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> This kind of assumes liquidity... A lot of wealth is tied up in stocks and physical assets. Imagine having to orchestrate selling 2% of everything you own eve

> This kind of assumes liquidity... A lot of wealth is tied up in stocks and physical assets. Imagine having to orchestrate selling 2% of everything you own every year. So, you'd need some liquid assets, or to time any lockup to make them available when needed. So maybe you make a slightly less than optimal return on 2% of your wealth > $1B. A tragedy. > And why over a billion, why not put it at over a million, or ten? Every limit is arguably arbitrary. The tax codes and laws in general are full of limits that had to be set at some point - misdemeanor vs felony theft, etc. > You could seize the full assets of every US Billionaire and it wouldn't cover a single year of the federal budget or dent the debt So if it's less than some arbitrary limit you've just set, there's no point in doing it at all? > There's no way to tax out of this hole... spending cuts need to happen, and restructuring as well. Nah https://www.nytimes.com/2023/05/19/opinion/government-debt-pay-off.html https://www.nytimes.com/2023/05/19/opinion/government-debt-p... (https://archive.is/uqYiY https://archive.is/uqYiY) > Taxes should focus on points of exchange. Yes, increase taxes on the poor for basic necessities rather than taxing people with far more money than they productively use because... ???

tracker1 2y ago
>> Taxes should focus on points of exchange. > Yes, increase taxes on the poor for basic necessities rather than taxing people with far more money than they productively use because... ??? Yeah, wealthy don't have any major exchanges... no stock trades, no building purchases, no yachts that would vastly exceed the spending of most poor.
- benzible 2y ago
  Sales taxes are regressive. No idea how to analyze the total burden of some unspecified package of "taxes at the point of exchange" but in any case, what's the rationale for this vs., say, taxing capital gains as ordinary income, or eliminating the carried interest loophole? Seems like this just comes down to your personal preferences.
  - tracker1 2y ago
    I didn't say sales, I said exchange. Again, my personal preference is not to deprive someone of property for living another year.
Aerroon 2y ago
>So if it's less than some arbitrary limit you've just set, there's no point in doing it at all? It's not worth doing because it's going to distort markets and discourage investment and encourage hiding your wealth. >Yes, increase taxes on the poor for basic necessities rather than taxing people with far more money than they productively use because... ??? Or maybe stop spending such an insane amount of money on bad government services that don't work?

tracker1 2y ago

>> Taxes should focus on points of exchange. > Yes, increase taxes on the poor for basic necessities rather than taxing people with far more money than they productively use because... ??? Yeah, wealthy don't have any major exchanges... no stock trades, no building purchases, no yachts that would vastly exceed the spending of most poor.

benzible 2y ago
Sales taxes are regressive. No idea how to analyze the total burden of some unspecified package of "taxes at the point of exchange" but in any case, what's the rationale for this vs., say, taxing capital gains as ordinary income, or eliminating the carried interest loophole? Seems like this just comes down to your personal preferences.
- tracker1 2y ago
  I didn't say sales, I said exchange. Again, my personal preference is not to deprive someone of property for living another year.

Aerroon 2y ago

>So if it's less than some arbitrary limit you've just set, there's no point in doing it at all? It's not worth doing because it's going to distort markets and discourage investment and encourage hiding your wealth. >Yes, increase taxes on the poor for basic necessities rather than taxing people with far more money than they productively use because... ??? Or maybe stop spending such an insane amount of money on bad government services that don't work?