this post was submitted on 26 Feb 2024
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you dont need a max wage if you tax effectively. it would be 100% past a certain, massive amount.
How does that work when the super rich don’t pay any taxes to begin with? How do you tax wealth? How do you tax loans against shares?
Easy, make capital gains tax match income tax marginal rates.
But capital gains only execute when you sell.
Right. So when they sell, they'll get taxed. You can't spend shares.
The problem is that’s basically what billionaires do, though. They take out loans with their shares as collateral. So on paper they have huge debt, but it’s minuscule compared to their wealth.
all stock market trades should be taxed at 100% value. dont like it? dont ~~gamble~~ 'invest'
...or just abolish the stock market (at least that's how I read this).
At this point, abolishing the stock market would require a restart on the United States as an entity. The stock market is quite closely linked to the banking system. Closing the stock market would crash the US economy into oblivion.
And no doubt every other closely-tied economy, as well.