this post was submitted on 27 Apr 2024
720 points (96.3% liked)
Political Memes
5617 readers
2299 users here now
Welcome to politcal memes!
These are our rules:
Be civil
Jokes are okay, but don’t intentionally harass or disturb any member of our community. Sexism, racism and bigotry are not allowed. Good faith argumentation only. No posts discouraging people to vote or shaming people for voting.
No misinformation
Don’t post any intentional misinformation. When asked by mods, provide sources for any claims you make.
Posts should be memes
Random pictures do not qualify as memes. Relevance to politics is required.
No bots, spam or self-promotion
Follow instance rules, ask for your bot to be allowed on this community.
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
I assume that you pay tax on your income, not your wealth/assets, so that is something different.
But these aholes take loans out on their wealth, thus effectively using this wealth as cash. Cash that is not taxed.
I don't question that their income from what ever source should be (highly) taxed. However the wealth tax should be on top to fix the errors made in the past (and are currently made) leading to such accumulation of assets. The question is how should non-liquid wealth, such as estates, shares and bonds, be taxed.
Yeah and then they pay interest on that loan, which is income to the lender for them to pay tax on; then when the original loan comes due the billionaire either refinances and pays even more interest, or pays back the loan by selling their appreciated assets and then - yes - pays tax on the income. So either way the tax is getting paid, now or later, and you have no idea how frustrating it is to see people parroting this over and over and over, and downvoting you for pointing it out.
Yes, but the rest of us still pay a WAY higher percentage of our wealth AND income in taxes than they do. It's a regressive system.
My post was in response to someone bitching about borrowing against property with unrealized gains to avoid tax, try and keep up.
Yes, but you also pay tax on everything else including housing and every day goods via Sales tax. And as a percentage of wealth I'm sure that adds up to way more than 4%
But my taxes as a percent of my wealth are probably closer to 20 percent (e.g. 20,000 in taxes on 100,000 in wealth), than the 2 percent suggested here.