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I passionately disagree with the concept of a wealth tax, unless it's only on new wealth (also known as income), because otherwise you're taxing money that has
by wmgries 9y ago
I passionately disagree with the concept of a wealth tax, unless it's only on new wealth (also known as income), because otherwise you're taxing money that has already been taxed. Money should only be taxed once.
All of that said, I strongly agree with your first point. People pay corporate taxes through: 1) higher prices for products and services, 2) less employment, 3) lower returns on investments (a lot of people have 401Ks). Corporate taxes just obscure a person's tax burden.
- adamlett 9y agoI see the argument again and again that money should only be taxed once. I don't understand it. It seems like such an arbitrary principle. Why should money not be taxed more than once, if the result would be a wealthier and fairer society?
- Matumio 9y agoMoney is circulating, thus the concept of taxing it only once seems a bit silly. We could argue endlessly who is really paying which taxes. E.g. if you tax income you are really just obscuring the fact that you are taxing the company who is paying this income, but the company will rise prices accordingly, so it's actually a hidden tax on consumption, etc.