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> We already have a wealth tax. It's called "inflation." If the government wants to tax wealth, all they have to do is print money. The culture of living within
by rayhano 14y ago
> We already have a wealth tax. It's called "inflation." If the government wants to tax wealth, all they have to do is print money. The culture of living within your means and saving for the future basically died before I was born, so the point that this kind of policy punishes responsible citizens who are capable of living frugally, within their means, and saving the future is essentially moot.<
Not true, in the slightest. Inflation benefits those with income producing assets, like rental property. Inflation is a trick to make the rich richer. All the evidence points that way.
And let people be vague with wealth valuations. This is about being more fair, not being burdensome. Those with obvious wealth will finally pay a fair share of tax. Those who work hard will finally have some reward for their work.
The comment about cashing out your bank account every day is absurd. You pay 40%+ in income taxes right now. Would you not like to keep 97% of what you earn instead of less than 60%?
- rogerbinns 14y ago> Not true, in the slightest Your opinion differs from the field of economics where they actually study this sort of thing. http://en.wikipedia.org/wiki/Inflation#General http://en.wikipedia.org/wiki/Inflation#General > Inflation benefits those with income producing assets, like rental property Huh? The value of an asset is determined by what it produces in the future, both actual income and utility. Inflation adds risks to that - for example for the income to remain constant, the rental prices charged have to go up by the rate of inflation each year which people hate. Inflation introduces volatility in the face value of money which makes things riskier (eg loans to buy/build the rental property have to take that into account). > Inflation is a trick to make the rich richer. All the evidence points that way. Inflation devalues savings which is what the rich have and the poor don't have. If you could produce any of this evidence (let alone "all the evidence") you'd completely revolutionize economics. (Or you could be wrong.) > You pay 40%+ in income taxes right now No. You pay it once at the point you earn it. With your scheme you keep paying the taxes over time. The longer you save it the more goes away in taxes.