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I have land, and so I am appatently wealthy, but if someone wanted to put a 2% tax on it I would have to sell it to pay the tax since I have very limited cash.
by CrzyLngPwd 2mo ago
I have land, and so I am appatently wealthy, but if someone wanted to put a 2% tax on it I would have to sell it to pay the tax since I have very limited cash.
This would result in a land grab only the super wealthy could afford.
I already pay high taxes on everything from fuel to food to tissue to wipe my ass. Taxing my land ownership might push people to the edge.
The super wealthy would avoid it by pyutting everything into an offshore trust. Us little people, with expensive houses their parents worked hard and paid taxes for would just see another tax.
- derwiki 2mo ago> us little people > with expensive houses
- CrzyLngPwd 2mo agoSelective quoting is rude. In some parts of the world $100k is an expensive house to inherit from a parent.
- danny_codes 2mo agoPiketty's tax goes into effect only for wealth greater than a certain amount. The goal is to target people who are paying insufficient income tax, because they are so wealthy they can avoid having taxable income. So we'd start the tax at assets over $20-100M. Normal people are completely unaffected by such a tax, since they already pay a high effective tax rate on their income (normal people generally cannot avoid income tax like the wealthy can). I didn't follow your argument about offshoring, since a wealth tax taxes all wealth regardless of it's location. So unless your parents left you a $20M mansion this is irrelevant