Archived version: archive.ph/NxGxS
Archived version: web.archive.org/…/eu-funded-report-calls-for-weal…
EU-funded report calls for wealth of super-rich to be taxed, not income
Submitted 11 months ago by BrikoX@lemmy.zip to globalnews@lemmy.zip
Comments
Ergologia@lemmy.world 11 months ago
[deleted]sixCats@lemmy.dbzer0.com 11 months ago
I think that’s crazy
I also think that’s crazy. In the UK we pay stamp duty, a one time tax when you buy property. It’s much more if it isn’t your primary residence
JoBo@feddit.uk 11 months ago
You pay council tax. It is a different way of collecting the same tax.
ryannathans@aussie.zone 11 months ago
It’s typically about 5% here
quindraco@lemm.ee 11 months ago
If you’re American, those are state and/or municipal taxes. The Federal government can’t tax property without an Amendment.
Cerothen@lemmy.ca 11 months ago
You pay property tax because of the services that are provided to you by the municipality. Garbage collection, streets, parks, schools, libraries, public services, social programs, public events, etc.
While I understand the idea your going for here the intent of those taxes aren’t the same and the businesses that they are interested in would pay some form of tax (probably?).
I think something like a gross wealth tax, 10% of all wealth a year over over something like the poverty line * 100 in total assets
uphillbothways@kbin.social 11 months ago
The people that benefit the most from society should pay for it. Also, people living off the income from actual work are already paying a tax to the wealthy, that's where their wealth comes from.
Income tax is double taxation to both the wealthy, in their profits, and the government.
RememberTheApollo_@lemmy.world 11 months ago
Let me offer this as well - it’s not just about taxing wealth. By taxing that wealth you also reduce their influence. If everyone taxes them they can’t play their games of threatening to run away with their money to elsewhere.
oDDmON@lemmy.world 11 months ago
No shit.
uis@lemmy.world 11 months ago
Both? Both. Both is good.
TWeaK@lemm.ee 11 months ago
I don’t think wealth tax is necessarily appropriate. I think capital gains is where tax is needed most. That’s where all the loopholes are.
However income tax is the biggest load of bullshit. You’re already giving up your time to generate an income, in service of a business which itself is in service of society, so why should you have to give up even more? Income up to some relatively high amount should be tax free. We should be taxing people for using money to make more money without actually doing things themselves.
JoBo@feddit.uk 11 months ago
I don’t think wealth tax is necessarily appropriate. I think capital gains is where tax is needed most.
These two are not that different. But capital gains tax is only paid when the gain is realised (minus any loopholes), a wealth tax is based on the current value of the capital.
TWeaK@lemm.ee 11 months ago
Yeah but the issue is you’re constantly paying tax on something. If you have money in the bank, then that’s going to devalue anyway through inflation, yet it will devalue even more with this. There would need to be a very high threshold for the tax to start to prevent it from being unfair. There’s also the issue that the value of wealth can be somewhat subjective - how much would you tax someone for owning an expensive piece of art, how would you measure the value in between sales?
Wealth tax is arguably better than income tax, as encouraging spending is generally a good thing (you won’t get taxed on wealth if you don’t hang onto it) but the main focus of tax should be on capital gains when the value is actually realised. I think it would be far better to close all the loopholes and simplify the capital gains tax system than to introduce a new wealth tax. That, and addressing money being moved overseas, which is where a lot of wealth will end up hidden if wealth tax becomes the target.
Katana314@lemmy.world 11 months ago
Income tax, as far as I know, came as a replacement for basic “per-person federal tax”. It has the nice effect of not extracting money from anyone not making money, and also makes it harder to circumvent basic lump end-of-year taxation.
MamboGator@lemmy.world 11 months ago
“Basic Lump” is my rap persona.
TWeaK@lemm.ee 11 months ago
Taxing capital gains better wouldn’t tax people not making money, either, however it has the advantage of not taxing people who are already giving up the most valuable thing in service: time.
rebul@kbin.social 11 months ago
Somehow, some way, we have got to forcibly take money from one group and give it to another. Because that will solve all problems, it's easy! Why can't everyone see that?
money_loo@lemmy.world 11 months ago
I don’t remember the numbers precisely, but something like 20 billionaires own $15 trillion of the world’s wealth, so yeah probably would help quite a bit.
swiftcasty@kbin.social 11 months ago
If the billionaires want to keep playing, someone has to restock the claw machine.
The ethics of taking money away from billionaires aside, you statistically will never be a billionaire AND you stand to gain from closure of the wealth gap. Why the facetious attitude?
rebul@kbin.social 11 months ago
Today, it is billionaires. When that money is gone, who's next?
Sanctus@lemmy.world 11 months ago
How many of these reports must ae suffer through? We know. Do something.
elouboub@kbin.social 11 months ago
Vote for a party that wants a wealth tax?
Sanctus@lemmy.world 11 months ago
The EU may have that option. The USA does not.