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Isn't that the same? If my house is worth $1M in 2022, I pay tax on that $1M of value. If it goes down in value to $500K in 2023 (and is reassessed), I'd pay t
by Johnny555 4y ago
Isn't that the same?
If my house is worth $1M in 2022, I pay tax on that $1M of value. If it goes down in value to $500K in 2023 (and is reassessed), I'd pay tax on $500K value in 2023.
If I own $1B of AMZN in 2022, I'd pay wealth tax on my $1B holdings in 2022, if the market tanks and AMZN is worth $50M in 2023, then I'd pay the wealth tax on $50M in 2023.
Just as with property taxes, a wealth tax is generally annual based on current assets.
- Aeolun 4y agoIt feels weird I’d have to pay anyone just for owning something. Besides, how would you price private companies? Are those just going to be free?
- stevenjgarner 4y agoOh crap you've discovered the loop-hole into which the billionaires are going to disappear! They are going to get massive loans to take their companies private and never have to pay that stinking wealth tax again. No more audited financial statements either. But the interest on their loans will be income tax deductible.
- UncleMeat 4y agoIt only feels weird because there is a concerted effort to make you feel that way. It is absolutely identical to property taxes on homes, but that doesn't make people feel icky in the same manner.
- kurisufag 4y ago> but that doesn't make people feel icky in the same manner. speak for yourself! a property tax makes sense in theory: you're contributing to the entity that ensures your land is safe in the first place, but basing it on valuations instead of something like flat rates based on sqft is preposterous. I'd go so far as to say that the degree to which the knowledge of such a tax affects your decisions relating to the property is enough to constitute a violation of natural property rights.
- deleted 4y ago[deleted]
- pmontra 4y agoIt's not as if I stole the money I bought my house with, the house I'm living in now. I paid taxes on them and keep paying taxes on the money I'm earning now. I really don't see why I have to pay a tax on something I already paid for. Taxes on taxes...
- midasuni 4y agoThere are no “natural property rights”, there’s what the person with the bigger stick can enforce. But let’s take your premise. The more valuable the land, the more an entity will spend to procure it (bigger army etc), and the more you thus have to spend to defend it, thus the more it costs.
- Fargoan 4y agoProperty tax is bullshit
- Aeolun 4y ago> It is absolutely identical to property taxes on homes Not quite. I can see what I’m getting back from the city for the property taxes on my home (or on my office). It’s less clear to me what the city or government contributes to my company. I’m more inclined to say that its existence is a public service.
- bmitc 4y agoI pay taxes for owning my house and owning a car and various other things already.
- midasuni 4y agoIt feels weird to let people own something
- actually_a_dog 4y agoWhy is that any weirder than expecting to get paid just for owning stuff?
- Aeolun 4y agoWhy would you get paid for owning stuff? Are you talking about dividents? I think that’s more being paid for having given someone a whole bunch of money up front, that they can now use to more quickly earn enough money to pay you (loan in a different name).
- entropi 4y agoI mean, it also feels weird to have to pay anyone just for.. making money through labor. Why owning something should be any different than making the money to buy it in the first place? If anything, taxing money as it is earned really hurts the potential compounding effect.
- coryfklein 4y agoTo be honest, we're dealing with this in the context of a really weird situation; that is the curious case of the existence of the billionaire! How strange is it indeed, that in a democracy there can arise individuals with access to such ridiculously outsized and concentrated power (relative to their individual contribution)? When the equivalent power of millions of people can become concentrated into a single person, you get all sorts of weird consequences! Most of them not good for the public as a whole, and often with a corrupting influence on liberal democracy. It is indeed fitting then, that a solution targeted at this very rare and specific problem would look a little weird; even though it's extremely similar to the existing property tax that every home owner pays.