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.
That the estimates vary a bit on the edges doesn't mean they've no value. It was public knowledge when his net worth confirmably hit a trillion dollars in share holdings.
If your point is "we can't tax people because estimates aren't perfect", sure. But it's a silly point. We already tax people off estimates - if you own a house, your property taxes are assessed in exactly this fashion - an estimate of its value.
> It was "public knowledge" when his estimated net worth hit a trillion.
No. It was public knowledge when his known numbers of shares in his publicly traded companies reached a known price point.
Don't try to deflect or move the goalposts. My point is you stated "we know Musk's net worth" when we don't. This is a false claim.
>No
Yes.
>It was public knowledge when his known numbers of shares in his publicly traded companies reached a known price point.
A valuation of his publically known stakes at a specific point in time, not his net worth.
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?
philipallstar · · focus · HN ↗
Take what away? I'm saying if I own 51% of Tesla, you cannot tell what amount of money that amounts to until I sell it.
ceejayoz · · focus · HN ↗
C'mon, man.
throwawayfifo · · focus · HN ↗
No we don't.
>It's public knowledge!
No it's not. We estimate his net worth based on public filings. We know next to nothing about his nonpublic holdings.
ceejayoz · · focus · HN ↗
<a href="https://en.wikipedia.org/wiki/Wealth_of_Elon_Musk" rel="nofollow">https://en.wikipedia.org/wiki/Wealth_of_Elon_Musk
That the estimates vary a bit on the edges doesn't mean they've no value. It was public knowledge when his net worth confirmably hit a trillion dollars in share holdings.
throwawayfifo · · focus · HN ↗
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throwawayfifo · · focus · HN ↗
"with an estimated"
You made my point for me, thank you.
>That the estimates vary a bit on the edges
We don't know that. It could vary widely, intra-day even.
>doesn't mean they've no value.
I did not make this claim.
>It was public knowledge when his net worth confirmably hit a trillion dollars in share holdings.
It was "public knowledge" when his estimated net worth hit a trillion.
ceejayoz · · focus · HN ↗
If your point is "we can't tax people because estimates aren't perfect", sure. But it's a silly point. We already tax people off estimates - if you own a house, your property taxes are assessed in exactly this fashion - an estimate of its value.
> It was "public knowledge" when his estimated net worth hit a trillion.
No. It was public knowledge when his known numbers of shares in his publicly traded companies reached a known price point.
throwawayfifo · · focus · HN ↗
Don't try to deflect or move the goalposts. My point is you stated "we know Musk's net worth" when we don't. This is a false claim.
>No
Yes.
>It was public knowledge when his known numbers of shares in his publicly traded companies reached a known price point.
A valuation of his publically known stakes at a specific point in time, not his net worth.