Comment on Income Tax Is Theft
sahin@lemmy.world 3 weeks agoLike, 75% of billionaires get it by inheritance. Wealth can increase without income, Elon Musk doesnt have an income, it has wealth. A person with a land that 100x’ed in 10 years doesnt have an income, but his wealth increases.
Elon buys Twitter without liqudating his wealth. Similarly, every rich does it. The taxes are mostly paid by the workers, while the rich pays near 0 tax.
You get me?
When you tax wealth, not work, a person with 30K a year income, now has 40K, while the house he wants to buy was 200K, now 150K because people dont want to pay this tax, and they sell their 100 houses.
And would a “wealth” tax not have an inherent loophole in that the “rich” could avoid paying tax by simply spending faster than they earn, or even staying in debt, as many “milllionares” do?
And would it not punish poor people who try to save up, by taxing them more the more they save up?
They are already doing this. 'Spending faster than they earn" you are still thinking like income tax. They need to spend their wealth. Staying in debt, like they need to borrow money, what are they gonna do with the money? They still need to buy something which increases their wealth.
So, think about wealth, not income. If you think like this, we will never be able to tax the rich. If that’s what you want, Idk
They are already doing this. 'Spending faster than they earn"
Yea. I said that.
as many “milllionares” do
you are still thinking like income tax
What do you mean by income tax? Because clearly you aren’t uderstanding what I mean.
I mean ALL income. Of any kind. No loopholes. The problem isn’t conceptual. It’s practical
You’re arguing for a complete conceptual shift for no reason, when what’s really needed, is just look tat how the rich ar avoiding taxation, and closing the legal loopholes they use. Which your “wealth tax” won’t do. Especially as “wealth” doesn’t actually have a value until it’s bought or sold.
Wealth has a value, land can be valued easily, we have data for years all around websites and in government about the lands everywhere. The houses are also like this. You can value a company by the factories it has people it employs etc, money it earns etc. This three is more than enough. The rest of wealth may not count, it is not important.
You cant fix loopholes without taxing all billionaires until none exists, because they will constantly bribe government. Even if you fixed loopholes, they will create intentionally.
MentalEdge@sopuli.xyz 3 weeks ago
That doesn’t answer my question.
A workers salary ≠ Income
It’s one form of it.
Stocks are income. Inheritance is income. Land appreciation is income.
How is your conceptual wealth tax, not just the same as what income tax should already be.
The problems you list are all loopholes in the applicable laws, not income tax as a concept.
You get me?