Mamdani, the presumptive Democratic nominee to be the next mayor of New York and a self-identified democratic socialist, said Sunday billionaires contribute to inequality.
I’m actually against a wealth tax, but think one of the only ways that taking their unrealized assets can work is if we do as you suggest.
If you own stock in something, taxing unrealized gains isn’t good. it’s not like were going to pay them for unrealized losses.
But we MUST stop them from being able to actualize those unrealized gains without taxing them like when they use their unrealized assets as collateral. It’s like a loophole for the ultra wealthy where they can just borrow against their assets for their entire life without paying taxes on it.
And really… who cares if this way might be more expensive to do, they’re rich as fuck, and can pay for it as part of that tax. Also assets can be very nebulous and hard to know what they actually have. But when you see that new house, new yacht, donation to a SPAC or whatever, the IRS can come knocking and be like how’d you pay for that.
It will lead to more dark money. It’s very hard to accurately measure a persons net worth when their financials aren’t just a house and an IRA like the average person. Especially if they don’t want you to see it. You’ll never be able to implement that tax in a consistent way.
Yes, that’s the current situation, thanks for pointing that out. I don’t think people understand how much tax evasion they do, for instance as of 2016 there was £36 TRILLION in offshore tax havens, UK GDP is £25 trillion for comparison. Murder in the first degree can get you prison for life, but letting countless people die from poverty related issues at home while getting rich off of starving and killing kids overseas makes you a billionaire. Why do we accept that?
law is inherently flawed and easily manipulated by clever sociopaths. chaotic good FTW. let there be guillotines and morally sound citizens and nothing more.
Laws are written to be manipulated, that’s why European culture uses laws and words as weapons, for European culture loves words to be twisted. This is why the “truth” always changes in the European mind, look no further than their use of “treaties” or “truces” or their fad-politics. Whether it’s far-right capitalism or left-wing socialism, I fail to see the difference when they both rely on “production at all costs” at the expense of our natural world and turning our habitable environments into gravel pits and uranium mines all in the name of “productivity.” The global south, or “third world”, and natural peoples will all be capitalist workerbees or socialist proletarian under the European death-cult of “productivity” as they call it; I call it a culture of suicide with a medieval religious devotion to their faith except now it’s shifted to science, technology, and money - just another example of how the truth always changes. They’re incapable of any real thought, incapable of simply appreciating the magic of nature to admire a lake or mountain or people in being, and most of all they cannot listen unless the world around them is despiritualized into mechanical models and dead symbols written on dead leaves.
To me I don’t see the shift towards left-wing, even the death of capitalism, to be revolutionary. It may be yet another revolution for the European mind, but to the rest of the world it’s merely a continuation. In order for humanity to live in harmony with nature, European culture must die.
Huh, curious, I could swear we Germans (and most other countries I’m sure) used to do just that until a glorious neoliberal government came along and abolished the tax.
Here in the UK 78% of people support a 2% wealth tax on net assets worth more than £10 million yet our spineless neoliberal government is more focused on cutting disability benefits and bombing starving children.
Can’t they just get around a tax like that by borrowing cash (for their lifestyle) and using their assets as collateral?
Wealth includes assets. If you can borrow against it, it can be taxed.
In fact, taxing the assets makes borrowing against them even more expensive.
Is it though?
I’m actually against a wealth tax, but think one of the only ways that taking their unrealized assets can work is if we do as you suggest.
If you own stock in something, taxing unrealized gains isn’t good. it’s not like were going to pay them for unrealized losses.
But we MUST stop them from being able to actualize those unrealized gains without taxing them like when they use their unrealized assets as collateral. It’s like a loophole for the ultra wealthy where they can just borrow against their assets for their entire life without paying taxes on it.
And really… who cares if this way might be more expensive to do, they’re rich as fuck, and can pay for it as part of that tax. Also assets can be very nebulous and hard to know what they actually have. But when you see that new house, new yacht, donation to a SPAC or whatever, the IRS can come knocking and be like how’d you pay for that.
It will lead to more dark money. It’s very hard to accurately measure a persons net worth when their financials aren’t just a house and an IRA like the average person. Especially if they don’t want you to see it. You’ll never be able to implement that tax in a consistent way.
Yes, that’s the current situation, thanks for pointing that out. I don’t think people understand how much tax evasion they do, for instance as of 2016 there was £36 TRILLION in offshore tax havens, UK GDP is £25 trillion for comparison. Murder in the first degree can get you prison for life, but letting countless people die from poverty related issues at home while getting rich off of starving and killing kids overseas makes you a billionaire. Why do we accept that?
law is inherently flawed and easily manipulated by clever sociopaths. chaotic good FTW. let there be guillotines and morally sound citizens and nothing more.
Laws are written to be manipulated, that’s why European culture uses laws and words as weapons, for European culture loves words to be twisted. This is why the “truth” always changes in the European mind, look no further than their use of “treaties” or “truces” or their fad-politics. Whether it’s far-right capitalism or left-wing socialism, I fail to see the difference when they both rely on “production at all costs” at the expense of our natural world and turning our habitable environments into gravel pits and uranium mines all in the name of “productivity.” The global south, or “third world”, and natural peoples will all be capitalist workerbees or socialist proletarian under the European death-cult of “productivity” as they call it; I call it a culture of suicide with a medieval religious devotion to their faith except now it’s shifted to science, technology, and money - just another example of how the truth always changes. They’re incapable of any real thought, incapable of simply appreciating the magic of nature to admire a lake or mountain or people in being, and most of all they cannot listen unless the world around them is despiritualized into mechanical models and dead symbols written on dead leaves.
To me I don’t see the shift towards left-wing, even the death of capitalism, to be revolutionary. It may be yet another revolution for the European mind, but to the rest of the world it’s merely a continuation. In order for humanity to live in harmony with nature, European culture must die.
Thing is, that ability to evade that is intentionally built in. It has to be. We have KYC laws here and anything over 10K is tracked.
The fact that the ultrawealthy are able to manipulate money in ways so that it’s not tracked and/or not taxed has to be by design.
Huh, curious, I could swear we Germans (and most other countries I’m sure) used to do just that until a glorious neoliberal government came along and abolished the tax.
That’s why accountants and auditors exist.
If you’re suggesting that it shouldn’t be done because its too hard – it’s not. That’s just a dumb excuse.