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The ability for the super rich to borrow against their assets, tax free, is why a sensible "wealth mininum tax" must be introduced to reduce wealth disparity an

by dannyw 5y ago

The ability for the super rich to borrow against their assets, tax free, is why a sensible "wealth mininum tax" must be introduced to reduce wealth disparity and create a better society. It doesn't need to be additivie. It can be a minimum offset against any other taxes paid, meaning that someone with $1 billion must pay at least $10 million (1%) in taxes per year.

utopcell 5y ago
How is that not stealing ?
- DFHippie 5y ago
  Stealing is taking something illegally. If a judge takes away your license because you drive on the wrong side of the road, he isn't stealing it. If a mugger takes away your license because he's grabbed your wallet, that is indeed theft.
  - utopcell 5y ago
    That seems to imply that whatever is legal is also ethical. If a law is passed that states that if your name is Jeff Bezos then you should submit 100% of your property to the state then it might be legal but it's still stealing. It seems to be that the first thing that poor people vote for when they get to power, is more money for themselves.
    - anoncake 5y ago
      Of course they do, they need it.
      - utopcell 5y ago
        Full circle: How is that not stealing ?
        anoncake 5y ago
        Taxation is not theft.
        utopcell 5y ago
        I disagree. Taxation of the form that the parent comment suggested, where the same property that has been legally taxed in the past is now taxed again without having participated in the economy, is both unethical and theft.
RhysU 5y ago
The non-super-rich can borrow against their assets, tax free, too. HELOCs and brokerage account margin, for example.