Flying SquidBut how would they be able to live on that?
CypherSo how does this wealth tax work? Are stock holdings taxed? Stock quantity doesn’t magically go up unlike fiat currency which governments just print more of.
None of these numbers make any sense in terms of how capital actually works. Is the government meant to take the profit in stocks? Because these billionaires aren’t selling that much stock each year and aren’t earning that much from CEO paychecks.
Not to say CEO paychecks aren’t obscene…
And what do you do when they pack up and move themselves and their companies to tax havens?
The rich aren’t fleeing Massachusetts despite a wealth tax.
Turns out there are disadvantages to living in tax havens over living in Boston and Cape Cod.
$1.5 billion in estimated revenue: A look at the Mass. 'millionaire's tax' first year | WBUR News
Advocates promised the new tax would bring in over $1 billion a year in new revenue. And they quickly saw their predictions surpassed: the state Department of Revenue estimates it will generate over $1.5 billion this fiscal year.
a 4% surtax on incomes over $1 million
Musk isn’t earning $220 billion a year, so clearly as I asked, this appears to be based on stock valuation.
People spruiking and sharing absolute nonsense with zero idea of what is income, what is capital and how a “wealth tax” would actually work.
This is why your opponents laugh at you.
Who are my opponents?
Also, the question was:
And what do you do when they pack up and move themselves and their companies to tax havens?
The answer is, they generally don’t leave.
Also, the question was:
The question was
So how does this wealth tax work?
I know because I asked it and not a single one of you has had a coherent response.
Oh like the tax in Massachusetts?
The tax that would only see Musk pay $575 million and not the ass-pulled $6.6 billion?
Who are my opponents?
Apparently the ultra wealthy but you seem a bit confused.
I copied and pasted the question I answered. I’m sorry you didn’t care for the answer, but don’t ask a question if you don’t want it answered.
As for the ultra wealthy laughing at me, why should I give a shit?
In fact, why should I give a shit if anyone I don’t care about is laughing at me?
Well, maybe not the laughing, but if the wealthy can play in the nuance more confidently and accurately, even if you are right broadly you’ll have a more uphill battle trying to win. If they point to the rhetoric and are and to highlight incorrect details, they say “see, they just don’t understand things, so clearly ignore them”. Or if you “win” they play in the nuance to stack the deck in a different way so they win again, despite you ostensibly getting what you drive for.
However if you have on point critiques and suggestions to consider, maybe it’s easier to drive for a system that reigns then in better, and is less likely to just let them move the loopholes.
As SunTzu wrote: If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat.