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That punishes working people just for working! How are you meant to afford a house and stuff with taxes like that? We need wealth tax - go after the sharehold
by nivenkos 5y ago
That punishes working people just for working!
How are you meant to afford a house and stuff with taxes like that?
We need wealth tax - go after the shareholders and landowners, who don't directly create value and dodge a lot of tax.
- fallingknife 5y agoYou buy $10K of DOGE at $0.0001 in 12-1-2020 and it goes to $0.10 on 12-31. You now have $10MM in wealth, and will, owe $500K to the government. DOGE goes back down to $0.0001 on 1-1. Now you owe $500K of taxes and have $10K of assets. "But you should just sell 5% on 12-31 and you will have enough to pay taxes" you say. Yeah, you and everyone else who needs to pay wealth tax. Know what it looks like when everybody sells at the same time? 2008 or 1929. Wealth tax is dumb.
- nly 5y agoCapital gains taxes are accrued on disposal. Until you sell you owe nothing
- fallingknife 5y agoYes, and that makes sense because it is income. A wealth tax doesn't do that or else it wouldn't really be a wealth tax.
- nivenkos 5y agoThat isn't what a wealth tax is, or how they are implemented. Mainly land value tax, inheritance tax and property tax would be a good start. And we already have capital gains tax to cover the sale of appreciating assets as you describe (note it is only at sale).
- fallingknife 5y agoThe first is a more limited type of property tax, which we already have. We also have inheritance tax. The vast majority of wealth is held in capital assets like stocks and bonds (or DOGE), so if you don't tax that, then you aren't really taxing wealth, and taxing these assets is a nightmare.