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this post was submitted on 06 Jan 2024
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The situation is that the ultra wealthy never have to sell.. Instead they get loans since that is cheaper percentage-wise than paying taxes.
I think that's The problem though right. Don't let Mega rich leverage their assets for loans for more assets.
I'm not economist, forcing someone sell something just didn't make sense to me.
No, let them do that, but tax its use as collateral. It's effectively an advance capital gains tax then, allowing them to generate cash flow from their assets but also not letting them escape income/gains taxes.
Yeah this makes sense to me.
Remove the mechanisms that allow them to perpetually amass wealth on untaxed assets. And or tax assets from a certain threshold to the point where billionaires don't exist.
Well, if a sale has to be forced, then so does the purchase. Who are you going to force to buy an asset they may not even want?
Yeah that's what makes no sense to me, forced to sell, but no concept of buyers. The logic is broken. Sounds cool though.
And on top of that, you'd have to force someone to buy an asset they may not be able to afford, even if they want the asset that they're being forced to buy.
Guys, we're talking about the ultra wealthy here. I'm not convinced that they can't afford it. And besides, valuations aren't based on nothing. The interested parties are valuating based on what they think would be acceptable compensation, should the loan, or whatever, default. Simplest solution? If the government values your assets at a rate where you can't find a buyer, then the go government would have to purchase at the established rate.
I want to emphasize here that we are talking about a level of wealth that you will never achieve; A level of wealth that indicates a sickness in society.
What purchase is forced?