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Let’s Set a Maximum Wage for the Rich | The Tyee
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this post was submitted on 26 Feb 2024
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How does that work when the super rich don’t pay any taxes to begin with? How do you tax wealth? How do you tax loans against shares?
in the united states, there were all kinds of 'wealth' taxes that prevented the loop holes. all that was systematically deleted over the last 60 years as conservatives decided 'me want money, fuck society'
The top marginal tax rate in the US peaked in 1951 at 92% on income in excess of $400k (joint filing two income), the equivalent of about $4.7M in today's money. That should come back.
Make it illegal to use shares as collateral for a loan. If a person can pay back a loan, they can buy back the shares after they sell them because they need money. Now people are paying capital gains taxes.
Ok but how are you supposed to do that when the most powerful and influential people in the world are the very people who rely on that method to maintain their power and influence?
Execution? 🤷🏻♂️
You tax holdings.