Impose a *progressive* tax of the corps' stock price on the NYSE to avoid tax avoidance. - Politics Forum.org | PoFo

Wandering the information superhighway, he came upon the last refuge of civilization, PoFo, the only forum on the internet ...

"It's the economy, stupid!"

Moderator: PoFo Economics & Capitalism Mods

Forum rules: No one line posts please.
#15105236
The US and EU are in the grip of Neo-liberal rich people and their mainstream economists lackeys.

The street protesters must turn the nation in a sharp turn back to Progressive policies.
We have tried Neo-liberal policies and they have made the rich filthy richer and made the bottom 80% of earners poorer.

We need to put MMT economists in charge of the economy.

Beyond that we need to invent a tax that the rich can't avoid or pass on to their customers.

If we assume that competition between corps. will make it harder for them to pass on taxes to their customers then we need to end the monopolies that have been allowed to be formed in the neo-liberal era. This will ensure that there is competition.

But, we still need some new kinds of taxes that are harder to avoid or pass on to the corps. customers.

My MAIN idea in this post is ---
1] Tax corps. with a progressive profits tax. If corps. are like people as the USSC has said then it is OK to impose a progressive income tax on them.
. . . The problem with this is that corps. have subsidiary corps. that they own. This lets them move profits around between their subsidiaries. They often even lose money in American subsidiaries and make all their profit in some foreign subsidiary.

So, 2] How about a progressive tax of the corps' stock price on the NYSE.
. . . The idea is to use computers to automatically keep track of every stock transaction and calculate the average price of every corps' stock every day and then average the day's prices over a month and and send a tax bill based on that average price to the corp..
. . . The rate charged should be progressive with larger corps. paying a larger percentage.
. . . The stock price is the *wealth* of the corp.. So this is a wealth tax, not an income tax. The corps. can't move their wealth around as easily as they can move their income/profits around.

Can anyone think of any way that the corps. could avoid this tax? A way for them to move their wealth reflected in their stock price elsewhere, etc.
.
#15107584
The US Gov. does NOT need to collect taxes from big corps. so that it then has the money to spend.
The US Gov. has to collect taxes from enough somebodies to give the dollar its value to everyone.
The US Gov. also should collect taxes from the rich because ---
. . . 1] They should not be able to use excess wealth to bribe Congress to rewrite the laws to let them become even richer.
. . . 2] The rich just save most of what they earn and this savings help nobody else.
. . . 3] The rich can't spend their earning fast enough to avoid sucking more and more out of the economy, which makes everyone else's real (after deducting the effects of inflation on rents, health care costs, college exp., etc.) incomes drop.

The US Gov. needs a way to make huge corps. (like Amazon) pay their fair share. Currently Amazon gets a refund and so pay a negative amount (according to some accounts I've seen).

A progressive tax is not a flat tax. The percentage goes up as the income or wealth goes up. It might start out very low on small corps. and end up being very, very high on corps. with monopolies, like Amazon.
This sort of tax would make corps NOT WANT TO GET TOO BIG. This would automatically make the economy have many (over 10) comp. doing each different thing. This is necessary because once there are about just 5 comp. in an industry it is considered "concentrated" and so very like a monopoly.

I'm not an expert, however, it seems to me that even a 50%/yr. tax on Amazon's stock price would drive it bankrupt.
Even a 20% tax might drive it bankrupt.

This tax is imposed on the owners of the shares of the comp., but the comp. pays it for them. The Gov. does NOT need to know who owns the shares this way. the USSC ruled a decade or 2 ago that corps. are like people and have rights like people. OK, then they can be taxed like people.

I'vs asked on 2 sites for anyone to show me how a corp. could avoid this tax. No one has replied at either site.
I suppose the idea is too radical.
I'm asking the progressives here to tell me how this is dumb. Shills and bots for the rich should not reply, we know how the rich feel about actually paying their fair share of taxes.

This tax is a lot like the old taxes that were use by states in the past. They taxed land, improvements, and heads of cattle. There were wealth and as such were being used to earn income. The owners could not avoid the taxes on land and improvements and found it hard to avoid it on cattle. If they didn't pay the state seized the property and sold it to get the tax money.

If it was OK for states 140 years ago, why is it not OK now?
.

@Potemkin More often than not, it was the milita[…]

@ckaihatsu @Andrew Jüterbog The idea is stup[…]

I fear it will be worse. I am noticing that peopl[…]

So how deadly is it?

@XogGyux a lot of people are dying in my city d[…]