- cross-posted to:
- nyt_gift_articles
- cross-posted to:
- nyt_gift_articles
The only people it’s worth it for are the connected billionaires who can scoop up assets cheap while the rest of us end up as serfs.
The only people it’s worth it for are the connected billionaires who can scoop up assets cheap while the rest of us end up as serfs.
There’s also the option of additional tax brackets for those wealthy whose income still counts as income. Why do the tax brackets stop? Massachusetts has one set $1M that’s doing pretty well
Because most of the 1% wealth isnt in the form of wages (hence why people say working class vs wealthy sometimes).
Sure you could increase the income brackets, but I think (would need to double check) that wealth tax would make a larger impact.
Sure, but we know income taxes work, we have a mechanism for collecting them, and we already have a ladder of brackets that are completely logical to extend.
While I’m also for some sort of wealth tax, I think that will be much harder to even define, much less implement. There are a lot of loopholes that need to be plugged, an entire industry for the purpose of finding those loopholes, and no objective way to even quantize unrealized gains
That would be a better choice as we know income taxes do work.