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Does this same logic apply to promote a Wealth Tax on people who have wealth that's being hoarded?
by akincisor 7y ago
Does this same logic apply to promote a Wealth Tax on people who have wealth that's being hoarded?
- a1369209993 7y agoAssuming you're talking about money, actually no. Money doesn't have any associated geometry or topology, ie one bit of money, unlike land, is pretty much equivalent to another. It would be like "hoarding" a bunch of land in the middle of nowhere: only a problem if you're taking up a significant fraction of the global supply.
- 4ntonius8lock 7y agoNope. You hoarding wealth won't make the neighborhood less appealing. The hoarder is not free loading. New wealth can be created, we don't need yours. If your investment real estate is contributing $1/square foot in property taxes but everyone else's occupied property is contributing $5/square foot in wages, sales tax, property tax and municipal fees... then it makes sense to charge the free loaders. This isn't even dealing with the blight and community development points. Just from a financial perspective it makes sense.