Re:Ten billionaires reap $400B boost to wealth during pandemic
by BugsJustFindMe on Wednesday December 30, 2020 @03:33PM
(#25585739)
> Next year the pandemic could stop
This is a red herring because taxation doesn't need to happen annually. Many wealth tax proposals focus exclusively on gift+inheritance intergenerational wealth transfers. Anyone in favor of un-earned wealth transfers from parent to child should also be in favor of taxing the rich more to feed, clothe, and house the poor.
Re:Ten billionaires reap $400B boost to wealth during pandemic
by burrows on Wednesday December 30, 2020 @04:38PM
(#25586461)
> Anyone in favor of un-earned wealth transfers from parent to child should also be in favor of taxing the rich more to feed, clothe, and house the poor.
But I don’t care about the poor, I care about my children, and I want to pass my wealth on to people I care about.
Re:Ten billionaires reap $400B boost to wealth during pandemic
by BugsJustFindMe on Thursday December 31, 2020 @03:15AM
(#25590678)
> But I don’t care about the poor
Ah, well, that's definitely a position.
Re:Ten billionaires reap $400B boost to wealth during pandemic
by burrows on Thursday December 31, 2020 @03:53PM
(#25597005)
Do you care for/about the poor because you want to end suffering for all sentient beings, or for some other reason?
Re:Ten billionaires reap $400B boost to wealth during pandemic
by mlindner on Wednesday December 30, 2020 @03:40PM
(#25585821)
But the "ten billionaires" of this article isn't about inter-generational wealth transfers... An inheritance tax is quite a different thing than a wealth tax.
Re:Ten billionaires reap $400B boost to wealth during pandemic
by BugsJustFindMe on Wednesday December 30, 2020 @03:46PM
(#25585894)
> But the "ten billionaires" of this article isn't about inter-generational wealth transfers
In the long run it absolutely is. People wouldn't care about this if all the wealth went back to the poor after each billionaire dies.
> An inheritance tax is quite a different thing than a wealth tax.
What do you think is being inherited?
You'd end up with a system where volatile companies have their investors taxed more than non-volatile ones (as fluctuations create unrealized gains during snapshot periods such as end of year, despite reverting back to the mean afterwards).
Is there a reason why investors should be taxed more for increased volatility? Should one lose their wealth to taxation more aggressively based on the degree of the stock fluctuations?
P.S.: We shouldn't mix in general wealth vs income taxation. Paul Graham wrote an insightful article explaining the fundamental difference of outcomes between them - http://www.paulgraham.com/wtax.html .