Some Democrats Are Trying to Preemptively Outlaw a Billionaire Tax

Re:Some Democrats Are Trying to Preemptively Outlaw a Billio... by thmsths on Friday September 22, 2023 @03:36PM (#37616674)

And yet we make the wealth tax work for the middle class. For most people in the middle class, their house is most of their net worth and states/counties will tax that asset around 1/2% per year. But when someone has Billions in stocks (which arguably are more liquid than a house since you can sell only a fraction of what you own to cover your tax bill) suddenly it becomes unfair and impossible to administer.

[ Parent | on HN ]

Re:Some Democrats Are Trying to Preemptively Outlaw a Billio... by PaulHoule on Friday September 22, 2023 @03:50PM (#37616870)

If it is publicly traded stocks it is pretty easy.

There is this doctrine

https://en.wikipedia.org/wiki/Georgism

which tends to push people towards more dependency on property tax, particularly the idea that high property taxes might be a good thing if they drove people in San Francisco to abandon their single family houses. I posted an article from Jacobin advocating that a few weeks back and was shocked to get a swell of people blaming immigrants for high rent that and some other experiences make me wonder if YOShInOn and I should quit posting articles from Jacobin.

(That said, the left around Ithaca NY has gotten the idea that high property taxes cause high rents but that's because Ithaca has the unusual problem that so much of the land in Ithaca belongs to educational and other institutions that are tax exempt so the remaining landowners have quite the burden.)

[ Parent | on HN ]

Re:Some Democrats Are Trying to Preemptively Outlaw a Billio... by ChatGTP on Friday September 22, 2023 @04:19PM (#37617238)

So true, I’ve paid tax on every dollar I’ve earned.

[ Parent | on HN ]