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This is trickier than it might seem. A yacht is actually an asset! (Albeit one that depreciates quickly and has enormous running costs). Practically everything
by zxcmx 6y ago
This is trickier than it might seem. A yacht is actually an asset! (Albeit one that depreciates quickly and has enormous running costs).
Practically everything a billionaire could spend money on "at scale" is just another asset. Although again, "yacht" is a terrible asset class.
To actually get rid of enormous wealth you have to either waste it (throw a huge party? own assets that depreciate a lot? shoot it into space?) or give it away somehow.
- codekansas 6y agoI think one common criticism of wealth taxes is that assessing these asset values can be gamed. When I'm donating my yacht to charity it's worth way more than when the government is assessing it for taxes But there's other stupid crap you can waste money on that doesn't count as assets. Spaceship rides, political donations... Maybe you can sell your yacht to some yacht company and lease it back from them?