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> That's re-building all of the wealth your family spent generations accumulating, every 50 years. Only if you assume a 0% rate-of-return on your family's weal
by TheCoelacanth 6y ago
> That's re-building all of the wealth your family spent generations accumulating, every 50 years.
Only if you assume a 0% rate-of-return on your family's wealth. With a realistic assumption about rate-of-return, your wealth will never deplete because of a 2% wealth tax. It will simply grow more slowly.
- MikeUt 6y agoYou can't invest a family farm, or a painting. I will repeat myself a 3rd time - if the goal is to slow the growth of wealth, the right course of action is to raise the tax rate on the returns to that wealth. If you tax wealth itself, you're needlessly relying on the investability of said wealth, as well as on market returns.
- TheCoelacanth 6y agoFamily farms produce income and are rarely large enough to hit the threshold for these proposed taxes. As for case of non-income generating wealth, too bad. If you can't manage to generate the absolutely pathetically low returns (2%!) that would be needed, then you don't deserve to be rich forever.