David Shove writes: > Or a Wealth Tax. Tax not just income from this year, but all accumulated > wealth. Annually take a certain percentage of wealth over, say, 10 million > dollars. Pohlad et al could either pay or move. > > This would make the rich smaller, and the poor taller, so we might be able > to play a fairer game on our playing fields.
David suggests taxing savings. Money kept in savings and investments by wealthy people fuel our entire banking system. If Pohlad (a popular target for dislike) and the like didn't have large amounts of money in the bank, I wouldn't have been able to finance my home. Where do you suppose banks get the money to lend us poor folks? Should a person who has worked his or her entire life building a substantial nest-egg to retire then have to fork over a portion of their (already taxed) assets every year, until they have nothing left and have to find a way to earn money at 80, or until they have the same mediocre financial condition as those who did not work so hard? Would a home, or land be included in assets? If (for example) Pohlad sold the Twins and any other income generating businesses he has a stake in, and retired, would he have to give up his boat? His house? His vacation home? How about his art and jewelery? Taxing wealth is counter-productive to our economy. The concept is the product of envy, a rather ugly emotion. It isn't in the purview of city government to do so, any more than the city can tax income (thank God). The voracious appetite that this city has for private money put to public use is becoming obscene. What I want to know is how much money should a Minneapolitan be allowed to keep to look after their own interests? Who decides how much money I can earn, what I must do with it after I earned it, and how much I can keep? How much money is enough money to run a city? Dan McGrath Longfellow http://www.subversivepictures.com http://www.smokeoutgary.org REMINDERS: 1. Be civil! Please read the NEW RULES at http://www.e-democracy.org/rules. If you think a member is in violation, contact the list manager at [EMAIL PROTECTED] before continuing it on the list. 2. Don't feed the troll! Ignore obvious flame-bait. For state and national discussions see: http://e-democracy.org/discuss.html For external forums, see: http://e-democracy.org/mninteract ________________________________ Minneapolis Issues Forum - A Civil City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[email protected] Subscribe, Un-subscribe, etc. at: http://e-democracy.org/mpls
