Like Gates saying there should be UBI, or Musk saying... well, whatever.
They know it won't happen, so arguing for it is 'effectively free' and purely personal marketing.
A bullshit game played by politicians and wannabes.
They know it won't happen, so arguing for it is 'effectively free' and purely personal marketing.
A bullshit game played by politicians and wannabes.
I think the only way forward is wealth tax. Rich accumulated so much wealth already, that they don't need to put it to profitable businesses.
it works for RE already without liquidation
> . I would opt for a tax on loans instead (you have to prepay tax on loans that use investments as collateral and no more step up in basis on death).
rich just will move from this scheme to something else, and nothing changes.
Maybe if we had a world government or something.
Also, I think it is equilibrium of interests of all involved parties: rich pay 0.5%/y of wealth tax, population is healthier, country is stronger and protects interests and safety of rich. The problem is mostly to make them realize this.
The US is increasingly a less relevant country every year. With a wealth tax, yes, all those Americans will have their wealth eventually confiscated (0.5% a year will add up quickly year after year, investments will unwind so wealth will stop accumulated, and eventually it's gone), but I doubt the rest of the world will care and just move on and decide crazy things that happen in the US are like the crazy things that happen in Iran.
US already have 0.5-1.5% property tax, no one calls it confiscation.
Markets will simply adjust and financial services will arise to smooth instances where liquidation is problematic.
The status quo shifts to optimize once taxes change. Our system will do the same.
I don’t understand why people don’t think it through all the way to the next equilibrium
The market will address by the wealth moving to where the wealth tax isn't.
Then the countries will start creating ridiculous exemptions and they become nothing burgers (e.g. see Switzerland's wealth tax).
Sure, we all agree.
The solution is pretty obvious, just implement a wealth tax that prevents capital flight.
It’s not that hard. The US already taxes its citizens abroad. A well-implemented wealth tax would be charged regardless of where you live or where your money is. If you are a US citizen you get taxed. Then you slap an exit tax on citizenship revocation and you’re good to go.
Not hard, simple, we already have systems in place to enforce it.