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this post was submitted on 24 Aug 2023
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Fyi, what you want to say is that we should have a wealth tax. I agree with you on that. We should also tax stock holdings similarly.
Ummm, a lot of people that are NOT rich, own stocks. Like nearly every 401k. If those stocks go up, then there is a tax, it's called capital gains and goes up for higher income earners.
Also, where I live there is a tax paid on vacant rental property. It's called property tax. I do not believe people, rich or poor, should be taxed on money they are NOT making. This would hurt owners with a legitimate reason to have a property vacant, like renovations, repairs, or a soft market. So in addition to rent loss the owner would have to pay taxes because the assumption is that the owner is enjoying it?
I don't think there should be a wealth tax. I think the wealthy should just actually pay some taxes.
You need to go back to school professor. All wealth tax proposals are progressive, only affecting those with substantial investments. I used to dislike them, but a tax starting at 1% on $50 million with the highest rate (say 3%) on net worth above $1 billion wouldn't hurt anyone.
Also, that tax can't be avoided either. Even if a billionaire moves to a tropical island with no taxes, their money is still invested in developed countries. It's too much to invest in tax havens. You just need good KYC to know who the ultimate owner is.
I don't understand why people have to insult to make a point.
I think eliminating tax loopholes, causing rich people to pay their fair share of taxes, is waaay better than an extra tax on incomes over a certain level. It's more fair and also doesn't hurt anyone. Tax avoidance is the reason a wealth tax is even an idea.
"eliminating tax loopholes"
Those words mean nothing without specifying which loopholes you mean. I'm not insulting you, I'm just saying that you are trying to sound smart while not contributing anything.
Is this a real sentence, typed seriously, with no irony? What a world.
Why do we put retirement funds into stocks?
Because we convinced everyone that's the only place where your money can grow?
So that every time Wall Street can and will again hold everyone hostage?
We should rethink this whole approach.
Perhaps, but unless it's a bond fund or something, most of the options are funds that hold stocks. It's the way it is.
Also, ironically, buying a property to rent is trying to "rethink the whole thing." So naturally, it should be taxed even if it's not making money.
If also like to point out that the article linked did not mention taxing the landlord. I guess that was the poster.