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> The wealthy can tell the government what they think it is at each point. This will need to be audited by the government, at least occasionally. With all the
by spacebanana7 2y ago
> The wealthy can tell the government what they think it is at each point.
This will need to be audited by the government, at least occasionally. With all the issues that come from estimating the value of a domain names and other unusual assets someone holds.
I think restricting the tax deductibility of charitable donations is a better way to start. These transactions are already usually included in tax filings.
- lifeisstillgood 2y agoSorry I mean “tell” as in make a freely entered into contract It’s next to impossible to gauge a person wealth at any point in time so any generic “wealth tax” is a non starter, but that does not mean we should not make efforts to ensure that wealth is taxed at equal amounts as income. I find it hard to see why Warren Buffet should pay 10% on his increase in wealth for one year while his maid pays 40% If Jeff Bezos borrows 500 million against some shares he is saying that the shares are worth 500m and that he has now realised some of the gains from those shares. It’s pretty easy to avoid complicating the mortgage market by putting a floor on the amount governments will tax (ie borrow 5 million or less in a fiscal year we don’t care)