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In fact, note how some European countries tax wealth from pretty low amounts: Sometimes under a million euros worth.Often around 2% of wealth after you get to 2
by hibikir 1y ago
In fact, note how some European countries tax wealth from pretty low amounts: Sometimes under a million euros worth.Often around 2% of wealth after you get to 2 or 3 million, in practice making self-funded early retirement almost unheard of. Those wealth taxes raise more money from professionals that save instead of spend than from anyone rich enough to seem like an oligarch.
- xienze 1y agoThis is what everyone forgets when they label anyone against a wealth tax as “temporarily embarrassed billionaires.” Even if the government could convert 100% of a billionaire’s wealth into cash (they can’t) and confiscated it all, great, what are you going to do for revenue next year? Taxes always START by targeting the wealthy but have this funny habit of applying to more and more people as time goes on. The US income tax was a whopping 1% percent until you made the equivalent of $400K. How’d that work out?