3 ms·

Slop. Feels like a child onesided complaining and detached from a regular reality. You are not a fugitive, just because you are expected to contribute to socie

Slop. Feels like a child onesided complaining and detached from a regular reality. You are not a fugitive, just because you are expected to contribute to society.

cjs_ac 1mo ago
Let's revisit the very first sentence of the article. > Recently, my story as a Norwegian entrepreneur facing an unrealized gains wealth tax bill many times higher than my net income went viral, amassing over 100 million views on X. There's contributing to society, and there's receiving demands for more wealth than you possess. If you can't make a moral distinction between the two, then, frankly, I don't know how to explain it to you - this is one of those things that you should understand by the age of ten or so.
- zahlman 1mo ago
  > more wealth than you possess Net income != wealth.
  - cjs_ac 1mo ago
    It’s not a once-off tax bill; it’s every year.
    - zahlman 1mo ago
      Good, productive wealth is expected to accumulate value over time, for example by being invested in someone else's equity or in a worthwhile business venture. If you're sitting on capital that isn't doing that, you've functionally taken it out of the economy, and a well-designed system punishes that.
      - cjs_ac 1mo ago
        Invested capital is not guaranteed to make returns within a tax year. Taxes on capital gains are morally right, but wait until the gain has been realised before levying the tax.
        zahlman 1mo ago
        > Taxes on capital gains are morally right, but wait until the gain has been realised before levying the tax. I tend towards your morality, but I would rather argue from a practical perspective. My proposal is that we should levy tax on wealth when we can actually measure it. "Market capitalization" is largely illusory, but public stock markets make the per-share value real. As for private equity… well, it would be inappropriate to take some investor's implied valuation for granted, but neither should we allow multi-millionaires to hide all their wealth in a do-nothing corporation registered for a few hundred dollars and then claim to have no liquidity. All this stuff about "resetting cost basis" encourages playing games, and those with the most resources will be best at dodging the taxes (the more complex the rules, the more so). My perspective on this is perhaps informed by living in Canada, where capital gains are grossed down rather than having the American distinction between "short-term" and "long-term" capital gains and complex rules about "wash sales" etc.
- deleted 1mo ago
  [deleted]

Slop. Feels like a child onesided complaining and detached from a regular reality. You are not a fugitive, just because you are expected to contribute to society.

cjs_ac 1mo ago

Let's revisit the very first sentence of the article. > Recently, my story as a Norwegian entrepreneur facing an unrealized gains wealth tax bill many times higher than my net income went viral, amassing over 100 million views on X. There's contributing to society, and there's receiving demands for more wealth than you possess. If you can't make a moral distinction between the two, then, frankly, I don't know how to explain it to you - this is one of those things that you should understand by the age of ten or so.

zahlman 1mo ago
> more wealth than you possess Net income != wealth.
- cjs_ac 1mo ago
  It’s not a once-off tax bill; it’s every year.
  - zahlman 1mo ago
    Good, productive wealth is expected to accumulate value over time, for example by being invested in someone else's equity or in a worthwhile business venture. If you're sitting on capital that isn't doing that, you've functionally taken it out of the economy, and a well-designed system punishes that.
    - cjs_ac 1mo ago
      Invested capital is not guaranteed to make returns within a tax year. Taxes on capital gains are morally right, but wait until the gain has been realised before levying the tax.
      - zahlman 1mo ago
        > Taxes on capital gains are morally right, but wait until the gain has been realised before levying the tax. I tend towards your morality, but I would rather argue from a practical perspective. My proposal is that we should levy tax on wealth when we can actually measure it. "Market capitalization" is largely illusory, but public stock markets make the per-share value real. As for private equity… well, it would be inappropriate to take some investor's implied valuation for granted, but neither should we allow multi-millionaires to hide all their wealth in a do-nothing corporation registered for a few hundred dollars and then claim to have no liquidity. All this stuff about "resetting cost basis" encourages playing games, and those with the most resources will be best at dodging the taxes (the more complex the rules, the more so). My perspective on this is perhaps informed by living in Canada, where capital gains are grossed down rather than having the American distinction between "short-term" and "long-term" capital gains and complex rules about "wash sales" etc.
deleted 1mo ago
[deleted]