Hey, welcome to BrainWorms.
This is a place where I post interesting things that I find and cant categorize into one of the main subs I follow. Enjoy a front seat as i descend into madness
What could you possibly need more than a million times the AVERAGE wealth of a household for? Those percentage numbers are laughably low.
Surely they're meant to stack, right? Right?
The only time we really do taxes currently is when money changes hands, and the only time total estate wealth needs to be calculated right now is at death.
So isn't the easy win to just jack up the inheritance tax? Make it 75% of all wealth greater than 10,000x the median household wealth or something.
The reason that isn't happening when it's way easier to implement systematically and constitutionally, is exactly why this won't happen. Republicans hate wealth taxes and the truly wealthy will just hide their wealth offshore or in tax-sheltered instruments if the taxes get too high.
and the truly wealthy will just hide their wealth offshore or in tax-sheltered instruments if the taxes get too high
Fun fact: this is illegal, which is why properly funding the IRS is an absolutely necessary part of any new tax bill of any kind.
Just a fun fact, not a problem. There are legal ways to shelter wealth or income from taxes. There are illegal ways to do the same. Wealthy people may use either or both.
Missed opportunity! I would have called it the GUILLOTINE Act. Give Us Income Loser Libertarians Or There Is No Existence Act.
Nice, any chance it sees a vote?
Zero is a chance, right?
You know, my parents might have been able to get behind this if it came from the republicans. But the scary "foreign" woman's name on the bill will be enough for them to say the stupidest shit in defense of billionaires to rationalize their fears.
The irony of that "go bigger" banner
Because god this is small
8% of net worth taxed every year is small? The goal of this tax is to make the only way to reduce it be to reduce inequality. Seems like a solid strategy to me. Mind you, it requires that you don't have a party of ratfuckers to work.
Yes
It's crazy this nation started because of a Tax on tea. Now everyone wants to be taxed into oblivion.
Taxed into oblivion? The max rate is 8% at 1000000x the average. I think our poor billionaires can cope.
Turns out when a few experience unchecked growth, it comes at the price of literally everyone else suffering.
The vast majority of this country is already taxed into oblivion. The only ones that are not taxed are the extremely wealthy who, incidentally, are the ones who can afford to be taxed.