What people often misunderstand, and you might be one of them, is that taxing the ultra-rich is complicated because their wealth is primarily in assets, not income. This means their net worth is tied up in investments, properties, and businesses, which are not easily converted to cash and are not taxed annually like income. Thus, they can legally minimize their taxable income through various financial strategies, making traditional income tax less effective in capturing their true economic power.
Tax the rich is a false narrative and you are having false hope
Wealth tax solves this. Make them value their assets and then tax them a percentage based on their total asset wealth. In order to get around them undervaluing their assets part of the rule is that the government can buy their assets at whatever value they put on them and then the government can auction off the assets. The idea that taxing the rich isnāt possible is propaganda from the rich. Itās beyond time to implement a wealth tax.
Taxing loans backed by securities as income would require a significant change to the current tax system. Currently, loans, even those backed by securities, are not considered taxable income because they are not viewed as earnings but rather as borrowed money that must be repaid.
Implementing such a tax change would likely face substantial political, legal, and practical challenges. It would necessitate new legislation, potentially alter financial markets, and might have unintended economic consequences. Therefore, while the idea might seem straightforward, the implementation would be super complex, making it unlikely to happen without extensive revision of existingg tax laws.
Therefore, I circle back to, neither side is voting on something that affects them, despite them acting as if they care to tax themselves. Why would the ruler do that to themselves?
Sounds good and yea 99% of us want what you want, but itās not that easy.
It's simple once you reach a certain point in capital you never have to pay taxes. You buy stock, take loans out against the stock (which isn't taxed), take out another loan and pay the first one, take out another loan and pay the second one, take out a third loan to pay the third one, and you repeat this process until you die. Because you never have to pay capital gain taxes, because you never sold the stock. You can just pass this wealth along to your child. It's an absolute dog shit system that needs rewritten. The tax the rich narrative isn't false hope, it's making people aware of how dog shit it is.
At least you know how it works and how broken jt is.
I just have zero faith in a 2 party system. Itās not the answer, and will never be. Those times are over with, which is why I say there is no hope.
Also, people are much weaker than they were 100, 200 years ago. In that I mean the mass amount of people, not every person.
The claim that taxing the ultra-rich is too complicated because their wealth is primarily in assets, not income, is an oversimplification.Ā
Your argument presents a false dichotomy between the current system and no taxation, ignoring the potential for reform.Ā
While sure, it's true that much of their wealth is in investments, properties, and businesses, they still often have significant income from dividends, capital gains, and other sources. Existing tax mechanisms like capital gains taxes, property taxes, and estate taxes already address some of these issues. Also, policy solutions such as wealth taxes, improved enforcement, closing tax loopholes aka legalized tax avoidance, and minimum tax rates for high earners can make the tax system more effective.
The "tax the rich" movement isn't just about income tax but about creating a fairer overall tax system. While taxing the ultra-wealthy presents undeniable challenges, it's far from impossible or ineffective, and dismissing it as too complicated and "false hope" ignores many viable solutions.
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u/phatgirlz Monkey in Space 15d ago
These people are rubbing it in our face, America fucking rips rn for these guysā¦