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Politics : View from the Center and Left

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To: Sam who wrote (480043)	9/24/2021 4:28:49 PM
From: cosmicforce	Read Replies (2) of 542528

I thought about this on my walk around the neighborhood yesterday. What could the government do and what could most citizens do to stop them from doing it? The government is up against a wall with interest rates pumping the economy and could make holding cash taxable - and that if you weren't actively invested you pay a tax plus inflation on any fungible assets. The thing is that billionaires often own a whole lot of debt so as long as the books say they owe money - they don't actually sit on that much wealth. History shows what is initially directed towards the "wealthy" (Income Tax, AMT) ultimately comes back on the middle and upper middle class that are trying to claw their way out of poverty and make the wealthy pay their way. Initially the income tax was a few percent for well-off people in contemporary numbers ($800 income or more a year) - that ended pretty abruptly.

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