5 ms·

How can you have a wealth cap? State you can't have more than X dollars in the bank. Okay, can I use my money to buy things (e.g. property)? Should you value m

by bko 7y ago

How can you have a wealth cap? State you can't have more than X dollars in the bank. Okay, can I use my money to buy things (e.g. property)? Should you value my property at the market value as "dollars in the bank"? What if I buy my property and it appreciates, would it get confiscated? Would police come to my home and forcibly move me to a home below the cap? Can I own or invest in a business? Do we mark that at "market value"? Who sets this market value? What happens if my business does well, too well in fact and now my market value is more than the allotted amount. It's impractical and its not entirely clear what "million dollars in the bank" really is. The fact is that very few wealthy people just have money sitting around in a bank. And when you try confiscating other types of wealth you realize how impractical it is. Income cap becomes equally complicated when you count income as money a business you own made and reinvested in itself

Jackypot 7y ago
Very succinct summary of why that's a wild and untenable idea.
- foolrush 7y ago
  Because every idea that suggests change from the status quo is wild and untenable, yet legislation that benefits the corporations and billionaires can happen extremely swiftly, almost without friction, nor even legislative discussion. It’s not succinct to suggest that the wealth hoarding cannot be taxed. It’s not wild. It’s not untenable. The onus of taxation being thrust upon the individual has been following a characteristic curve since the Great Depression. It was happening prior to that, with only WWII levelling it out. Wild and untenable ideas are only wild and untenable because of the suffocating ideology that instructs you as such.
  - Iv 7y ago
    Isn't that marvelous? The only nation that landed humans on the Moon thinks that it can't do things that are the norms in many European countries.
    - dang 7y ago
      Please don't do ideological or nationalistic flamewar on Hacker News. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html
Iv 7y ago
If you can have a wealth tax, you can have a wealth cap. > Should you value my property at the market value as "dollars in the bank"? Yep. > What if I buy my property and it appreciates, would it get confiscated? You would owe a certain amount to the state. Payable in cash but like any tax, of course you would get confiscation if you fail to pay. > Would police come to my home and forcibly move me to a home below the cap? Shocking, I know, but people are routinely chased from their home by the police for various reasons. And don't be silly, police just puts you in the streets, they are not finding a new house for you, that's your problem. > Can I own or invest in a business? Do we mark that at "market value"? Yes and yes. > What happens if my business does well, too well in fact and now my market value is more than the allotted amount. Here again, you owe money to the state. Start selling some shares. Shocking idea I know... > Income cap becomes equally complicated when you count income as money a business you own made and reinvested in itself I have been shocked the first time I discussed about this with an American, to discover that in US apparently the notion that you have to separate business money from personal money is so alien. In France, company's accounts and personal accounts are clearly separated and it would be illegal to spend company money for personal stuff. It is very easy to separate business money from personal money if you try.

by bko 7y ago

Jackypot 7y ago

Very succinct summary of why that's a wild and untenable idea.

foolrush 7y ago
Because every idea that suggests change from the status quo is wild and untenable, yet legislation that benefits the corporations and billionaires can happen extremely swiftly, almost without friction, nor even legislative discussion. It’s not succinct to suggest that the wealth hoarding cannot be taxed. It’s not wild. It’s not untenable. The onus of taxation being thrust upon the individual has been following a characteristic curve since the Great Depression. It was happening prior to that, with only WWII levelling it out. Wild and untenable ideas are only wild and untenable because of the suffocating ideology that instructs you as such.
- Iv 7y ago
  Isn't that marvelous? The only nation that landed humans on the Moon thinks that it can't do things that are the norms in many European countries.
  - dang 7y ago
    Please don't do ideological or nationalistic flamewar on Hacker News. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html

Iv 7y ago

If you can have a wealth tax, you can have a wealth cap. > Should you value my property at the market value as "dollars in the bank"? Yep. > What if I buy my property and it appreciates, would it get confiscated? You would owe a certain amount to the state. Payable in cash but like any tax, of course you would get confiscation if you fail to pay. > Would police come to my home and forcibly move me to a home below the cap? Shocking, I know, but people are routinely chased from their home by the police for various reasons. And don't be silly, police just puts you in the streets, they are not finding a new house for you, that's your problem. > Can I own or invest in a business? Do we mark that at "market value"? Yes and yes. > What happens if my business does well, too well in fact and now my market value is more than the allotted amount. Here again, you owe money to the state. Start selling some shares. Shocking idea I know... > Income cap becomes equally complicated when you count income as money a business you own made and reinvested in itself I have been shocked the first time I discussed about this with an American, to discover that in US apparently the notion that you have to separate business money from personal money is so alien. In France, company's accounts and personal accounts are clearly separated and it would be illegal to spend company money for personal stuff. It is very easy to separate business money from personal money if you try.