If there was the political will to tax the super rich there are already existing mechanisms to do so without created a whole set of headaches.
Just remove the step up in basis on death. Increase the qualified tax rates.
The issue is there really isn’t the political will to tax the rich so people come up with various schemes that sound nice.
IvanGarMo on
Disagree. There are better ways of taxing the rich
Zenning3 on
No, I wouldn’t. It feels like the only reason anybody ever gives is spite, because in terms of raising tax revenue, it sucks, in terms of helping our economy, it is 100% detrimental, and then there’s just capital flight, and other issues that this causes. “Pay their fair share” shouldn’t be our focus, it should instead be, “how do we ensure that the poor get the help they need, and our economy considers to grow as the fastest rate it can”, and there is no wealth tax beyond LVT that gets us there.
Tabansi99 on
There are probably better ways to tax the rich but id be fine if the capital gains tax was like 1-2% instead of 25%.
But I don’t think it will implemented even if she’s elected, it’ll probably be tossed aside during the tax negotiations.
Reasonable-Belt-6832 on
No. If you want to make the tax code more progressive( and its debatable how much is ideal) remove payroll tax cap and eliminate loopholes and itimized deductions. Personally I would slightly lower income rates as well but still be revenue positive for deficit reduction
Markymarcouscous on
I would tax loans taken against the value of them.
NotALanguageModel on
I don’t think there is a better politically viable way to speed run the economic destruction of a country than to tax unrealized gains.
BearlyPosts on
It’s a stupid idea. We just need to add in a way to tax the ultrawealthy when they use their unrealized gains as collateral for large loans, then live off those. That could be anything from carbon taxes to luxury taxes to just viewing using unrealized gains as collateral as a form of realizing those gains and taxing them then.
Original-Ad-4642 on
I don’t support unrealized tax gains.
But at this point the election is between eating dog shit with broken glass in it or a chicken sandwich with pickles. I’m not going to complain just because I don’t like pickles.
SassyMoron on
No, but if you borrow against the gains, you should pay tax. That’s how rich people avoid taxes – all the money they spend is technically loaned against their capital
admiraltarkin on
How is this different from my home’s property taxes? My house has appreciated in value and I pay tax on that increase in paper value
11 Comments
If there was the political will to tax the super rich there are already existing mechanisms to do so without created a whole set of headaches.
Just remove the step up in basis on death. Increase the qualified tax rates.
The issue is there really isn’t the political will to tax the rich so people come up with various schemes that sound nice.
Disagree. There are better ways of taxing the rich
No, I wouldn’t. It feels like the only reason anybody ever gives is spite, because in terms of raising tax revenue, it sucks, in terms of helping our economy, it is 100% detrimental, and then there’s just capital flight, and other issues that this causes. “Pay their fair share” shouldn’t be our focus, it should instead be, “how do we ensure that the poor get the help they need, and our economy considers to grow as the fastest rate it can”, and there is no wealth tax beyond LVT that gets us there.
There are probably better ways to tax the rich but id be fine if the capital gains tax was like 1-2% instead of 25%.
But I don’t think it will implemented even if she’s elected, it’ll probably be tossed aside during the tax negotiations.
No. If you want to make the tax code more progressive( and its debatable how much is ideal) remove payroll tax cap and eliminate loopholes and itimized deductions. Personally I would slightly lower income rates as well but still be revenue positive for deficit reduction
I would tax loans taken against the value of them.
I don’t think there is a better politically viable way to speed run the economic destruction of a country than to tax unrealized gains.
It’s a stupid idea. We just need to add in a way to tax the ultrawealthy when they use their unrealized gains as collateral for large loans, then live off those. That could be anything from carbon taxes to luxury taxes to just viewing using unrealized gains as collateral as a form of realizing those gains and taxing them then.
I don’t support unrealized tax gains.
But at this point the election is between eating dog shit with broken glass in it or a chicken sandwich with pickles. I’m not going to complain just because I don’t like pickles.
No, but if you borrow against the gains, you should pay tax. That’s how rich people avoid taxes – all the money they spend is technically loaned against their capital
How is this different from my home’s property taxes? My house has appreciated in value and I pay tax on that increase in paper value