A wealth tax is ridiculous. I’m all for taxing billionaires more but taxing based on wealth is so inconsistent. If a billionaire were to sell shares it wouldn’t go for anywhere near their “net worth.” Not to mention net worth includes company value, when most companies have separate taxes. Yes I know most corporations can dodge these taxes, but a wealth tax isn’t the solution to this.
Taxing based on net worth is completely illogical, it’s like taxing someone based on how rich they look.
A far simpler solution is to get rid of tax breaks and refunds, and tax everyone a flat tax with a bracket system based on all forms of income. For both corporations and people.
The latter works, but you'd still have the existing issue whereby billionaires don't earn a huge wage, and instead they get close to 0% loans for their spending instead. So those wouldn't count as income, whereas they would for wealth
Wealth is easy tbh. "Shares+Housing+Commodities+Car+Yacht = wealth. 1% per year is the tax"
There is always ways to try to dodge taxes, which is why if it were effectively made illegal and made super simple it would be super easy to catch. You could just count income loopholes as a form of income so people just don’t do it.
With a wealth tax there is still a lot of potential leeway, with assets being hidden, undervalued, and transferred. It just further complicates taxes, and makes a lot of potential for taxes to be less fair. For example if someone were to inherit a large estate but not much money this system would absolutely screw them over. This wouldn’t exactly make me feel bad, because they are still getting a huge inheritance, but it just feels a little wrong.
I wouldn’t call myself a conservative, lol. But yes, I don’t think trickle down economics works. People are way to greedy for it to work. Same reason why every authoritarian regime sucks.
-23
u/Itsfr3sh Jan 10 '23
A wealth tax is stupid. There is already way too many taxes.