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.
So are you arguing that stock valuations mean nothing?
billionaires make it difficult to judge their worth… because as pointed out they are trying to not pay taxes.
I’m arguing that by FlyingSquid’s own assertion that the Mass. wealth tax could be copied that the numbers make zero sense.
What’s not to get here? Read what he claimed and read the link he provided.