If you are not born rich, or your parents are on wages which might be high enough to pay your tuition were it not for the income taxes but cannot do it now, you will come out into the world with a lifetime debt. Unless you are part of the hereditary aristocracy. Many colleges allow free tuition for children of tenured faculty members. -- Chaos Manor Jerry Pournelle
Posted by gerardvanderleun at January 13, 2013 5:54 PM. This is an entry on the sideblog of American Digest: Check it out.
Thats why the Buffets and Gates billionaires and a whole raft of multimillionaires love income tax increases. It never affects them but sure keeps their less well off rivals from challenging their empires. You need only observe how the old oligarchs used government and intrigue to stiffle their opponents and bankrupt them if possible.
Posted by: indyjonesouthere at January 13, 2013 11:42 AM
The motive of the Left since 1789 has never been to do away with the aristocracy, but merely to usurp it.
Posted by: Rob De Witt at January 13, 2013 12:37 PM
No shit. If you taxed wealth instead of income, people would have to sell shit to pay it. With income it's pay as you go.
We actually have a wealth tax in New Jersey. It's called the property tax, and it sucks big donkey dicks in comparison to the sales and income taxes.
Posted by: Daniel at January 14, 2013 4:28 AM
Pray tell, Daniel, why are you still in New Jersey?
Posted by: Peccable at January 14, 2013 12:31 PM
Double income trap. My job is very portable, but my wife's is not, and she is marginally the primary breadwinner. She'll be retiring a few years ahead of me and that is when we'll move out of the state.
Posted by: Anonymous at January 15, 2013 3:59 AM
This is what the estate tax was supposed to fix. Of course, people with enough wealth just donate their wealth to charitable foundations to avoid the tax.
Posted by: Joel at January 18, 2013 12:23 PM