3 ms·

> I think this illustrates ... why a very small wealth tax can be used for a lot of good in society. isn't the accrued billion dollars what remains after a muc

> I think this illustrates ... why a very small wealth tax can be used for a lot of good in society. isn't the accrued billion dollars what remains after a much larger amount was taxed at roughly 50%? (of course could be spread across multiple years, but the essence remains) How would the "very small wealth tax" be calculated, that you propose?

__turbobrew__ 4mo ago
> wasn't the accrued billion dollars the remainder after being taxed at a much higher rate (around 50% federal and state, if California) as it was being accrued? Most capital owned by billionaires is not taxed until it is sold, so in the case of Hashimoto and others they most likely have not paid tax on the majority of their wealth. > How would the "very small wealth tax" be calculated, that you propose? In the same way we calculate income tax, we make it up. Most numbers I see are between 1-3%. We could just start at 1% as that is the most conservative number.
- mediaman 4mo ago
  He has this wealth as a function of having sold the equity in the company he co-founded, so in fact virtually all his wealth has already gone through a tax event at the federal and state levels.
GavinMcG 4mo ago
50%? No, that’s for high wages. And previous taxation is irrelevant: we as a society get to choose what is taxed, and there’s no inherent reason why only a single tax should apply to someone. Sales taxes, for example (which disproportionately burden those with less wealth) are paid out of one’s already-taxed income.
rpearl 4mo ago
> How would the "very small wealth tax" be calculated, that you propose? It is possible to tax unrealized assets. We already do. For example, a property owner pays property tax based on the value of their property, even when they are not selling it. It is possible for billionaires to borrow against their held assets. It is therefore also possible to calculate a tax on them.
- trollbridge 4mo ago
  It's possible to do so, but also makes a hostile environment for investment, which is why America hasn't done so yet. If the idea of taxing unrealised gains and investments excites you, there is the EU... which here on HN is constantly being decried as unable to innovate in the startup space, get good startups going, accomplish anything with AI, and so forth.

__turbobrew__ 4mo ago

> wasn't the accrued billion dollars the remainder after being taxed at a much higher rate (around 50% federal and state, if California) as it was being accrued? Most capital owned by billionaires is not taxed until it is sold, so in the case of Hashimoto and others they most likely have not paid tax on the majority of their wealth. > How would the "very small wealth tax" be calculated, that you propose? In the same way we calculate income tax, we make it up. Most numbers I see are between 1-3%. We could just start at 1% as that is the most conservative number.

mediaman 4mo ago
He has this wealth as a function of having sold the equity in the company he co-founded, so in fact virtually all his wealth has already gone through a tax event at the federal and state levels.

GavinMcG 4mo ago

50%? No, that’s for high wages. And previous taxation is irrelevant: we as a society get to choose what is taxed, and there’s no inherent reason why only a single tax should apply to someone. Sales taxes, for example (which disproportionately burden those with less wealth) are paid out of one’s already-taxed income.

rpearl 4mo ago

> How would the "very small wealth tax" be calculated, that you propose? It is possible to tax unrealized assets. We already do. For example, a property owner pays property tax based on the value of their property, even when they are not selling it. It is possible for billionaires to borrow against their held assets. It is therefore also possible to calculate a tax on them.

trollbridge 4mo ago
It's possible to do so, but also makes a hostile environment for investment, which is why America hasn't done so yet. If the idea of taxing unrealised gains and investments excites you, there is the EU... which here on HN is constantly being decried as unable to innovate in the startup space, get good startups going, accomplish anything with AI, and so forth.