@rbreich

Ugly, isn't it?

@rbreich The thing about the wealth tax is that it doesn’t actually make the super wealthy poorer.

A wealth tax just slightly decreases the rate at which they grow wealthier.

Yes, they can afford a wealth tax!

@rbreich the "not being able to afford it" part never was an issue...

But as a former Secretary of Labor you surely know that one.

The far more interesting point is, why where you not keen/able to fix it when in office?

@rbreich Bezos wanted to be a dragon when he grew up.

https://www.skeletonclaw.com/image/189021631783

@rbreich Income taxes are easier to collect and harder to avoid. They are withheld at the source if necessary. They could certainly be much higher for those with very high incomes.

We don't have wealth taxes because they are difficult to collect, with a few exceptions.

Real estate is relatively easy to tax because it can't move. Vehicles can be taxed because they have to be licensed to use the public roads. We tax those.

Other forms of wealth are more difficult.

How do you determine the value of a nest of offshore shell corporations?

A wealth tax is also problematical with very volatile assets. One could incur a ruinous tax liability due to a momentary spike in its price.

Of course, there would be capital flight to jurisdictions that do not impose such a tax.

@rbreich A friend once told me about a rich guy she knew: "He says he makes $1000 every three minutes. Oh, but he's a really nice person!"

Me: "If I made $1000 every three minutes I'd be a really nice person too!"

@rbreich

Americans that owned homes made an additional $50,000 last year (on average) in addition to their salary.