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> "Annual wealth taxes" So, the government steals a percent of private businesses every year? What does the government do with this? Are you suggesting that th

by criley2 11mo ago

> "Annual wealth taxes" So, the government steals a percent of private businesses every year? What does the government do with this? Are you suggesting that the government forces business owners to liquidate their own shares to give to the government? So on a long enough time line, no one is allowed to own a business. > No it isn't. It's taxation. Does the presence of property taxes and inheritance taxes make the west a communist region? Communism is the govt "owning" a company. Some rich guy selling his shares on the stock market to pay his taxes doesn't mean the govt owns the company. The business is already paying taxes (i.e. property taxes). You're proposing a new tax on top of the existing taxation scheme, an ownership tax that likely requires the owner to reduce their ownership. Imagine if you had to sell 1% of your house every year because "home ownership is unfair". Most middle class folks would never end up owning their home. Communism is when you're not allowed to own private businesses, and the wealth that is problematic is the ownership of private businesses. Skin this cat however you want, but if you want a skinned cat, the skin has to come off. Again, I agree that billionaires are bad. I don't think taxation or incentive structures will fix it. I do think that revolution/wars that destroy the oligarchy and reset wealth are the only times in history that the middle and working class truly prosper. It is what it is. In an ideal world, business ownership is broadly spread across employees and wealth and power are shared broadly. But that's not an outcome that is ever achieved without significant force.

tock 11mo ago
> So, the government steals a percent of private businesses every year? What does the government do with this? Are you suggesting that the government forces business owners to liquidate their own shares to give to the government? So on a long enough time line, no one is allowed to own a business. All tax is theft by that argument. Whether they liquidate or not is up to them. They just need to pay x tax. They aren't selling their stake to the government. They are free to pay the tax from their general annual income or by selling their stocks in the market like they do today every year. > Imagine if you had to sell 1% of your house every year because "home ownership is unfair". Most middle class folks would never end up owning their home. How are folks paying property taxes today? They are paying x% of the properties annual value yearly. > Communism is when you're not allowed to own private businesses, and the wealth that is problematic is the ownership of private businesses. Skin this cat however you want, but if you want a skinned cat, the skin has to come off. If stock is being sold to pay tax its being sold to someone else in the market not the govt. The govt is not owning the business. > I do think that revolution/wars that destroy the oligarchy and reset wealth are the only times in history that the middle and working class truly prosper. It is what it is. In an ideal world, business ownership is broadly spread across employees and wealth and power are shared broadly. But that's not an outcome that is ever achieved without significant force. I agree. But I don't share the sentiment that nothing can be done. None of what I said is radical. Its reality in many european countries. And wealth equality is far less. eg. an annual 1% wealth tax. 1% of 1B is 10M. That's peanuts to them. Heck their stocks appreciate far greater than that yearly.
- criley2 11mo ago
  >Its reality in many european countries. And wealth equality is far less. eg. an annual 1% wealth tax. 1% of 1B is 10M. That's peanuts to them. Heck their stocks appreciate far greater than that yearly. Ah yes Europe, where businesses are largely uncompetitive globally and the countries are more than ever completely at the mercy of global superpowers. I'll also point out that the most competitive and richest european countries also have the largest wealth inequality, and the european countries pulling down the average are the poorest ones and most irrelevant globally. Their stock market is also considered mediocre and many European prefer to invest in US markets instead. Just pointing out that "more taxes" isn't some panacea and there's a real cost to competitiveness going this route. If the US went this way, the BRICS nations especially China would eclipse the western world within a generation on the back of more absuive practices, and become the global superpowers easily pushing the west around. I suppose that's nicer for this generation of citizens, although potentially catastrophic for the generation afterwards. And I don't necessarily envy the geopolitical reality of Europe right now, even if I do envy many of their healthcare systems.
  - tock 11mo ago
    European businesses are uncompetitive because of excess regulation. Not the ultra wealthy having to pay more tax. I'm pointing out they have wealth tax and haven't turned into a communist hellhole. None of the things you complain about whether its Europe refusing to build up their military or its business competitiveness is because of wealth tax. The USA has an annual property tax based on the properties value and isn't a communist nation. > I'll also point out that the most competitive and richest european countries also have the largest wealth inequality, and the european countries pulling down the average are the poorest ones and most irrelevant globally. This isn't even true. The US has the same inequality as Russia. Every top EU country is far far lower. Maybe we are communist after all. Your entire argument is that 900 people out of 350,000,000 people in the US having to pay more tax is going to drive the US into the ground.
    - criley2 11mo ago
      >Your entire argument is that 900 people out of 350,000,000 people in the US having to pay more tax is going to drive the US into the ground. Talk about a low-faith strawman! Let me eviscerate this garbage argument. The 900 billionaires in America control around $7.8 trillion USD in assets (US yearly GDP is over $30 trillion, for reference) Let's tax 1% of that yearly, meaning we just gained $78 billion dollars per year! Congrats, with a $7 trillion yearly federal budget, your +$78 billion covers about 1% of federal spending. Pack it up boys, we completely solved wealth inequality and will be a glorious european nation with our $78 billion dollars! If we applied that to nationalized healthcare (estimated cost $3 trillion per year) we just paid for 2% of the healthcare system! Or maybe we just redistribute that $78 billion. That's $588 dollars per US household per year. Problem = solved. Great argument.

by criley2 11mo ago

tock 11mo ago

> So, the government steals a percent of private businesses every year? What does the government do with this? Are you suggesting that the government forces business owners to liquidate their own shares to give to the government? So on a long enough time line, no one is allowed to own a business. All tax is theft by that argument. Whether they liquidate or not is up to them. They just need to pay x tax. They aren't selling their stake to the government. They are free to pay the tax from their general annual income or by selling their stocks in the market like they do today every year. > Imagine if you had to sell 1% of your house every year because "home ownership is unfair". Most middle class folks would never end up owning their home. How are folks paying property taxes today? They are paying x% of the properties annual value yearly. > Communism is when you're not allowed to own private businesses, and the wealth that is problematic is the ownership of private businesses. Skin this cat however you want, but if you want a skinned cat, the skin has to come off. If stock is being sold to pay tax its being sold to someone else in the market not the govt. The govt is not owning the business. > I do think that revolution/wars that destroy the oligarchy and reset wealth are the only times in history that the middle and working class truly prosper. It is what it is. In an ideal world, business ownership is broadly spread across employees and wealth and power are shared broadly. But that's not an outcome that is ever achieved without significant force. I agree. But I don't share the sentiment that nothing can be done. None of what I said is radical. Its reality in many european countries. And wealth equality is far less. eg. an annual 1% wealth tax. 1% of 1B is 10M. That's peanuts to them. Heck their stocks appreciate far greater than that yearly.

criley2 11mo ago
>Its reality in many european countries. And wealth equality is far less. eg. an annual 1% wealth tax. 1% of 1B is 10M. That's peanuts to them. Heck their stocks appreciate far greater than that yearly. Ah yes Europe, where businesses are largely uncompetitive globally and the countries are more than ever completely at the mercy of global superpowers. I'll also point out that the most competitive and richest european countries also have the largest wealth inequality, and the european countries pulling down the average are the poorest ones and most irrelevant globally. Their stock market is also considered mediocre and many European prefer to invest in US markets instead. Just pointing out that "more taxes" isn't some panacea and there's a real cost to competitiveness going this route. If the US went this way, the BRICS nations especially China would eclipse the western world within a generation on the back of more absuive practices, and become the global superpowers easily pushing the west around. I suppose that's nicer for this generation of citizens, although potentially catastrophic for the generation afterwards. And I don't necessarily envy the geopolitical reality of Europe right now, even if I do envy many of their healthcare systems.
- tock 11mo ago
  European businesses are uncompetitive because of excess regulation. Not the ultra wealthy having to pay more tax. I'm pointing out they have wealth tax and haven't turned into a communist hellhole. None of the things you complain about whether its Europe refusing to build up their military or its business competitiveness is because of wealth tax. The USA has an annual property tax based on the properties value and isn't a communist nation. > I'll also point out that the most competitive and richest european countries also have the largest wealth inequality, and the european countries pulling down the average are the poorest ones and most irrelevant globally. This isn't even true. The US has the same inequality as Russia. Every top EU country is far far lower. Maybe we are communist after all. Your entire argument is that 900 people out of 350,000,000 people in the US having to pay more tax is going to drive the US into the ground.
  - criley2 11mo ago
    >Your entire argument is that 900 people out of 350,000,000 people in the US having to pay more tax is going to drive the US into the ground. Talk about a low-faith strawman! Let me eviscerate this garbage argument. The 900 billionaires in America control around $7.8 trillion USD in assets (US yearly GDP is over $30 trillion, for reference) Let's tax 1% of that yearly, meaning we just gained $78 billion dollars per year! Congrats, with a $7 trillion yearly federal budget, your +$78 billion covers about 1% of federal spending. Pack it up boys, we completely solved wealth inequality and will be a glorious european nation with our $78 billion dollars! If we applied that to nationalized healthcare (estimated cost $3 trillion per year) we just paid for 2% of the healthcare system! Or maybe we just redistribute that $78 billion. That's $588 dollars per US household per year. Problem = solved. Great argument.