Comment on But how would they be able to live on that?
FlyingSquid@lemmy.world 8 months agoThe rich aren’t fleeing Massachusetts despite a wealth tax.
Turns out there are disadvantages to living in tax havens over living in Boston and Cape Cod.
a 4% surtax on incomes over $1 million
Musk isn’t earning $220 billion a year, so clearly as I asked, this appears to be based on stock valuation.
People spruiking and sharing absolute nonsense with zero idea of what is income, what is capital and how a “wealth tax” would actually work.
This is why your opponents laugh at you.
Who are my opponents?
Also, the question was:
And what do you do when they pack up and move themselves and their companies to tax havens?
The answer is, they generally don’t leave.
Also, the question was:
The question was
So how does this wealth tax work?
I know because I asked it and not a single one of you has had a coherent response.
Oh like the tax in Massachusetts?
The tax that would only see Musk pay $575 million and not the ass-pulled $6.6 billion?
Who are my opponents?
Apparently the ultra wealthy but you seem a bit confused.
I copied and pasted the question I answered. I’m sorry you didn’t care for the answer, but don’t ask a question if you don’t want it answered.
As for the ultra wealthy laughing at me, why should I give a shit?
In fact, why should I give a shit if anyone I don’t care about is laughing at me?
So how does this wealth tax work?
Answer found in less than 10 seconds on the web. taxfoundation.org/taxedu/glossary/wealth-tax/
Who are my opponents?
It’s not really the ultra wealthy, it’s the ironically impoverished sycophantic masses repeating pro-kleptocrat capitalist drivel on the behalf of billionaires.
So are you arguing that stock valuations mean nothing?
billionaires make it difficult to judge their worth… because as pointed out they are trying to not pay taxes.
I’m arguing that by FlyingSquid’s own assertion that the Mass. wealth tax could be copied that the numbers make zero sense.
What’s not to get here? Read what he claimed and read the link he provided.
Stock evaluations have value, and they’re already taxed upon realization of gains. The meme says we should take away Billions of Elon Musk’s stock shares every year, but idk that sounds like a pretty vague and unsustainable plan. Most companies would probably just go private and do a series of offerings to lower evaluations. We need to at least clearly define a bracket of who it effects, is it any stock shares amounting above 1 Billion? 1 Million? Also, why is the rate in the meme a 2.98%?
It’s just not a plan. It’s the opposite of a plan, it’s a desired end result with no details at all.
That’s not a wealth tax, that is an income tax (+4% for the 1M+ tax bracket).
Countries that have a general wealth tax are Norway, Spain, and Switzerland. Countries with a selective wealth tax (beyond property taxes) are Belgium, Italy, and the Netherlands. Source: pgpf.org/…/what-is-a-wealth-tax-and-should-the-un… (under the heading “How have wealth taxes worked in other countries”)
surewhynotlem@lemmy.world 8 months ago
But you can save so much tax money by moving to the middle of a desert in India!
FlyingSquid@lemmy.world 8 months ago
Even a nicer place like the Cayman Islands.
Good luck shopping at a high-end fashion boutique or going to the opera there.
Clent@lemmy.world 8 months ago
But John Galt did it…in the libertarians’ imagination.
We would be so screwed if all the billionaires went and lived in some secret mountain location. They should totally go do that.
Tap for spoiler
~It will make tracking them down so much easier~
FlyingSquid@lemmy.world 8 months ago
Image