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.
It's strange that people always make this argument for wealth taxes, but you rarely hear it about property taxes. If "net worth is not real" neither is equity in real estate.
It's the opposite. You've been drip-fed "billionaires cause all the problems" for a few years, and now, as you say, you feel all sorts of things about them, which can rationalise all sorts of bad ideas.
Wealth inequality is worse than any other time in human history. What the wealthy and powerful are funding is division, fascism, the far-right and immigrant hate, so that they don't have to pay more taxes. It's the same divide and rule playbook since forever.
I disagree with you on what is being drip-fed. It's factual that deranged levels of wealth inequality are causing problems, even the billionaire wannabes on HN are starting to see that.
> Wealth inequality is worse than any other time in human history
This is circular. Wealth inequality:
1. Isn't real. It's a paper value that would not survive contact with reality.
2. Doesn't matter. What matters is the absolute level of poverty and whether that's getting better. Someone in poverty in the UK today will still get healthcare, eyecare and dental care beyond the dreams of Henry VIII.
3. Is genuinely a stupid measure. You could "fix" it by burning everyone's possessions until everyone has the same: nothing. Zero inequality, and yet somehow doesn't sound great.
> What the wealthy and powerful are funding is division, fascism, the far-right and immigrant hate, so that they don't have to pay more taxes. It's the same divide and rule playbook since forever.
Absolutely real when Musk can tilt elections in America and fund far right parties in other countries. Your whole “paper wealth” argument holds no weight.
He didn't have to tilt anything in America. The Democrats ran the worst platform in living memory for the 2024 election, and the sooner they stop blaming billionaires for everything and start looking at themselves to improve the sooner they will get back the popular vote.
So did many other people. Any popular podcast will do that. Any media organisation has editorial bias, either in story presentation or even in selection. I don't see why Elon Musk would be singled out there, other than he's an ex-Democrat, and thus like all the ex-Democrats is a target of constant negative mentioning in a lot of one side's media.
> Wealth inequality is worse than any other time in human history
And humans are wealthier than any time in history. They have access to robot slaves that can wash dishes and clothes for them. They can access fruits grown over 1000 miles away for 69c. They have potions that can cure cancer. They have the database of all human intelligence in their pocket, accessible from anywhere on the globe. They have individualized transportation that can travel over 2 miles a minute. They have super intelligent thinking machines for cents.
A big proportion of Americans are struggling to make ends meet on a fulltime wage. No amount of luxuries make up for a lack of necessities. Your argument might have had a smidge of credibility 15 years ago.
That's just the consequence of various other policies that a lot of them probably voted for (or didn't vote against hard enough). If you transform a country a certain way, promising more and more from the government for some people, then everyone else has to pay more. If you pay for it with ZIRP, then you're going to need to pay it back.
The last thing you should do at that point is vote for more policies that will destroy economic activity in the name of "fairness". That's how you got here.
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.
slg · · focus · HN ↗
N_Lens · · focus · HN ↗
philipallstar · · focus · HN ↗
N_Lens · · focus · HN ↗
I disagree with you on what is being drip-fed. It's factual that deranged levels of wealth inequality are causing problems, even the billionaire wannabes on HN are starting to see that.
philipallstar · · focus · HN ↗
This is circular. Wealth inequality:
1. Isn't real. It's a paper value that would not survive contact with reality.
2. Doesn't matter. What matters is the absolute level of poverty and whether that's getting better. Someone in poverty in the UK today will still get healthcare, eyecare and dental care beyond the dreams of Henry VIII.
3. Is genuinely a stupid measure. You could "fix" it by burning everyone's possessions until everyone has the same: nothing. Zero inequality, and yet somehow doesn't sound great.
> What the wealthy and powerful are funding is division, fascism, the far-right and immigrant hate, so that they don't have to pay more taxes. It's the same divide and rule playbook since forever.
This is just your media consumption showing.
N_Lens · · focus · HN ↗
philipallstar · · focus · HN ↗
N_Lens · · focus · HN ↗
philipallstar · · focus · HN ↗
polski-g · · focus · HN ↗
And humans are wealthier than any time in history. They have access to robot slaves that can wash dishes and clothes for them. They can access fruits grown over 1000 miles away for 69c. They have potions that can cure cancer. They have the database of all human intelligence in their pocket, accessible from anywhere on the globe. They have individualized transportation that can travel over 2 miles a minute. They have super intelligent thinking machines for cents.
Life has never been better for mankind.
N_Lens · · focus · HN ↗
N_Lens · · focus · HN ↗
philipallstar · · focus · HN ↗
The last thing you should do at that point is vote for more policies that will destroy economic activity in the name of "fairness". That's how you got here.