4 ms·
Consumption tax is very regressive. We should tax wealth, not income. Eliminate income tax and extend property tax system to all assets, not just real estate.
by baursak 9y ago
Consumption tax is very regressive. We should tax wealth, not income. Eliminate income tax and extend property tax system to all assets, not just real estate.
- javajosh 9y agoWell now, that's an interesting idea! Is that your idea?
- baursak 9y agoI guess it is. Haven't read Piketty, but from hearsay I thought he argues for wealth tax too.
- dogruck 9y agoPiketty's writing doesn't apply to the US. His work applies to Europe, where legacy far outweighs entrepreneurship.
- baursak 9y agoAnd yet it's the US where wealth inequality is higher.
- deleted 9y ago[deleted]
- dogruck 9y agoIt's easy to fall for that liberal meme, but you (and they) are wrong. Pickety explains it in his book. In Europe, most wealth is inherited, and power in concentrated in family dynasties.
- baursak 9y agoI don't get your point and your focus on inherited wealth vs. entrepreneurial wealth. Even if most wealth in America is not inherited, a wealth tax wouldn't inhibit entrepreneurship. If you have, say a $200K minimum threshold to start owing minimal annual tax, and a progressive scale after that, do you really think it would stop the next Bill Gates?
- dogruck 9y agoI encourage you to read Pickety's book. He argues that inherited wealth is bad because it rewards people for being born. Why would anyone, including Pickety, want to prevent Bill Gates?
- baursak 9y agoI feel like we're talking past each other at this point, so I'll drop off this conversation.