I’d argue there should be a flat out cap on wealth. Nobody should have 500 billion dollars. Not sure what it should be, but somewhere under 500 billion.
There is a reason every country that’s tried a wealth tax has abandoned it (or neutered it to the point that it’s primarily the burden of the middle class, completely defeating the ostensibly-stated purpose of getting more money from the wealthiest), learn some world history.
The reason countries abandon wealth taxation is because the ruling class, the bourgeoisie, doesn’t like it, and the justification is that it hurts the working class, the proletariat, even if that isn’t true.
No, they abandon it because the total tax revenue after implementation literally goes down instead of up, lol.
Just because 100 people will buy your product X at $10 and you make $1000, doesn’t mean you’re guaranteed to make $2000 if you sell X for $20 instead. That’s basically the same principle–raising taxes doesn’t necessarily lead to an increase in revenue. People react to changes in policy.
This is not speculation, it literally already happened. Stop speaking about this from your assumed expectations and learn the actual history.
I’m aware of how the economy works, we all took econ 101 and many of us went beyond that. You need to stop feigning superiority and assuming a lack of education on anyone pushing back against what you’re saying.
How tho?
I’d argue there should be a flat out cap on wealth. Nobody should have 500 billion dollars. Not sure what it should be, but somewhere under 500 billion.
Would be nice, would still require a revolution.
Acceptable
You can have a soft cap with higher taxes as wealth goes up.
To name a few:
All come with some serious downsides of course.
or to sum it up: socialism
Tax wealth.
Would require either revolution or threat of it to pass to a meaninful degree.
No. Leave my IRA and 401k alone.
There is a reason every country that’s tried a wealth tax has abandoned it (or neutered it to the point that it’s primarily the burden of the middle class, completely defeating the ostensibly-stated purpose of getting more money from the wealthiest), learn some world history.
The reason countries abandon wealth taxation is because the ruling class, the bourgeoisie, doesn’t like it, and the justification is that it hurts the working class, the proletariat, even if that isn’t true.
No, they abandon it because the total tax revenue after implementation literally goes down instead of up, lol.
Just because 100 people will buy your product X at $10 and you make $1000, doesn’t mean you’re guaranteed to make $2000 if you sell X for $20 instead. That’s basically the same principle–raising taxes doesn’t necessarily lead to an increase in revenue. People react to changes in policy.
This is not speculation, it literally already happened. Stop speaking about this from your assumed expectations and learn the actual history.
I’m aware of how the economy works, we all took econ 101 and many of us went beyond that. You need to stop feigning superiority and assuming a lack of education on anyone pushing back against what you’re saying.
Are they worth over $10M? I mean $0.01B…
Turns out that technically they don’t have wealth, just a lot of loans with paper assets as collateral.
With votes, sadly.
If voting could dethrone the wealthy, they wouldn’t let us do it.