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Progressives Unveil OLIGARCH Act to Combat 'Existential Threat' of Extreme Wealth
(www.commondreams.org)
this post was submitted on 27 Jul 2023
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8% seems fine considering it's a wealth tax, not an income tax. In 7 years that takes away 56% of their wealth.
Granted, I'm not at all clear on what sort of assets constitute "wealth" here. How much of Musk's $242.4 billion net worth that google currently spits out would be affected by this?
8% is a good figure. 8% gets real change and it gets it fast. This rhetoric helps nothing. Wealth taxes are very different from income taxes.
It’s so soft and yet there is still 0% chance of this going anywhere. That’s where we are smh.
Paranoia Agent...now that's a name I haven't heard in a long time.
Have a fun 16 and a half-ish years
Why the fuck do I pay like 30% percent on my income? Fuck the IRS. Go after every single last billionaire tax dodger or stop taxing in general.
Wealth taxes are much different than income taxes, and as such have a lower percentage.
8% on wealth is actually insane. Stock market growth is only 10% on average, and average inflation of 3%. If they had average growth they'd be losing significant money (like 1-2%) each year. So in practice 8% is just a really slow seizing of all wealth, and prevents them from making any more money unless they're taking huge gambles and getting huge paydays that beat the market (which they would be incentivized to do). I'm all for taxing the hell out of the rich, but that's not a well designed system and creates really perverse incentives.
Considering that 8% only starts at one million times average household wealth, I've gotta say who the fuck cares. There is no justifiable reason for any singular person to have that much wealth. Not one.