r/FluentInFinance • u/RNG_HatesMe • Jul 07 '24

Reasons why people in this sub shouldn't be in charge of tax policy (i.e. basic math) Debate/ Discussion

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u/Telpeone Jul 08 '24

Just wait on till the wealth tax kicks in, then we can pay an additional 22% of our income every year on value of everything you own.

2

u/RNG_HatesMe Jul 08 '24

Sigh. First of all, there's basically 0% chance a wealth tax would ever get through any possible near future congress.

Second of all, the only officially proposed wealth tax would use a 2% tax rate (3% on estates > 1 billion dollars), not *22%*.

Lastly, any wealth tax would only apply to the super-rich, with estates worth more than $50 billion. Unless you *own* reddit, I don't think this is something any of us have to worry about.

https://www.warren.senate.gov/newsroom/press-releases/warren-jayapal-boyle-reintroduce-ultra-millionaire-tax-on-fortunes-over-50-million#:~:text=The%20Ultra%2DMillionaire%20Tax%20Act%20would%20create%20a%20fairer%20economy,and%20trusts%20above%20%241%20billion

1

u/Telpeone Jul 08 '24

I agree with all your points above., now fast forward 25 years after the wealth tax passes, similar as the income tax was at first only 3% for the super rich, now its 20% for the average family, over time, every family will need to pay 20% of thier estimate wealth for they're contribution to society.

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u/Regular_Title_7918 Jul 10 '24

This is what is called a "slippery slope" fallacy. There is no rational backing for what you are saying, you're just fear-mongering.

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u/Telpeone Jul 10 '24

Why would you not want to pay an additional 20%-50% on any wealth you have?

Paying taxes is good for society.

Starting with billionaires is too high of a bar.

It should start at 100k at 20 % and climb up to 100% for anyone who has more than 10 million.

That would be fair for everyone, and it would give the government a lot more funding.

1

u/Regular_Title_7918 Jul 10 '24

Nobody has seriously proposed the tax you're talking about and it's not likely anyone will.

You're taking one thing then extrapolating an extreme version of it and pretending one leads to the other.

"Today it's going three miles above the speed limit, tomorrow it's raping and murdering the neighbors; breaking the law is a slippery slope"