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You seem to be either assuming that the rich are making large numbers of transactions. Consider Bill Gates and Warren Buffet as counterexamples. They're mainl
by AnimalMuppet 3y ago
You seem to be either assuming that the rich are making large numbers of transactions. Consider Bill Gates and Warren Buffet as counterexamples. They're mainly holding stock and watching it go up.
I mean, a 0.1% tax on financial transactions would kill day trading, and I'm not sure anything would be lost. But if your goal is to tax the rich, then tax the rich, not financial transactions.
- jncfhnb 3y agoIt doesn’t really matter if someone becomes passively wealthy in a liquid form they don’t access. So long as you catch edge cases like collateralizing those shares for debt it’s still fine. They don’t need to make a lot of trades either. Taxing the rich is incredibly hard because first you need to quantify how rich everyone is.
- Jensson 3y ago> collateralizing those shares for debt If you take a loan (collateralizing future income for money) should you pay taxes on that loan today? It isn't a tax loophole, it is insane to think that taking a loan should make you pay taxes on future income, it would cause so many issues for everyone. The taxes will be paid some day, you don't get richer or pay less by taking a loan. The reason these people take loans on their shares is to keep control of the company, but doing that costs them more not less. And finally, the government already takes out loans on future taxes to pay for things today, so not having taxes today isn't an issue for them either. So rich people taking out loans on shares is a total non issue that people for some reason talks about a lot, it doesn't make a difference at all.
- jncfhnb 3y ago0.1% same as any transaction involving the shares would be fine