Hacker News Reader

In the world that you can only get anything remotely that close to that much from Musk once. You cannot seriously plan to fund federal programs like this to any substantial degree, either those programs need to be sustainable after the wealth taxes are spent, or you need to keep dropping the wealth threshold year after year to keep the wealth tax money flowing.

View on HN

Oi vey. I used the example number that you gave. My sincerest apologies.

Bluntly, you’re misunderstanding the basic math of a wealth tax.

Consider that we already tax unrealized gains on real estate as an annually paid tax. The suggestion is to do the exact same thing for other types of assets. That’s it. It’s very simple, and we’re not talking about making billionaires poor. Just trying to make it so that people can't go from $1B to $100B net worth and pay no taxes, while the rest of us fork over 25%+ of our measly 6-figure incomes every year.

Reply on news.ycombinator.com