1598
Let's play the rich get everything. The rules are the rich get everything. participation is mandatory.
(lemmy.world)
Did I say mandatory? I meant optional! You're "free" to die in a cardboard box under a freeway as a market capitalist scarecrow warning to the other ants so they keep showing up to make us more!
Can't have unrealized gains in a system that doesn't have stocks. Abolish the stock market.
You absolutely can have unrealized gains without a stock market. Build a business. Someone wants to buy it from you for $150,000 last year, someone else wants to buy it from you for $250,000 this year, you have unrealized gains of $100,000 from last year to this year.
What we can do is apply an annual wealth tax of 1% of all registered securities, (stocks, bonds, etc) and exempt the first $10 million of each natural person. You don't have to sell your shares; the SEC knows how much you're holding, and will transfer them automatically to IRS liquidators, who will resell them on the open market in small lots, no more than 1% of total traded volume per month.
Jeff Bezos and Elon Musk lose 1% of their empires per year until they are worth less than $10 million.
Not a bad plan.
Thanks.
I distinguish between problematic wealth (financial assets, which entitle the owner to revenue ultimately produced by workers) and non-pronlematic wealth (assets ultimately purchased from workers.)
A worker who produces widgets earns his pay from the sale of those widgets. That worker shares the income from those widgets with the owners of the widget factory. That worker is better off when a rich individual purchases a $10,000 widget than when that rich individual purchases a $10,000 share in the factory.
So, we should tax wealth held in the form of factory shares rather than wealth held in widgets, to incentivize this rich person to buy widgets rather than shares.