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I hear people say: We need a wealth tax! I say: We already do, and it’s averaged out to 4.2% over the last 5 years. Saved $30K in 2018 to maybe get married and
by gjsman-1000 3y ago
I hear people say: We need a wealth tax!
I say: We already do, and it’s averaged out to 4.2% over the last 5 years. Saved $30K in 2018 to maybe get married and buy a house? It’s less than $24K now before even considering housing affordability. You paid a $6K wealth tax without realizing it.
- dragonwriter 3y agoA wealth tax is a tax on total wealth, usually kicking in at a certain (high) minimum level; you can’t dodge a wealth tax by, as most wealthy people do, keeping your wealth in forms other than currency or dollar-denominated assets. Inflation is not, and does not even loosely approximate, a wealth tax.
- gjsman-1000 3y agoI would argue that inflation is a wealth tax; it just doesn’t tax the wealth you want it to.
- dragonwriter 3y ago> I would argue that inflation is a wealth tax; it just doesn’t tax the wealth you want it to. Its a “wealth tax” that is neither a tax nor targeting wealth thebway people talking about a wealth tax intend, so only in the sense of ludicrous equivocation.