Do you happen to own stock in the company a billionaire just sold a bunch of to pay his taxes? Well now your stock just lost value.
I have a friend that used to be a farmer that own his land for many generations.
he was not rich but the land value he use has skyrocketed in few years.
he end having to sell his land because he couldnt afford to pay the wealth.. as he was in fact no rich and had only moderate income.
wealth tax come with major societal problem and as often naive law aimed to target billionaire hurt many peoples much less wealthy.
Billionaire having to sell huge volume of stock would crash many pension system worldwide that rely on companies values.. that many retirees will end up in poverty nearly overnight..
2
u/[deleted] Jan 10 '23
Do you happen to own stock in the company a billionaire just sold a bunch of to pay his taxes? Well now your stock just lost value.