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.
You are ignoring the most common approach, borrow against the asset. In that case the sufficient assets turn into essentially unlimited untaxed cashflow. Especially with how the market has been lately, the gains erase any burden of the loan. Sounds like a broken tax system to me.
That may be a perfectly viable solution. Seems like an easier path to me, at least. But the point is that these assets are a lot more fungible than you imply.
> It is not a good measure of the money someone may be able to realise.
And as such, when you get in to the higher ranges, net worth is quite a good indicator.
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.
14u2c · · focus · HN ↗
pj_mukh · · focus · HN ↗
14u2c · · focus · HN ↗
> It is not a good measure of the money someone may be able to realise.
And as such, when you get in to the higher ranges, net worth is quite a good indicator.
sokoloff · · focus · HN ↗