The basics are it is foolish to try and introduce a wealth tax - ie Bezos is worth 400Bn so we want 40bn now please. It becomes impossible to actually say how much a person owns - it fluctuates, even if they are co-operating fully it’s a fools game.
Yet tax rates are different for different categories - equalise those, and tax people at points of liquidation events - so capital gains is the most obvious.
Other liquidation events is borrowing against assets (the buy,borrow,die idea).
One can fairly easily imagine a minimum floor for all these - say 5 million in any fiscal year or whatever so we focus on where the money really is.
It’s also worth remembering that tax is simply a way of destroying the tokens of resource allocation (money). We want to tax the wealth to remove say X trillion globally. But remove it from the wealthiest who society has decided to give trillions to to handle covid but society thinks probably should not be having such a ratio of control over societies assets
And the implication is some other more destructive event can / will occur to rebalance - for example a massive stock market crash. The idea of “billions wiped off the exchange” is the same as a tax event - it’s just way more destructive and uncontrolled - event th wealthiest would rather t have tax planning than recessions and crashes
I’m stuck engaging with your reply because as far as I can tell the statement quoted below is objectively and trivially incorrect. Can you help me understand your way of thinking about this?
“It’s also worth remembering that tax is simply a way of destroying the tokens of resource allocation (money)”
The government does not destroy money collected from taxes. It uses the money to pay for stuff, at which point the money is back in the regular economy and much of it ends up in back in assets, just owned by a different person than the one who was taxed.
The basics are it is foolish to try and introduce a wealth tax - ie Bezos is worth 400Bn so we want 40bn now please. It becomes impossible to actually say how much a person owns - it fluctuates, even if they are co-operating fully it’s a fools game.
Yet tax rates are different for different categories - equalise those, and tax people at points of liquidation events - so capital gains is the most obvious.
Other liquidation events is borrowing against assets (the buy,borrow,die idea).
One can fairly easily imagine a minimum floor for all these - say 5 million in any fiscal year or whatever so we focus on where the money really is.
It’s also worth remembering that tax is simply a way of destroying the tokens of resource allocation (money). We want to tax the wealth to remove say X trillion globally. But remove it from the wealthiest who society has decided to give trillions to to handle covid but society thinks probably should not be having such a ratio of control over societies assets
And the implication is some other more destructive event can / will occur to rebalance - for example a massive stock market crash. The idea of “billions wiped off the exchange” is the same as a tax event - it’s just way more destructive and uncontrolled - event th wealthiest would rather t have tax planning than recessions and crashes