No you can’t tax wealth, it does not make any fucking sense.
If I own a peice of land that, for some wild reason, is valued 1 billion, why the fuck would I pay taxes on 1 billion ??? especially if I just work at the starbuck for minimum wage. Like, it’s only gonna make the wealthy even wealthier. Only rich people are gonna be able to pay taxes on nice things.
What do make sense is to pay taxes when I’m gonna sell that land 1 billion. That is sound. You pay tax on income, not on wealth. Maybe pay taxes on transactions.
If you wanna tax the rich, start by reforming how capital gains are taxed.
Funny that you should pick land, considering that property tax exists and is based on a valuation of your land. There’s a very simple solution if you can’t afford the tax on your wealth, which is to sell that wealth. If you can’t afford the tax then you can’t afford the wealth.
No you can’t tax wealth, it does not make any fucking sense. If I own a peice of land that, for some wild reason, is valued 1 billion, why the fuck would I pay taxes on 1 billion ??? especially if I just work at the starbuck for minimum wage. Like, it’s only gonna make the wealthy even wealthier. Only rich people are gonna be able to pay taxes on nice things.
What do make sense is to pay taxes when I’m gonna sell that land 1 billion. That is sound. You pay tax on income, not on wealth. Maybe pay taxes on transactions.
If you wanna tax the rich, start by reforming how capital gains are taxed.
Funny that you should pick land, considering that property tax exists and is based on a valuation of your land. There’s a very simple solution if you can’t afford the tax on your wealth, which is to sell that wealth. If you can’t afford the tax then you can’t afford the wealth.
Then take a company that is highly valued ? You understand the point and won’t engage with it. That is funny.
To expand on that, you should also pay tax on unrealized gains used as collateral for a loan.
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