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0 pointskadabra91mo ago0 comments

Everyone loves deciding what their "fair share" of other people's net worth (not even income!) is.

Sorry, but the state just confiscating 5% of someone's net worth (unrealized or not) is absolute madness, and rightfully opens up questions about slippery slope, how "temporary" they claim this to be, and so on.

It's not surprising they are leaving the state or using their resources to try to stop it.

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bhouston1mo ago

Your statement is ignoring the systematic growing inequality in the US between the ultra wealthy and everyone else. And the use of those funds to influence politics (because of Citizens United, etc) to create polices that benefit themselves - it is for the ultra wealthy a virtuous circle:

https://inequality.org/facts/wealth-inequality/

This is not a normal state of affairs.

kadabra9OP1mo ago

This tax would do effectively nothing to address growing inequality between billionaires and everyone else.

mjamesaustin1mo ago

I see, so you're suggesting 5% is not enough? I'm listening...

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johnnyanmac1mo ago

>but the state just confiscating 5% of someone's net worth (unrealized or not) is absolute madness

why? The federal government is taking around 22% from me this year and I'm in a low bracket. If I had the money from my last full time job in tech it'd be 24%. You're saying billionaires shouldn't pay the state they reside in 5% more?

Tanentially, that's only one bracket despite it being triple the salary. gotta love that part time minimum wage work in CA still pushes me that close to my financial peaks.

kadabra9OP1mo ago

The government is taking 22% of your INCOME. Not your entire net worth. This is vastly different.

HNW don’t have their net worth sitting in a pool of cash like Donald Duck as much as Reddit would like to believe. Its property, company stock, any unrealized gains in different equities, etc.

to have to go through the administrative burden of valuing all that, and then attempting to liquidate at some reasonable market value just to pay one time levy (allegedly lol) is insane, and will rightfully be challenged in court

bdangubic1mo ago

> property, company stock, any unrealized gains in different equities, etc.

it is only “unrealized” when they have to pay taxes. but walk into a bank and ask for a loan (which is of course what they do) and all of a sudden that shit is all “realized” and here’s millions of dollars to ya…

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johnnyanmac1mo ago

>to have to go through the administrative burden of valuing all that, and then attempting to liquidate at some reasonable market value just to pay one time levy (allegedly lol) is insane, and will rightfully be challenged in court

Cool, let's do it. We know the IRS, especially when auditing the rich tend to be one of the highest value employees of government they will sue no matter how cut and clear the tax code is anyway.

Its really weird we're on HN and we're using an excuse of "but it's hard, so let's not do it". I didn't choose tech because it was easy. Why should the government we fund be just as defeatist?

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bhouston1mo ago

https://inequality.org/facts/wealth-inequality/

This is not a normal state of affairs.

kadabra9OP1mo ago

This tax would do effectively nothing to address growing inequality between billionaires and everyone else.

mjamesaustin1mo ago

I see, so you're suggesting 5% is not enough? I'm listening...

1 more reply

johnnyanmac1mo ago

>but the state just confiscating 5% of someone's net worth (unrealized or not) is absolute madness

Tanentially, that's only one bracket despite it being triple the salary. gotta love that part time minimum wage work in CA still pushes me that close to my financial peaks.

kadabra9OP1mo ago

The government is taking 22% of your INCOME. Not your entire net worth. This is vastly different.

HNW don’t have their net worth sitting in a pool of cash like Donald Duck as much as Reddit would like to believe. Its property, company stock, any unrealized gains in different equities, etc.

bdangubic1mo ago

> property, company stock, any unrealized gains in different equities, etc.

1 more reply

johnnyanmac1mo ago

Cool, let's do it. We know the IRS, especially when auditing the rich tend to be one of the highest value employees of government they will sue no matter how cut and clear the tax code is anyway.

Its really weird we're on HN and we're using an excuse of "but it's hard, so let's not do it". I didn't choose tech because it was easy. Why should the government we fund be just as defeatist?

1 more reply

j / k navigate · click thread line to collapse