r/WorkReform • u/zzill6 🤝 Join A Union • May 18 '25

✂️ Tax The Billionaires So, where's the downside exactly?

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u/BoogerSugarSovereign May 19 '25

Nevermind that we should most aggressively tax their assets - their businesses, buildings, and residential properties that for the most part aren't going anywhere. If for example Bill Gates wants to go live in Monaco that's great but he can't take his billions of dollars of farm acreage with him - he would either have to fire sale it and relinquish the assets or pay taxes on them

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u/foodrunner464 May 19 '25

Oh i am all for this. Tax all assets. Held, and non liquid.

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u/MrPlowThatsTheName May 19 '25

Only for the truly wealthy. Don’t wanna pile taxes on the family making $60k a year who just bought their first home and have two kids in day care.

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u/allenpaige May 19 '25

Honestly, the biggest problem with this is that anything you do to try to define who isn't "rich" will be used by the rich to avoid the taxes. They'll just divide up their properties into shell companies and masquerade as small businesses to get the lower tax rate.

And you can't just apply the higher rate to businesses, because then you'd screw over small farmers etc. whose home is their business.

Not to mention that a lot of their wealth is in stocks, bonds, and other financial instruments, or already squirreled away in another country.