(October 9, 2021 at 2:39 pm)onlinebiker Wrote:(October 9, 2021 at 2:04 pm)vulcanlogician Wrote: As a poor person with an income, I'd rather be a wealthy person with no income.
Same here...
But I' d hate to get taxed into poverty....
Think about this -
If a wealth tax was a one time deal - that would be fine.
But to tax a person' s wealth EVERY YEAR?
How would you like to be taxed on your income every year for every year you had income?
It' s the same thing - compounding tax upon tax....
Doesn' t sound fair to me.
I see your point. But then again, it's bullshit how actual income can somehow not count as income for the very rich.
I mean, property tax works like the proposed "wealth tax." And, as you argue, you can lose income by owning a bunch of high-value land that doesn't make you money. My mom's property tax on her farm hits her pretty hard some years. (She's retired on a fixed income.)
One way you could mitigate the factor of "wealth tax" taxing you into poverty would be to make it progressive and cap it at like $200,000. So that if you don't own more than $200,000 in taxable wealth you don't pay wealth tax. (You just pay income tax, property tax etc.) $200,000 is more than anyone should need. So if it stops there, you aren't "taxing them into poverty." You're "taxing them into normalcy."
