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Everyone loves deciding what their "fair share" of other people's net worth (not even income!) is. Sorry, but the state just confiscating 5% of someone's net w

Everyone loves deciding what their "fair share" of other people's net worth (not even income!) is. Sorry, but the state just confiscating 5% of someone's net worth (unrealized or not) is absolute madness, and rightfully opens up questions about slippery slope, how "temporary" they claim this to be, and so on. It's not surprising they are leaving the state or using their resources to try to stop it.

bhouston 7mo ago
Your statement is ignoring the systematic growing inequality in the US between the ultra wealthy and everyone else. And the use of those funds to influence politics (because of Citizens United, etc) to create polices that benefit themselves - it is for the ultra wealthy a virtuous circle: https://inequality.org/facts/wealth-inequality/ https://inequality.org/facts/wealth-inequality/ This is not a normal state of affairs.
- kadabra9 7mo ago
  This tax would do effectively nothing to address growing inequality between billionaires and everyone else.
  - mjamesaustin 7mo ago
    I see, so you're suggesting 5% is not enough? I'm listening...
    - kadabra9 7mo ago
      You could confiscate 100% of the wealth of every billionaire in this country and it wouldn’t fund the government for an entire year. It is and always will be a government spending issue, the government can’t help itself but to just steal more from the taxpayers to support their bloat.
      - shimman 7mo ago
        I do agree it is a spending issue, for far too long corporate welfare has flourished in America. None of these rich people would exist with out the federal teat they suckle from, truly pathetic. Remove their bloat, take their money, and fund programs that will enable REAL economic value like medicare for all, universal childcare, free school lunches, public jobs programs, and universal education.
        kadabra9 7mo ago
        And where will we get the money to fund this fantasy land in 8 months after the government runs out of money and we’ve already stolen all the billionaires assets? Should we move on to anyone with a net worth over $1M and start stealing their assets too?
        shimman 7mo ago
        Probably the same way that the republicans are able to generate funds out of thin air to pay for tax cuts. If MMT is good enough for them, it's good enough for everything else.
        tw04 7mo ago
        What do you think happens to the money when it gets distributed to low income people? They spend it, it gets injected back into the economy and the economy grows. It doesn’t sit in a hidden bank account to avoid paying taxes on it.
        trymas 7mo ago
        > And where will we get the money to fund this fantasy land ... What are you talking about? Current administration is doing exactly that. Cutting taxes for the wealthy and adding all those loses to national debt at record level increments. No fiscal responsibility at all. Total fantasy and essentially poor and middle-class funds the rich through their taxes (and government money printer), not to mention how mega companies like Walmart constantly underpays workers that those workers then need to survive on government subsidies, yet another funding for the rich. This is happening with every USA government (AFAIK especially/only republican ones) since Reagan. EDIT: also as sibling comment said - poor people spend money instantly, returning it back to economy. America was already taxing wealthy through the teeth years ago - that helped fund incredible amounts of infrastructure and let built strongest middle class (probably in history) for decades. Now all that wealth is just accumulating in someones back accounts. Trickling any day now...
johnnyanmac 7mo ago
>but the state just confiscating 5% of someone's net worth (unrealized or not) is absolute madness why? The federal government is taking around 22% from me this year and I'm in a low bracket. If I had the money from my last full time job in tech it'd be 24%. You're saying billionaires shouldn't pay the state they reside in 5% more? Tanentially, that's only one bracket despite it being triple the salary. gotta love that part time minimum wage work in CA still pushes me that close to my financial peaks.
- kadabra9 7mo ago
  The government is taking 22% of your INCOME. Not your entire net worth. This is vastly different. HNW don’t have their net worth sitting in a pool of cash like Donald Duck as much as Reddit would like to believe. Its property, company stock, any unrealized gains in different equities, etc. to have to go through the administrative burden of valuing all that, and then attempting to liquidate at some reasonable market value just to pay one time levy (allegedly lol) is insane, and will rightfully be challenged in court
  - bdangubic 7mo ago
    > property, company stock, any unrealized gains in different equities, etc. it is only “unrealized” when they have to pay taxes. but walk into a bank and ask for a loan (which is of course what they do) and all of a sudden that shit is all “realized” and here’s millions of dollars to ya…
    - kadabra9 7mo ago
      That’s a separate discussion. I think there should be some sort of tax penalty to borrowing against assets as a sort of infinite money glitch.
      - bdangubic 7mo ago
        it is not separate, it is exactly the same discussion. if you currently can use “unrealized” shit to borrow against than it is perfectly fair for you to pay the taxes on that shit. it is absolutely not a “separate discussion”

bhouston 7mo ago

Your statement is ignoring the systematic growing inequality in the US between the ultra wealthy and everyone else. And the use of those funds to influence politics (because of Citizens United, etc) to create polices that benefit themselves - it is for the ultra wealthy a virtuous circle: https://inequality.org/facts/wealth-inequality/ https://inequality.org/facts/wealth-inequality/ This is not a normal state of affairs.

kadabra9 7mo ago
This tax would do effectively nothing to address growing inequality between billionaires and everyone else.
- mjamesaustin 7mo ago
  I see, so you're suggesting 5% is not enough? I'm listening...
  - kadabra9 7mo ago
    You could confiscate 100% of the wealth of every billionaire in this country and it wouldn’t fund the government for an entire year. It is and always will be a government spending issue, the government can’t help itself but to just steal more from the taxpayers to support their bloat.
    - shimman 7mo ago
      I do agree it is a spending issue, for far too long corporate welfare has flourished in America. None of these rich people would exist with out the federal teat they suckle from, truly pathetic. Remove their bloat, take their money, and fund programs that will enable REAL economic value like medicare for all, universal childcare, free school lunches, public jobs programs, and universal education.
      - kadabra9 7mo ago
        And where will we get the money to fund this fantasy land in 8 months after the government runs out of money and we’ve already stolen all the billionaires assets? Should we move on to anyone with a net worth over $1M and start stealing their assets too?
        shimman 7mo ago
        Probably the same way that the republicans are able to generate funds out of thin air to pay for tax cuts. If MMT is good enough for them, it's good enough for everything else.
        tw04 7mo ago
        What do you think happens to the money when it gets distributed to low income people? They spend it, it gets injected back into the economy and the economy grows. It doesn’t sit in a hidden bank account to avoid paying taxes on it.
        trymas 7mo ago
        > And where will we get the money to fund this fantasy land ... What are you talking about? Current administration is doing exactly that. Cutting taxes for the wealthy and adding all those loses to national debt at record level increments. No fiscal responsibility at all. Total fantasy and essentially poor and middle-class funds the rich through their taxes (and government money printer), not to mention how mega companies like Walmart constantly underpays workers that those workers then need to survive on government subsidies, yet another funding for the rich. This is happening with every USA government (AFAIK especially/only republican ones) since Reagan. EDIT: also as sibling comment said - poor people spend money instantly, returning it back to economy. America was already taxing wealthy through the teeth years ago - that helped fund incredible amounts of infrastructure and let built strongest middle class (probably in history) for decades. Now all that wealth is just accumulating in someones back accounts. Trickling any day now...

johnnyanmac 7mo ago

>but the state just confiscating 5% of someone's net worth (unrealized or not) is absolute madness why? The federal government is taking around 22% from me this year and I'm in a low bracket. If I had the money from my last full time job in tech it'd be 24%. You're saying billionaires shouldn't pay the state they reside in 5% more? Tanentially, that's only one bracket despite it being triple the salary. gotta love that part time minimum wage work in CA still pushes me that close to my financial peaks.

kadabra9 7mo ago
The government is taking 22% of your INCOME. Not your entire net worth. This is vastly different. HNW don’t have their net worth sitting in a pool of cash like Donald Duck as much as Reddit would like to believe. Its property, company stock, any unrealized gains in different equities, etc. to have to go through the administrative burden of valuing all that, and then attempting to liquidate at some reasonable market value just to pay one time levy (allegedly lol) is insane, and will rightfully be challenged in court
- bdangubic 7mo ago
  > property, company stock, any unrealized gains in different equities, etc. it is only “unrealized” when they have to pay taxes. but walk into a bank and ask for a loan (which is of course what they do) and all of a sudden that shit is all “realized” and here’s millions of dollars to ya…
  - kadabra9 7mo ago
    That’s a separate discussion. I think there should be some sort of tax penalty to borrowing against assets as a sort of infinite money glitch.
    - bdangubic 7mo ago
      it is not separate, it is exactly the same discussion. if you currently can use “unrealized” shit to borrow against than it is perfectly fair for you to pay the taxes on that shit. it is absolutely not a “separate discussion”