this post was submitted on 02 Jul 2023
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Tax them how though? Honestly, most billionaires don't take a massive salary, many of them have an official salary that is wholly unimpressive. I think Bezos' official salary as CEO of Amazon was under $100k. And I am firmly against the idea of a wealth tax because that means you're taxing someone on money that they don't have. If I find a painting at goodwill that turns out to be worth $100 million, should I be expected to pay taxes on that $100 million even though I only make $20/hour? That would be totally unfair, you'd be taxing me on money I don't have.
Obviously you sell the painting to pay the taxes on it. Then you still have $80 million or whatever. Sounds fair to me.
I simply disagree with taxing someone on the perceived value of an asset. I know that's how property taxes work, and yes, I disagree with that too. You shouldn't tax someone on simply owning an asset.
And you're okay with that making it functionally impossible to tax rich people?
I think the focus on rich people is misguided. You would get way more tax money by properly taxing corporations than you would by taxing billionaires. The personal income of even top level billionaires is still peanuts compared to corporate profits, which can be hundreds of billions per year. I don't care if Musk or Bezos has a personal wealth of hundreds of billions, that money doesn't exist, it's the hypothetical market value of their stock holdings. But major corporations do actually have hundreds of billions of actual liquid income every year, so to me that's fair game for taxing. If Walmart profits $150 billion in a year, then sure, go to town and heavily tax that, because that is actual money and not just value.
I guess we just have a fundamental disagreement then. I see no reason to exempt wealth from taxation. Personal or corporate wealth.