41–50 of 141 posts
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“ It's not news that you don't pay taxes on invested assets you hold and don't sell.” Unless, of course, we’re talking about the only meaningful asset an average person might own -their house- then we tax its assessed value every year.
Fair enough - however, what would the equivalent of this look like for invested assets? We are basically forced to sell to cover every year to pay taxes on accrued value?
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I pay zero percent on my wealth, just like you. You should consider revising your comment as you were duped by poor journalism.
Do you not consider property tax a wealth tax?
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Agreed. My favorite breakdown of this view is from David Mitchell [1] I am not sure what would happen economically if we started taxing all assets, non-income, etc... How much should people pay yearly on wedding rings, gold teeth, clothes, music collections? Would we have to itemize all possessions and have them assessed? [1] - https://www.youtube.com/watch?v=m2q-Csk-ktc [potentially nsfw language]
Which begs the question, how happy are we with what is happening economically right now?
[1] - https://teachinghistory.org/history-content/ask-a-historian/...
I'm a little baffled why there have been all these articles of this category recently. It's not news that you don't pay taxes on invested assets you hold and don't sell. That's how it works for everyone who invests their savings. This isn't a 'tax-avoidance' tactic - it's just what owning something is. Are we really advocating for a world where you are taxed just for appreciation? Maybe we are but at least be honest…
I agree with you in general, but the index fund thing is a problem. Index funds/etf pay no CG taxes even when the stocks in the index change, where traditionally a mutual fund would pay taxes as they sell the old stocks and replace with new constituents.
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During COVID governments spent and spent. Now the check must be paid. By us, as always. Since income is already taxed at about 50% pretty much everywhere in the developed world, it is time to tax the existing wealth. These articles are meant to prepare the public for it. They influence but also measure the public support for a wealth tax. It could be an all wealth or only a unrealized capital gains tax, similar to pr…
Are you suggesting that governments are colluding with journalists to deliver a particular narrative? Or are you saying that journalists and their editors believe there's a need for wealth taxes and so they're pushing that line?
Politicians, journalists, governments, they all have their plans, ideas, biases and interests.
Earlier quoted context omitted.
During COVID governments spent and spent. Now the check must be paid. By us, as always. Since income is already taxed at about 50% pretty much everywhere in the developed world, it is time to tax the existing wealth. These articles are meant to prepare the public for it. They influence but also measure the public support for a wealth tax. It could be an all wealth or only a unrealized capital gains tax, similar to pr…
Are you suggesting that governments are colluding with journalists to deliver a particular narrative? Or are you saying that journalists and their editors believe there's a need for wealth taxes and so they're pushing that line?
Earlier quoted context omitted.
I pay 0% federal income taxes on my wealth; the same as everyone else.
By stressing "federal income taxes" I assume that you mean that there are local taxes on wealth. I do not know how it is in USA, but in most countries there are taxes on wealth, typically at least on houses, cars and land. Wherever I have seen the amount of those taxes, they were already too high in my opinion. Moreover, the inheritance taxes are also a kind of tax on wealth and they are also quite high in many place…
I'm just re-using the exact same phrasing from the article to point out how disingenuous it is.
I'm a little baffled why there have been all these articles of this category recently. It's not news that you don't pay taxes on invested assets you hold and don't sell. That's how it works for everyone who invests their savings. This isn't a 'tax-avoidance' tactic - it's just what owning something is. Are we really advocating for a world where you are taxed just for appreciation? Maybe we are but at least be honest…
“ It's not news that you don't pay taxes on invested assets you hold and don't sell.” Unless, of course, we’re talking about the only meaningful asset an average person might own -their house- then we tax its assessed value every year.