4 ms·
I think all of your concerns disappear when the answer is that the wealth part is not relevant - it is the monetization of that wealth. You can’t eat art or sto
by voisin 2y ago
I think all of your concerns disappear when the answer is that the wealth part is not relevant - it is the monetization of that wealth. You can’t eat art or stock. We already tax when you sell the art or stock or earn income off it. What we don’t tax is the use of those things as collateral for loans, but beyond a certain value we should do that.
Then when you die, it all is converted to a dollar value in transferring to others and at that point there should be a massively hefty tax above a certain dollar value. We need to eliminate dynasties and the use of money for influence. Cap wealth at $50m or something.
- dzhiurgis 2y ago> we don’t tax is the use of those things as collateral for loans So you wanna tax my mortgage? > Cap wealth at $50m or something. That just encourages hiding it.
- voisin 2y ago> So you wanna tax my mortgage? If you are worth $50m+ and then use a mortgage to generate cash rather than take cash out of your company in order to avoid triggering taxes that affect everyone else, then yes, yes I do. > That just encourages hiding it. Well then I guess we should just give up trying. Let’s keep allowing our economy to look more and more like Hunger Games rather than try literally anything at all.
- dzhiurgis 2y agoOk. Say I use that mortgage to develop new housing. Now you made that housing effectively more expensive...