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So then you are also OK with gutting capitalism and limiting company's abilities to make mad profits? Because, you can't have one without the other.
by kordlessagain 4y ago
So then you are also OK with gutting capitalism and limiting company's abilities to make mad profits? Because, you can't have one without the other.
- Johnny555 4y agoI don't understand how a tax on personal wealth guts capitalism and limits a company's ability to make mad profits?
- gammabetadelta 4y ago
- arrosenberg 4y agoOr distribute the profits more broadly? No need to be dramatic.
- yellowapple 4y agoIf we can't have capitalism without neofeudalist exploitation of the working class for the sake of enriching a privileged ownership class, then yes, I would very much prefer to gut capitalism.
- X6S1x6Okd1st 4y agoWhy do you think a wealth tax would limit a companies abilities to make "mad profits"?
- themacguffinman 4y agoBecause why would anyone, corporate or not, invest substantial time & resources into chasing mad profits if they won't get to keep almost any of it?
- X6S1x6Okd1st 4y agoBecause I don't believe that most people are really aiming to be multi-billionaires, I think most of the effort comes from people trying to reach financial independence at various levels of cost of living.
- themacguffinman 4y agoA wealth tax doesn't just affect multi-billionaires, it guts all accumulations of wealth. If anything, billionaires are most able to shrug off a wealth tax. Your average Financial Independence strategy (pursue a high income to accumulate a sizeable warchest of assets quickly, then passively live off the illiquid assets slowly) is severely gutted by a substantial wealth tax that aggressively drains saved assets.
- X6S1x6Okd1st 4y agoDo you feel like a wealth tax starting at the 50,000,001th dollar of 2% until you get to a billion is "gutting all accumulations of wealth" or would harm the average financial independence strategy?
- themacguffinman 4y agoNo, probably not, assuming you keep it accurately adjusted for inflation. This will likely impact the next tier of wealth: tech startup founders. Either startups will represent a tax loophole or the wealth tax will slowly drain the illiquid assets of founders and early employees during the startup phase which nowadays often have a notoriously long gestation period.