And do what with it? Just, like, fund society and shit? how are we going to grow extra assholes doing that?
this post was submitted on 05 Jun 2024
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100% It will work.
A fundamental misunderstanding of capitalism.
It's actually just hungry hungry hippos. And hippos can eat smaller hippos
I say tax rates should be decided based on wealth shares.
Break it down like this, brackets set at the 20th, 40th, 60th, 80th, 95th, and 99th percentiles of household incomes.
People in the 20th 40th and 60th percentile brackets pay a tax rate equal to how much wealth is controlled by households in each of those brackets.
People in the 80 and 95 brackets pay twice the share they control.
People in the 99 bracket pay three times, and also can't hold public office for ten years after the last time they peak this bracket because, objectively, they are doing just fine for themselves and don't need to be going ahead of others who have actual problems a nation should be focused on addressing.
Also, with very few exceptions like a mortgage on a primary residence or a car loan for a primary vehicle, loans collateralized on capital assets are treated as income for tax purposes.
The central problem of a wealth tax is defining wealth. Real estate is relatively simple and well-tried, there's an appraisal process. But securities can fluctuate a lot. A billionaire CEO might turn into a millionaire after a bad earnings report, and end up paying taxes on wealth he was never able to actually have.
Then there's the whole infinite banking, living off loans secured with investments thing.
Not saying it's impossible, just difficult and complicated.
I said in the thing, loans collateralized on capital assets are treated as income under this model
It's not a wealth tax, it's a tax on trying to avoid using that wealth through the bank shit.
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Division of labor would suggest the people that are best at hunting money, hunt the money for the tribe while the others do other stuff.