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Oh how will they survive
(lemmy.world)
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this post was submitted on 27 Apr 2024
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yes but a wealth tax is a tax on what you own or what you could buy, aka your net worth
Which is fucking stupid.
except for property taxes, which have existed since the beginning of the country.
Property taxes while a wealth tax, is not what people online seem want in this situation. They want a wealth tax that basically says person X is worth Y, so they owe Z every year.
You buy a new car, and it's part of your wealth, own a home. Part of your wealth. Have a 401k...also part of your wealth.
Depends on scale.
At the scale of a property tax, might be ok. Or at least more fair, I'm stuck being taxed on my house which is most of my net worth, so...
At the scale of an income tax, or as frequently demanded an extreme income tax at like 90%, then yes, it would explode, fall to produce desired revenue, and take down most retirement funds with it.
Yep, that's the issue, most people ITT want the second part of that. They don't understand how destructive it would be to do a tax like that.
Of course, in the wrong thread you get branded as some billionaire defender, when you are trying to explain that it's fine to go after them and they do enjoy having way too much actual money, but any strategy to make it fair has to be smart and workable rather than going after an extrapolated number of dollars that don't "actually" exist. It's true that it's all imaginary is an oversimplification when they clearly lead lives of intense wealth, but have to recognize the degree to which that claim is true. So take that into consideration and advocate things like covering unrealized gains as collateral in a better tax system, or a property tax level rate on unrealized gains (though even then, have to tread carefully. Most property has an intrinsic use and the tax burden has been priced into the market for eternity, for a more purely financial vehicle previously not subject to a tax, might have unintended consequences).
Yup, this meme keeps getting reposted over and over like its something super intelligent...when in reality it's someone who has no clue how our economy works at all.
Well, as presented it's not totally out of reason, it sticks to a fairly modest percentage.
The real problem comes in when the pitchforks say '2%?!?!, it should be like 90%!!!!'
Yep that's the issue. People don't realize that they have to sell stocks which in turn is going to have a completely destructive action on people's retirements, when the stock market goes tits up from stocks being sold in mass quantities to cover a 90%
that depends on who you ask