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There is a huge difference between taxing capital gains (net profit from investment each year) and taxing capital (direct tax on your entire net worth). The for

There is a huge difference between taxing capital gains (net profit from investment each year) and taxing capital (direct tax on your entire net worth). The former is an effective tool to tax the wealthy by adding new capital gains tax brackets. The latter is how Western civilization ends because you will no longer own anything free and clear after income taxes. The Government will have the ability to take your capital when and how they wish.

laserdancepony 5y ago
It's okay because I have nothing to take.
Retric 5y ago
We already tax cars and land, it’s hardly the end of civilization.
- sfblah 5y ago
  And boats!
- lightgreen 5y ago
  Do we tax cars? I though we only tax road use, and this tax income goes into road maintenance, not medicine or whatever.
  - Retric 5y ago
    https://www.carvana.com/research/2020/03/do-you-have-to-pay-taxes-on-your-car-every-year/ https://www.carvana.com/research/2020/03/do-you-have-to-pay-... It varies but many state and local governments collect personal property taxes on based on the vehicle’s value. What’s notable is US property taxes are generally regressive. 3.6% for the bottom 20% down to 0.7% for the top 1%. https://en.wikipedia.org/wiki/Property_tax_in_the_United_States https://en.wikipedia.org/wiki/Property_tax_in_the_United_Sta...
xg15 5y ago
If the move to subscriptions and smart devices keeps going like it does, you'll no longer own anything anyway.
xg15 5y ago
> net profit from investment each year Ah, so no growth, no taxes. I see what your did there.
ajmadesc 5y ago
I mean, what it only kicks in after say $25 million? Then everyone would be able to own 25,000,000 worth of stuff free and clear.
- deleted 5y ago
  [deleted]
- edoceo 5y ago
  And you could adjust yearly, don't want those multi-millionaires to feel too much burden. Who will creat the jobs!? Won't somebody think of the jobs?!?
  - chrisbennet 5y ago
    I believe he/she is being sarcastic.
  - ajmadesc 5y ago
    Those poor poor jerbs
- mnouquet 5y ago
  > Then everyone would be able to own 25,000,000 worth of stuff free and clear. Given the speeding up of inflation, reaching $25m will happen in no time...
  - ajmadesc 5y ago
    I mean minimum wage isn't inflation adjusted is it.
ak217 5y ago
That sounds histrionic because real property is already taxed in many states, and short of taxing wealth, the government can do many things to devalue your assets. Putting aside the issue of the current trajectory of increasing inequality and its destabilizing effects on national security, the obsession Americans have with owning things "free and clear" is a reflection of a kind of privilege. The US is blessed with an expansionary economy, stable financial system, strong rule of law, military power, and respect for individual rights. These all form the basis of this belief that private property rights are absolute. They are never absolute, always subject to the goodwill of the social contract and the laws of physics. What good is owning things free and clear when there is a marauding militia outside your Capitol, or your land lost all value because of the environmental damage externalities of the economy?
- mnouquet 5y ago
  > the obsession Americans have with owning things "free and clear" is a reflection of a kind of privilege. Sure, let's go back to feudalism !! Yeah!!
  - RyanHamilton 5y ago
    With the escalating wealth inequality and an inability for young people to afford homes is that now what IS happening?
    - mnouquet 5y ago
      There is plenty of affordable homes, especially with the rise of remote work. Moreover, because some people choose not to own doesn't mean it shall be imposed by force to a whole population.
      - jlokier 5y ago
        There's currently a vast number of people renting who are not "choosing" not to own. Many of them want to own, but lament that no matter how hard they work, prices are out of reach and rising faster than they can ever hope to save. Some pray for a price crash, after they saved for a mortgage deposit but prices went up so it's not enough any more. Meanwhile rent is a substantial part of their income, and often costs more than a mortgage for the same property would, so they would choose a mortgage if they could, but can't get one. Many of them live in poor quality conditions too, unable to improve or repair the property they are in, and at constant threat of eviction on the landlord's whim, and face difficulties finding a similar place to rent when it happens. For most of them, the work they are skilled in either cannot be done remotely, or is low paid work (eg remote call centre worker). There is also the not entirely trivial problem that moving to a completely different location with low prices and higher supply typically means low wages and fewer jobs, along with losing all your friends and family network, which is crucial if you are already struggling, and doubly so if you have a young family. This increasingly affects more older people approaching retirement age, who worry about how they are supposed to pay rent when they are too old to work. The pension won't cover it. They are not choosing to not own.
aqme28 5y ago
That is quite a big leap to go from "taxing capital" to "Western civilization ends because you will no longer own anything free and clear after income taxes." Can you justify that at all?
pcbro141 5y ago
Do you pay property tax?
- mnouquet 5y ago
  Not on the maybe $300k worth of non-real estate property I own.
mnouquet 5y ago
> The Government will have the ability to take your capital when and how they wish. Then the "rich" will no longer own anything, officially, their company will. There is no difference between having $1 billion in cash and being the director and fully controlling a $1 billion "company".

laserdancepony 5y ago

It's okay because I have nothing to take.

Retric 5y ago

We already tax cars and land, it’s hardly the end of civilization.

sfblah 5y ago
And boats!
lightgreen 5y ago
Do we tax cars? I though we only tax road use, and this tax income goes into road maintenance, not medicine or whatever.
- Retric 5y ago
  https://www.carvana.com/research/2020/03/do-you-have-to-pay-taxes-on-your-car-every-year/ https://www.carvana.com/research/2020/03/do-you-have-to-pay-... It varies but many state and local governments collect personal property taxes on based on the vehicle’s value. What’s notable is US property taxes are generally regressive. 3.6% for the bottom 20% down to 0.7% for the top 1%. https://en.wikipedia.org/wiki/Property_tax_in_the_United_States https://en.wikipedia.org/wiki/Property_tax_in_the_United_Sta...

xg15 5y ago

If the move to subscriptions and smart devices keeps going like it does, you'll no longer own anything anyway.

xg15 5y ago

> net profit from investment each year Ah, so no growth, no taxes. I see what your did there.

ajmadesc 5y ago

I mean, what it only kicks in after say $25 million? Then everyone would be able to own 25,000,000 worth of stuff free and clear.

deleted 5y ago
[deleted]
edoceo 5y ago
And you could adjust yearly, don't want those multi-millionaires to feel too much burden. Who will creat the jobs!? Won't somebody think of the jobs?!?
- chrisbennet 5y ago
  I believe he/she is being sarcastic.
- ajmadesc 5y ago
  Those poor poor jerbs
mnouquet 5y ago
> Then everyone would be able to own 25,000,000 worth of stuff free and clear. Given the speeding up of inflation, reaching $25m will happen in no time...
- ajmadesc 5y ago
  I mean minimum wage isn't inflation adjusted is it.

ak217 5y ago

That sounds histrionic because real property is already taxed in many states, and short of taxing wealth, the government can do many things to devalue your assets. Putting aside the issue of the current trajectory of increasing inequality and its destabilizing effects on national security, the obsession Americans have with owning things "free and clear" is a reflection of a kind of privilege. The US is blessed with an expansionary economy, stable financial system, strong rule of law, military power, and respect for individual rights. These all form the basis of this belief that private property rights are absolute. They are never absolute, always subject to the goodwill of the social contract and the laws of physics. What good is owning things free and clear when there is a marauding militia outside your Capitol, or your land lost all value because of the environmental damage externalities of the economy?

mnouquet 5y ago
> the obsession Americans have with owning things "free and clear" is a reflection of a kind of privilege. Sure, let's go back to feudalism !! Yeah!!
- RyanHamilton 5y ago
  With the escalating wealth inequality and an inability for young people to afford homes is that now what IS happening?
  - mnouquet 5y ago
    There is plenty of affordable homes, especially with the rise of remote work. Moreover, because some people choose not to own doesn't mean it shall be imposed by force to a whole population.
    - jlokier 5y ago
      There's currently a vast number of people renting who are not "choosing" not to own. Many of them want to own, but lament that no matter how hard they work, prices are out of reach and rising faster than they can ever hope to save. Some pray for a price crash, after they saved for a mortgage deposit but prices went up so it's not enough any more. Meanwhile rent is a substantial part of their income, and often costs more than a mortgage for the same property would, so they would choose a mortgage if they could, but can't get one. Many of them live in poor quality conditions too, unable to improve or repair the property they are in, and at constant threat of eviction on the landlord's whim, and face difficulties finding a similar place to rent when it happens. For most of them, the work they are skilled in either cannot be done remotely, or is low paid work (eg remote call centre worker). There is also the not entirely trivial problem that moving to a completely different location with low prices and higher supply typically means low wages and fewer jobs, along with losing all your friends and family network, which is crucial if you are already struggling, and doubly so if you have a young family. This increasingly affects more older people approaching retirement age, who worry about how they are supposed to pay rent when they are too old to work. The pension won't cover it. They are not choosing to not own.

aqme28 5y ago

That is quite a big leap to go from "taxing capital" to "Western civilization ends because you will no longer own anything free and clear after income taxes." Can you justify that at all?

pcbro141 5y ago

Do you pay property tax?

mnouquet 5y ago
Not on the maybe $300k worth of non-real estate property I own.

mnouquet 5y ago

> The Government will have the ability to take your capital when and how they wish. Then the "rich" will no longer own anything, officially, their company will. There is no difference between having $1 billion in cash and being the director and fully controlling a $1 billion "company".