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I’m finding the idea of taxing wealth less strange the more I think about it. At this point I find it almost equivalently strange to taxing income. Assuming the
by tyleo 5y ago
I’m finding the idea of taxing wealth less strange the more I think about it. At this point I find it almost equivalently strange to taxing income. Assuming there were no income tax I feel like your second paragraph could be rephrased:
I’m all for taxing the rich more, but I personally don’t want to pay taxes yearly on wages I’m saving every year until I retire, at which point I will spend the savings and pay taxes on consumption.
Objectively, I’m not sure one is much better/worse than the other. One is just more familiar.
- s1artibartfast 5y agoThe main difference is wealth is only realized when it is liquidated. Investments appreciate and depreciate over time, so it makes sense to tax when you cash out. You could pay taxes on your retirement savings gains every year, and then then end up with less than you put in if value goes back down before you pull it out.