Re:Yellen calls for a global minimum corporate tax rate
by nerdkid93 on Monday April 05, 2021 @04:55PM
(#26704602)
So 2 ideas, 1) make capital gains over $1 million a year taxed as regular income and 2) get rid of Stepped-Up cost basis from estate tax exemptions
Re:Yellen calls for a global minimum corporate tax rate
by headmelted on Monday April 05, 2021 @05:44PM
(#26705088)
It would certainly be a start, although I can think of at least three mechanisms just off the top of my head that are available to people with that kind of money to make a capital gain not a capital gain.
The loopholes are the problem, and it’s a job for governance to fix.
Every time a politician says “tax the rich” or “Company X only paid Y last year and should apologise and pay more” all I can hear is “we can’t be bothered to do the job you elected us to do”.
Imagine if the police didn’t respond to crimes in progress but instead made sternly worded public statements after the fact saying that criminals should be very disappointed with themselves and should apologise and pay back 10% of what they stole as restitution.
The status quo is absurd.
Saying “tax the rich” doesn’t make it happen.
It’s almost as if these politicians and celebrities that come along and vomit hashtags into their twitter feed are under the impression it’s never been done because no-one thought of it before.
Tax the rich how, exactly?
Lowering exemptions and allowances to raise duties is a tax on the working poor.
Raising income tax rates is a tax on the working middle class (we hear plans to do this all the time because fiscally conservative politicians believe their voters are too stupid to notice the difference between income and wealth).
If you want to “tax the rich” you need to tax actual wealth - and you need to figure out a way to do that which doesn’t cause capital flight. This has proven very difficult to do successfully.
So, we can either re-visit wealth inequality when we have unilaterally matched global tax rates with no loopholes a few centuries from now after the robots have completely taken over, or act like grown-ups, put some work in and figure out a solution.
Tweeting shallow nonsense like “tax the rich” without offering a plan while ignoring the massive complexity in taxing wealth in a global economy is a cynical ploy on the poor while laughing hysterically in the face of the working middle.