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Why wouldn't you just increase the top tax rate instead of a wealth tax? Plus also stop pretending that borrowing $1B against an asset you bought for $500 isn'
by lesuorac 10mo ago
Why wouldn't you just increase the top tax rate instead of a wealth tax?
Plus also stop pretending that borrowing $1B against an asset you bought for $500 isn't a realized gain and tax that too.
- kelseyfrog 10mo agoBecause gains[1] through capital are legally different from income. There are a lot of opinions [2] about this from the usual sources. 1. Unrealized. 2. One of many examples https://news.ycombinator.com/item?id=41380031 https://news.ycombinator.com/item?id=41380031
- lesuorac 10mo agoBut it has been realized, you got $1B dollars from it. Like imagine if in the future when you go to the grocery store you never "buy" any items from them. You just "loan" a banana from them secured by a gold coin. They themselves use that loan as collateral to get money to then pay for their operations. Every example against this is somebody being like "I bought a house for 10k and now its worth $2M; I don't want a large tax bill!". And yeah; you won't get _any_ tax bill because you aren't using the house as collateral on a $2M loan.