midway on Nostr: Wealth taxes are dumb and don’t actually work. You end up trying to tax things ...
Wealth taxes are dumb and don’t actually work. You end up trying to tax things where the true value isn’t known. You discourage long term investment. They never raise the money they claim to raise because of stuff like this.
Why people get obsessed with how much wealth other people have is beyond me. Do you really think a bunch of politicians can better decide what to do with your wealth than you? If so, give all your wealth to them. Be the change you want to see. Me? No thanks.
You said you shouldn’t expect 100% compliance. Well then, you just created wealth tax havens. If I’m a small country I’ll be more than happy to allow those folks to become a citizen of my country and bring their wealth to me. And my costs to them would be a tiny fraction of the wealth tax and it wouldn’t be on unrealized gains.
Why people get obsessed with how much wealth other people have is beyond me. Do you really think a bunch of politicians can better decide what to do with your wealth than you? If so, give all your wealth to them. Be the change you want to see. Me? No thanks.
You said you shouldn’t expect 100% compliance. Well then, you just created wealth tax havens. If I’m a small country I’ll be more than happy to allow those folks to become a citizen of my country and bring their wealth to me. And my costs to them would be a tiny fraction of the wealth tax and it wouldn’t be on unrealized gains.