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That plus the vast majority of their "wealth" is unrealized, like stocks and properties where there is no profit until the sale, which, by the way, is already taxed at progressive rates.
This incarnation will not pass. And, anyone with unrealized gains should be thankful.
I do believe high wealth could chip in more... proportionally. Everyone should be obligated to pay... some percentage, if want to continue down the road of mutual taxation benefits.
HOWEVER, opening Pandora's Box of taxing unrealized gains would trickle down to all of us, sooner or later.
Right from the start they set up the premise that they will be moving down toward the masses. The “Billionaire” tax for those with 100M then it will be for those with 50M and so on.
This is what the masses don't get, when you vote for these laws, they don't affect millionaires, they affect our children after inflation makes us all "millionaires". The original tax enacted in 1916 was only 1% on the general populace, and 7% on the ultra-rich. Look at where we are now.
The original tax? 1916? Are you saying there were no taxes before the year 1916? Where’s my time machine
You mean a flat tax and simplified tax code?
Not the point of the comment.
But. I'm fine with either.
this is a lie that billionaires tell us so that we won't raise their taxes.
Yeah, like honestly the taxes would just apply to people who are literally billionaires through the amount of shares they own. Force them to sell some of their shares then. Realize their gains. This shit would only apply to the people who own our country. Remember once these centi-billionaires die, their children get to start at 0 dollars again regarding taxes and just get handed all the shares.
https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax/amp
So would this 20% be a one time tax or yearly?
Now your starting to ask the right questions, what do you think it should be for the actual owners/elite, my good sir.
If it was a yearly tax on unrealized gains unless they are getting a better than 20% return there wealth will decrease. It would likely continue to decrease until no one has more than 100M or they find new creative ways to get around the rules.
The only unrealized gains I have is my big sack of rice in the pantry SMH, tax the upper class more the middle/lower class is drowning floating the wealthy.
Lol. I’d rather have billions going towards infrastructure than this horrible take. Nobody is coming after your 5k of btc
You said it, LOL. Spot on.
The already have come after the children's BTC, so you prove my point very well.
As for me, I'm an adult, I don't collect coins.
Fuck that. Force those shitheads to sell cheap to cover the costs. Taxing their income is useless, because they don't have to report any income at all. They just take out 0% loans to buy the toys they want, borrowing against their holdings and never actually have to sell any of their stock. You have to start forcing divestment one way or the other, or they just accumulate more and more. Jeff Bezos doesn't give a fuck about dividends.
But the compounding isn't taxed which is a clear advantage over everyone that has to work to acquire wealth.
Progressive rates up to 500k, though.
The rates are kind of stuck at an arbitrary number. Should have a lot more brackets above 500k
That's not unrealized at all. If anything, liquid assets are unrealized. Wealth is just another word for power, and people who own giant corporations have immense power. They control thousands of people who work solely for their benefit. That's what realizing wealth looks like.
They don't control their employees. You're thinking of slavery.
No. I'm thinking of employment. No one at Tesla goes to work and decides for themselves what they want to do that day. They don't work for their own enrichment. They work on what they're told and they receive none of the value their work generates. The only difference between that and chattel slavery is that they get to pick which master they devote their lives to enriching. Not much of a choice.
So in your mind literally everyone is Elon's slave? Or the board members'? Or shareholders'? Get a grip. They are choosing to work there for money - of course they have certain responsibilities that come with that paycheck. They can choose to work for the millions of other employers or work for themselves. Calling that slavery is insulting to all the people who have ever been actual slaves.
Choosing your slave matter doesn't change the reality that you're working for someone else's benefit
So, people should only ever benefit...themselves, eh? Cool worldview, but I think I'll continue to do my job by choice and be paid for that work, thanks.
Lol you're literally defending a system where the only incentive that exists is getting more money for yourself and defending Billionaires who literally operate on that exact principle, but I suggest that people produce cooperatively and I'm the one with a selfish worldview? Hilarious. You want billionaires to be ruthlessly selfish, but as soon as workers demand even the basics of dignity and agency, they're the greedy ones? There's no worldview more selfish than the one that only knows how to reward greed. I get that you like to be dominated, but there are better ways to explore that fetish than by deep throating billionaire boot.
No, you simply don't recognize that employment IS co-operation. You are opting in, you are agreeing to the terms, you can leave if you want. Stop calling it slavery; it's insulting to actual slaves. You are free to work for yourself if you'd like. You're also free to join or start a co-op or commune or whatever else.