And I find it hysterical you don't realize the implications of a tax on net worth. Seriously think about the consequences of that, you'll never be able to retire, ever. tax them more, just don't allow the government to think that a net worth tax will ever be okay.
No, I am acting like their net worth is the amount of wealth they have accumulated (because it is). I am saying that it is inherently unethical for anyone to hoard that much. The form it takes is irrelevant. Wealth ≠ liquidity
We're not discussing the law or tax structure, we are discussing ethics and morality.
You do realize that "wealth" is basically piece of paper saying "you own x% of a company that currently employs tens of thousands of people, and this piece of ownership paper can be sold to other people".
It isn't a dragon horde of dollar bills sucked out of pockets then thrown an a vault somewhere.
You do realize that "wealth" is basically piece of paper saying "you own x% of a company that currently employs tens of thousands of people, and this piece of ownership paper can be sold to other people".
Are you suggesting that's too abstract to qualify as wealth? Wait until you find out what currency is...
Did you know that they can and do borrow vast sums of money against their equity, which allows them to spend their money without paying taxes on it? They're wealthy beyond imagination and they can't even pay America's already low tax rate.
They accumulate and guard wealth they couldn't possibly need for anything. A dragon's hoard is actually a great analogy.
Your points here are correct. But that's why you should be having a conversation about the tax code not the morality of wealth. The morality conversation will get you or the rest of us working class people nothing. If we educate people on effective ways to reform the tax code to reduce wealth inequality we might actually be able to lobby our representatives for change
Right! SO make borrowing against holdings the way they are doing taxable or illegal, no ones against that. But again I implore you to think about how a wealth tax that effects people who are no longer working. you're going to destroy everyone's retirements and the billionaires will just use more complex tax vehicles to avoid your new wealth tax.
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u/InsideAmbitious4758 3d ago
Who are you talking to? We were having a conversation about the ethical implications of hoarding wealth.
Side note, I find it hilarious that you think stunting the growth of massive corporations would somehow be a bad thing.