Wealth taxes are a symptom of a broken tax system. If you let someone get to hundreds of billions in net worth and then realize they haven’t been appropriately paying back into the system, it’s already too late. Like the article says they can simply say “no” in a variety of ways, from fighting in court to simply leaving.
> If you let someone get to hundreds of billions in net worth and then realize they haven’t been appropriately paying back into the system
This is to once again mistake net worth for money. Net worth is not real. It is not a good measure of the money someone may be able to realise. They do not have hundreds of billions. There is nothing to tax until they sell some shares.
There is no way to take anything like that. Net worth is quite similar with me saying you are worth 1 billion dollars, but you have zero money in the bank. What do you take, super-rich billionaire person?
The net worth is simply the sum of assets minus the sum of liabilities. Take away the assets and you take away the net worth. I can't think of an asset category that you can't transfer if you are willing to sacrifice its value (which presumably doesn't matter, because it's not real anyways)
Why not? Net worth is the estimated sell value of a list of assets. It is entirely possible to take those assets, or charge a tax based on that estimated sell value. Why would it even be a little difficult, let alone impossible?
And certainly ceejayoz was being a bit glib by suggesting we take all of it, but it would not be remotely insurmountable to tax billionaire wealth.
Net worth is the estimated value, not sell value. For example, Tesla shares owned by Elon don't have the same value if Elon is leaving, they are less worthy.
binlog · · focus · HN ↗
philipallstar · · focus · HN ↗
This is to once again mistake net worth for money. Net worth is not real. It is not a good measure of the money someone may be able to realise. They do not have hundreds of billions. There is nothing to tax until they sell some shares.
ceejayoz · · focus · HN ↗
Good way to find out it this is the case: take it away. Not real, right? Why would they mind?
AdrianB1 · · focus · HN ↗
Avicebron · · focus · HN ↗
Is it Zuck's networth or salary that makes it possible for him to own his ranch in Hawaii?
wongarsu · · focus · HN ↗
delecti · · focus · HN ↗
And certainly ceejayoz was being a bit glib by suggesting we take all of it, but it would not be remotely insurmountable to tax billionaire wealth.
AdrianB1 · · focus · HN ↗
ceejayoz · · focus · HN ↗
This is, ironically, more of a guess/estimate than determining Musk's net worth is. We don't actually know that!
8note · · focus · HN ↗
whats the complication? if its not worth anything whos gonna worry, especially if the government then compensates you in dollars
AdrianB1 · · focus · HN ↗