Fuck income. Wealth gains tax.
Land value tax. Good luck hiding land. Someone will have to pay the tax on it.
Why not both?
I sure wanna tax someone making 15 million even if they spend every last penny in a calendar year.
But yeah specifically lets stop taxing lower middle class incomes.
Because income tax disproportionately effects the people paid less. At the extreme levels of wealth your income can be a few thousand a year - the real money is the massive assets that are leveraged to get loans that are paid back with the investment dividends/interest or business income that pays the loan on behalf of the owner.
Famously Warren Buffet gets paid less than his secretary so she pays more of her available money in tax than he does if they had the same level of wealth. But he has billions and she has thousands. She pays more in income tax than he does - there should be no income tax.
Millions of people that doesn’t understand tax brackets. Increasing the tax on high income in no way would disproportionately affect lower income earners. They quite literally would pay the same amount of tax as before. You’re absolutely right that the truly disgustingly wealthy don’t draw funds from a traditional income, which is why OP said “why not both” to a wealth tax as well as a disincentivizing income tax structure.
I mean, the next major hurdle you need to deal with is the government actually taking those funds and applying them to social services and not corruptly funneling it back to the wealthy anyway.
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The U.S. doesn’t give a capital gains tax exemption on your principal residence?
Tax law is complicated , but generally speaking if you:
- owned the property for more than 2 years; and
- lived in it for at least two of the preceding five; and
- you haven’t sold a residence in the preceding five
then: the gains are waived.
It’s almost like the tax is directly proportional to wealth inequality. As in most things, Fuck Ronald Reagan.
All of the world problems will be fixed and the whole population will have unlimited services if people who make $10M+ a year paid 70% tax, also a yearly %2 wealth tax on all who have $100M+. No one works and really earns that much or needs that much to live a very good life. These are leechers improvishing the rest of population.
