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Biden Is Breaking Campaign Rule No. 1. And It Just Might Work.
(www.nytimes.com)
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this post was submitted on 27 Mar 2024
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politics
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I see a lot of ‘tax the rich’ pushes, but I’m curious on how. It’s not like billionaires get a normal salary, so I wonder what it actually is - is it taxing assets over a certain value or something?
I worked for a family office in Switzerland and the “salary” from the company to our owner was an entry level salary for compliance/presence purposes. He couldn’t care less about that being taxed.
Yes, a wealth tax over a billion dollars is a proposal now. Biden's not doing it though, but 1% to 2% could raise a lot of money. Although it would require legitimate property valuations. That's hard if people just lie about their real estate like Trump was convicted of.
Also taxing capital gains over a certain amount at higher rates would help billionaires have a fair tax burden. It makes no sense to tax you a greater percentage than the owner you worked for. Above a million in capital gains should be taxed as income.
No I'm not afraid of money leaving the country. If they want to leave the most productive and profitable country on earth, that's more money for us.
If they lie and inflate their property values, they get taxed more. Sounds like a win to me!
He was sued for underpaying taxes by undervaluing his property. The lies for overvaluing them on bank documents haven't been charged yet. That's a federal crime.
The Swiss actually has wealth tax, depending on canton. I believe though a lot of it is negotiable- if you’re super wealthy, I think you can agree a fixed amount per year with your canton (state).
In my canton you’re exempt from it if you have less than $250-300k in assets or something like this. And it ranges from something like 0.20-1% I believe.
At least tax loans that use stock and other "untaxes assets" as collateral as realizes gains.
Also it is kinda weird that normal people pay taxes on properties but assets like stock portfolios are not taxed.
Remove the cap on social security taxes (160k), and the program will be fully funded in perpetuity.
Implement a wealth tax on those with, say, over 10 million in assets.
Increase the corporate tax rate to 50%, and remove all loopholes allowing them to offshore earnings.
Remove the cap on inheritance tax, as this is one of the primary drivers of wealth inequality today.
These would be a good start.
Make every post office a bank. The bank then gives out loans to local co-ops.
Federate the co-ops with an organizatio like Mondragon.
https://en.m.wikipedia.org/wiki/Mondragon_Corporation
Stop coddling these faceless mega corporations. Since they are SO efficient, they wont need any breaks from the government. Invest in the people, not a 1%ers off shore bank account