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Billionaires should not exist. (lemmy.world)

submitted 8 months ago by [email protected] to c/[email protected]

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[+] [email protected] -13 points 8 months ago (2 children)

You still pay tax of assets though..

[–] [email protected] 4 points 8 months ago

The property tax rate where I'm at is 1.7%, and the appraisal districts WAY undervalue properties. A house will sell for 5 million in the city where I work, and their value on the tax roll is $300,000.

[–] [email protected] 18 points 8 months ago (1 children)

Hahahahaha you're funny

[–] [email protected] 1 points 8 months ago (1 children)

In the NL you do, there is a wealth tax. IDK how effective it is, but at least they are trying.

[–] [email protected] 3 points 8 months ago (1 children)

It's effective in getting momey from the wealthier middle class. Like most of the tax related ruling and laws.

[–] [email protected] 2 points 8 months ago

I think what limits its effectiveness is mostly that it's only the NL doing it. If it was EU wide, or even US-wide, the world would change a lot.

Even if it's not perfect now, I see that it is good that this tax exists for two reasons:

At least it's not taxing wages or consumption, which affect everyone but billionaires.
It serves as a model for going in that direction, so neolibs can't easily say there is no way to tax assets, or that taxing assets would crash the economy.