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.
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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