At the scale of a property tax, might be ok. Or at least more fair, I’m stuck being taxed on my house which is most of my net worth, so…
At the scale of an income tax, or as frequently demanded an extreme income tax at like 90%, then yes, it would explode, fall to produce desired revenue, and take down most retirement funds with it.
Of course, in the wrong thread you get branded as some billionaire defender, when you are trying to explain that it’s fine to go after them and they do enjoy having way too much actual money, but any strategy to make it fair has to be smart and workable rather than going after an extrapolated number of dollars that don’t “actually” exist. It’s true that it’s all imaginary is an oversimplification when they clearly lead lives of intense wealth, but have to recognize the degree to which that claim is true. So take that into consideration and advocate things like covering unrealized gains as collateral in a better tax system, or a property tax level rate on unrealized gains (though even then, have to tread carefully. Most property has an intrinsic use and the tax burden has been priced into the market for eternity, for a more purely financial vehicle previously not subject to a tax, might have unintended consequences).
Depends on scale.
At the scale of a property tax, might be ok. Or at least more fair, I’m stuck being taxed on my house which is most of my net worth, so…
At the scale of an income tax, or as frequently demanded an extreme income tax at like 90%, then yes, it would explode, fall to produce desired revenue, and take down most retirement funds with it.
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Of course, in the wrong thread you get branded as some billionaire defender, when you are trying to explain that it’s fine to go after them and they do enjoy having way too much actual money, but any strategy to make it fair has to be smart and workable rather than going after an extrapolated number of dollars that don’t “actually” exist. It’s true that it’s all imaginary is an oversimplification when they clearly lead lives of intense wealth, but have to recognize the degree to which that claim is true. So take that into consideration and advocate things like covering unrealized gains as collateral in a better tax system, or a property tax level rate on unrealized gains (though even then, have to tread carefully. Most property has an intrinsic use and the tax burden has been priced into the market for eternity, for a more purely financial vehicle previously not subject to a tax, might have unintended consequences).
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Well, as presented it’s not totally out of reason, it sticks to a fairly modest percentage.
The real problem comes in when the pitchforks say ‘2%!!!, it should be like 90%!!!’
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