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this is a classic case of tyranny of the majority. Majority of Americans favor stealing wealth from others.
this is a classic case of tyranny of the majority. Majority of Americans favor stealing wealth from others.
From wikipedia:
The scenarios in which tyranny perception occurs are very specific, involving a sort of distortion of democracy preconditions:
- Centralization: when federation makes a decision that should be local. => NOT THE CASE.
- Abandonment of rationality: when a decision "which bases its claim to rule upon numbers, not upon rightness or excellence"
Unless you argue taxing is irrational.
If 99% of people vote to impose a tax paid only by 1%, that violates the spirit of "no taxation without representation". That would be universally recognized if, for example, the right-handed voted to raise taxes on the left-handed. Related article: "Millionaires support a wealth tax — as long as they aren’t getting taxed: CNBC survey" https://www.cnbc.com/2019/12/23/millionaires-support-a-wealt... . It found that th…
On the other hand, the 1% have enough money to influence politics through lobbying and "donations"
I feel the wealth inequality issue needs to be addressed. My only problem with the wealth tax is that it takes money from the wealthy and feeds it to the government. I am having a hard time connecting how that improves the situation of the lower and middle classes.
Yeah, it is a total mystery how adequately funding social welfare programs could somehow help the poor.
If 99% of people vote to impose a tax paid only by 1%, that violates the spirit of "no taxation without representation". That would be universally recognized if, for example, the right-handed voted to raise taxes on the left-handed. Related article: "Millionaires support a wealth tax — as long as they aren’t getting taxed: CNBC survey" https://www.cnbc.com/2019/12/23/millionaires-support-a-wealt... . It found that th…
What makes this qualitatively different to you?
Also, everyone can vote, so everyone in theory has equal representation. (in practice, the wealthy have a lot more time in their reps' ears than the poor, so they arguably already have a greater representation than your typical voter.)
Alternative title: Majority of Americans are not rich, and therefore see no downside to taking from those who are I do think the inequality gap is becoming more of a problem, but simply asking the population if they want someone else to pay more is going to have the obvious result.
I think the truth is likely that personal wealth is but one of many factors in support for a wealth tax.
It's worth noting that the income tax also started out as a tax on the very rich. Once established, taxes have a way of finding their way from the rich, to the middle-class, and then even to the working poor.
This is why the wealth tax will fail to fix inequality. Eventually your parents shitty 250k house out in the sticks will qualify for wealth tax. Whatever stocks you have that aren't in a retirement account will be wealth taxed even though half their growth is just from inflation. It's going to suck.
It's worth noting that the income tax also started out as a tax on the very rich. Once established, taxes have a way of finding their way from the rich, to the middle-class, and then even to the working poor.
I feel the wealth inequality issue needs to be addressed. My only problem with the wealth tax is that it takes money from the wealthy and feeds it to the government. I am having a hard time connecting how that improves the situation of the lower and middle classes.
2. US budgets get a huge new source of Y revenue, to balance current deficits, pay off debts, or fund progressive programs that help the needy.
How is that not helpful? It wouldn't help most HN users, it would help children, the elderly, sick, disabled, etc. It depends on the legislation, you can funnel the funds or you can keep them general purpose.
> A wealth tax is levied on an individual’s net worth, such as stocks, bonds and real estate, as well as cash holdings, similar in concept to property taxes. It is separate from an income tax, which applies to wages, interest and dividends, among other sources. One often overlooked issue with a wealth tax is the damaging effect on financial privacy. The income tax already has the IRS probing into nooks and crannies i…
I don't understand privacy well, can you provide specifics of which nooks/crannies of the wealthy need to be private from the IRS? Also, do you think wealth inequality is a problem, and if so, what'd be your alternative proposition to fix it?
The only way this works is if we all file asset statements, rich and poor. And that means an end to one of the last remaining forms of financial privacy - for everyone, not just the rich.