this post was submitted on 27 Apr 2024
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Wealth tax is not income tax but it is certainly still not a fair share when I'm paying 24% of all my income and they are paying 4% tax overall.
Are you a bot? Wealth tax is not the same as income tax. You can't compare 24% to 4%. It just doesn't work that way. I don't know how to be more clear.
Suppose you take one of your remaining dollars after paying 24% tax on your gross income. You buy a penny stock and it skyrockets to the moon and you are now worth 100 billion on paper, and you stay at your 100k/yr white collar desk job. Your only income is your 100k salary. You haven't actually earned any income yet or triggered any taxable events. Income happens when you sell, not when values fluctuate. Your fair share is 24,000 now and then capital gains tax whenever you sell your share of that stock. This wealth tax is absurd because it's literally just a timing difference between now and whenever you sell, or whenever you die, whichever happens first. That tax is going to get paid one way or another.
You guys are getting your panties all twisted up over a temporary timing difference. And the worst part is you just don't even know what you're talking about, or how chaotic it would be implementing such a thing, which would never work in practice, or even the fact that it's unconstitutional and would require an amendment to be legal. This whole thing is just idiotic.