Media Owned by Wealthy Are Quick to Tell You Wealth Taxes Are a Bad Idea

Re:Media Owned by Wealthy Are Quick to Tell You Wealth Taxes... by davrosthedalek on Thursday October 22, 2020 @03:43PM (#24862511)

That's a wealth tax of 0.1%. On that level, it's probably a net-loss to the government just from the bureaucracy. I think we are talking here about order a couple percent, so >10 times more.

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Re:Media Owned by Wealthy Are Quick to Tell You Wealth Taxes... by TheDong on Thursday October 22, 2020 @04:54PM (#24863189)

The parent example was of "100,000 shares of AMZN... taxed 1,000", which matches 0.1%.

I used that number since that was the number the parent comment saw as being obviously too much already, so I didn't need to use a higher number.

I do think 0.1% would already be pretty appreciable. That's already several 10s of billions a year. The current budget for all of the IRS is on the order of 10s of billions now, so I really doubt adding that new tax would be a net-loss.

And, of course, once you have a wealth tax and the sky doesn't fall, tweaking the number up over time is easier.

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Re:Media Owned by Wealthy Are Quick to Tell You Wealth Taxes... by davrosthedalek on Thursday October 22, 2020 @05:11PM (#24863343)

I might be parsing the original text wrong, but 1,000 out of 100,000 is 1%. Not 0.1% ?!?

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Re:Media Owned by Wealthy Are Quick to Tell You Wealth Taxes... by TheDong on Thursday October 22, 2020 @05:23PM (#24863451)

Ah, yup, I'm an idiot. This is why my computer normally does math for me.

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