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> The rich have been dealing with ridiculous cost of living inflation since 2000 I hate the constant conflation of rich and wealthy. People who earn a lot of m

> The rich have been dealing with ridiculous cost of living inflation since 2000 I hate the constant conflation of rich and wealthy. People who earn a lot of money vs people who own a lot of money. A lot of criticism about inequality, by politicians and economists alike, is about rising wealth inequality, but they only advocate and undertake policies to hurt the higher income class. Why is there no wealth tax, but the govt is funded primarily by income and payroll tax. Why is the federal reserve always worried about falling asset prices. And again here, rising house prices benefited the wealthy, and hurt the high income class, but you didn't differentiate between them either.

thrown_22 4y ago
Will the wealth tax be negative when assets drop in value?
- legolas2412 4y ago
  I thought assets give positive return in the long run. Why should they not pay appropriate taxes for an economic system that increases inequality
- ClumsyPilot 4y ago
  Does the tax on corporate profits go negative when you make a loss? Does income tax become negative when I loose money?
  - thrown_22 4y ago
    Do you lose money up to every other second? Wealth is not income until you realize the gains. If your car goes up in value you can't sell 1/100th of it to cover the your tax obligations.
    - legolas2412 4y ago
      Weird, that never stopped property tax. Why can't one have a wealth tax too. Maybe we can tax only productive assets. And you don't need to sell a small proportion, just let the government own that tiny bit
throwaway0a5e 4y ago
>A lot of criticism about inequality, by politicians and economists alike, is about rising wealth inequality, but they only advocate and undertake policies to hurt the higher income class "I didn't think they were gonna tax me" says the guy who <checks HN demographics> is in the top 10% of income by almost any measure and who's FAANG monopoly bucks are exactly why the plumber gets priced out of the Boulder/Austin/Seattle housing market.

thrown_22 4y ago

Will the wealth tax be negative when assets drop in value?

legolas2412 4y ago
I thought assets give positive return in the long run. Why should they not pay appropriate taxes for an economic system that increases inequality
ClumsyPilot 4y ago
Does the tax on corporate profits go negative when you make a loss? Does income tax become negative when I loose money?
- thrown_22 4y ago
  Do you lose money up to every other second? Wealth is not income until you realize the gains. If your car goes up in value you can't sell 1/100th of it to cover the your tax obligations.
  - legolas2412 4y ago
    Weird, that never stopped property tax. Why can't one have a wealth tax too. Maybe we can tax only productive assets. And you don't need to sell a small proportion, just let the government own that tiny bit

throwaway0a5e 4y ago

>A lot of criticism about inequality, by politicians and economists alike, is about rising wealth inequality, but they only advocate and undertake policies to hurt the higher income class "I didn't think they were gonna tax me" says the guy who <checks HN demographics> is in the top 10% of income by almost any measure and who's FAANG monopoly bucks are exactly why the plumber gets priced out of the Boulder/Austin/Seattle housing market.