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I’ll grant that these would be two different ways to achieve very similar results, but I don’t read where propublica proposed a direct tax on capital gains rath
by alex_young 5y ago
I’ll grant that these would be two different ways to achieve very similar results, but I don’t read where propublica proposed a direct tax on capital gains rather than a more generalized wealth tax, which very much is a real thing.
- fshbbdssbbgdd 5y agoPropublica calculates a “true tax rate” which uses the unrealized capital gains as the denominator. They don’t make any public policy recommendation in the article, but I think computing the tax rate in this way implies that the unrealized gains should be taxable income. They also mention that Senator Ron Wyden has proposed doing this.
- md_ 5y agoWhy? Calculating the tax rate as “taxes paid” / “net wealth” is just what the effective wealth tax would be if one existed. This is consistent with advocating for a wealth tax, which, as I noted elsewhere, does in fact exist in other OECD countries than the US.
- fshbbdssbbgdd 5y agoWealth taxes use wealth as the denominator. Propublica uses change in wealth as the denominator.
- md_ 5y agoTrue. I find the denominator chosen to be weird.