The fact that income is taxed while assets aren't is the whole point of contention. Working people earn income. Wealthy people own assets. Therefore, working people pay more taxes than wealthy people and that's not how a free and fair society is supposed to operate.
The problem is that assets have no tangible value until they're actually sold, unless you're going to tax the purchase price every year. But that's an issue because people like Bezos likely didn't buy theirs. I guess you could use the price at market close on the day it was issued
The point of contention comes from not understanding that net worth using unrealized gains is always an estimate.
Bezos doesn't have $240 billion. He has stuff that people think is worth $240 billion. The actual value is imaginary until you find someone willing to pay for it.
Which leads to another issue people don't understand. If Bezos tried to liquidate $240b in stocks, he wouldn't get anywhere near that. Bulk sales like that drop stock prices. Him doing it would probably tank the company.
The best way to try to assign a dollar amount to that imaginary money outside of a sale is when they use it as collateral to get real money.
People tweeting stuff. We allow tweets from anyone.
RULES:
Mark NSFW content.
No doxxing people.
Must be a pic of the tweet or similar. No direct links to the tweet.
No international politcs
Be excellent to each other.
Provide an archived link to the tweet (or similar) being shown if it's a major celebrity, figure or any politician. If you replace the "x" at their site with xcancel (so it beomes xcancel.com), and you're not on mobile, it will save video. https://web.archive.org/save is another great option. Archive.is is no longer recommended because they remove/alter content.
If a tweet (or similar) makes a statement of fact, either mark it as "satire" in the body or provide the original source link backing up the statement
The fact that income is taxed while assets aren't is the whole point of contention. Working people earn income. Wealthy people own assets. Therefore, working people pay more taxes than wealthy people and that's not how a free and fair society is supposed to operate.
The problem is that assets have no tangible value until they're actually sold, unless you're going to tax the purchase price every year. But that's an issue because people like Bezos likely didn't buy theirs. I guess you could use the price at market close on the day it was issued
The point of contention comes from not understanding that net worth using unrealized gains is always an estimate.
Bezos doesn't have $240 billion. He has stuff that people think is worth $240 billion. The actual value is imaginary until you find someone willing to pay for it.
Which leads to another issue people don't understand. If Bezos tried to liquidate $240b in stocks, he wouldn't get anywhere near that. Bulk sales like that drop stock prices. Him doing it would probably tank the company.
The best way to try to assign a dollar amount to that imaginary money outside of a sale is when they use it as collateral to get real money.
You mean like how land is taxed?
That's not how land is taxed