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Media Owned by Wealthy Are Quick to Tell You Wealth Taxes Are a Bad Idea

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Re: Media Owned by Wealthy Are Quick to Tell You Wealth Taxes Are a Bad Idea

#41

Post by pmiller2 »

throwaways885 wrote: post #24
muststopmyths wrote: post #15

Earlier quoted context omitted.

My guess: because they hope to be wealthy some day.

Doesn't everyone? Plus, there's other reasons to be skeptical of wealth taxes, capital flight is a real thing.

That's why you pair them with capital controls, to keep that from happening. This, unfortunately, requires significant cooperation from the international community, and ought to be done before any wealth tax is imposed.

BTW, have you seen how expensive it is for high net worth individuals to renounce US citizenship?

Re: Media Owned by Wealthy Are Quick to Tell You Wealth Taxes Are a Bad Idea

#42

Post by spullara »

tonystubblebine wrote: post #6

As a business owner, when taxes are low, I see that as an incentive to pocket profits. But when taxes are high, I see that as an incentive to hide the profits by investing in the future. I know this isn't always the case with everyone. And especially investors have a case that higher corporate taxes reduce the value of their investments, possibly to the point of not making them. But this incentive is so blatantly obv…

This is a wealth tax that would apply to the valuation of the business, not the profits that it makes.

Re: Media Owned by Wealthy Are Quick to Tell You Wealth Taxes Are a Bad Idea

#43

Post by lostcolony »

mhh__ wrote: post #31
flashyfaffe2 wrote: post #3

Earlier quoted context omitted.

Would you consider volontarily contribution instead?

Possibly not what you mean but I very strongly believe tax rates should he a minimum where you can set your own (and displayed publicly) tax rate above a certain level for your income. Both physically and online, as someone who grew up not poor but far far from rich i.e. I've still only been abroad from the UK twice in my (so far short) life, I am absolutely sick of rich people saying "I'd pay more tax if I could" as…

Oh please. Of course they don't meant that. Because you can totally give money to the government. https://www.fiscal.treasury.gov/public/gifts-to-government.h...

What they actually mean is "I wish you made me pay more". Because they can't bring themselves to write a check to -give- it away, but -do- feel they should have to pay more. Part of that is the social aspect; why should I, as a rich person, be paying more than other people of similar wealth? But I support all of us paying more.

Re: Media Owned by Wealthy Are Quick to Tell You Wealth Taxes Are a Bad Idea

#44

Post by bdangubic »

RivieraKid wrote: post #11
commandlinefan wrote: post #2

I'm neither wealthy nor the media and I believe that wealth taxes are a bad idea, too.

Why? (I mostly agree but it's not a strong opinion)

If my wealth comes from owning a percentage of a company (say I own 30% of AMZN) what is the way to tax me other than taking my shares, i.e. the Gov would take certain percentage of my shares? And if we go that route how many years would it go by before Gov owned majority of shares of most companies?

Lots of people scream that we should tax the wealthy but I do not follow how you tax someone whose wealth comes from large ownership of a big company...?

Re: Media Owned by Wealthy Are Quick to Tell You Wealth Taxes Are a Bad Idea

#45

Post by didibus »

tonystubblebine wrote: post #6

As a business owner, when taxes are low, I see that as an incentive to pocket profits. But when taxes are high, I see that as an incentive to hide the profits by investing in the future. I know this isn't always the case with everyone. And especially investors have a case that higher corporate taxes reduce the value of their investments, possibly to the point of not making them. But this incentive is so blatantly obv…

That seems like the way the incentive is supposed to work no? Motivate the economy by furthering investment back into it.

Re: Media Owned by Wealthy Are Quick to Tell You Wealth Taxes Are a Bad Idea

#46

Post by s_dev »

tonystubblebine wrote: post #6

As a business owner, when taxes are low, I see that as an incentive to pocket profits. But when taxes are high, I see that as an incentive to hide the profits by investing in the future. I know this isn't always the case with everyone. And especially investors have a case that higher corporate taxes reduce the value of their investments, possibly to the point of not making them. But this incentive is so blatantly obv…

>As a business owner, when taxes are low, I see that as an incentive to pocket profits. But when taxes are high

Where do you live that taxes are as volatile as petrol prices? Taxes change in Ireland but in terms of decades.

Re: Media Owned by Wealthy Are Quick to Tell You Wealth Taxes Are a Bad Idea

#47

Post by maerF0x0 »

throwaway2048 wrote: post #32
el_nahual wrote: post #21

Classic circular fallacy. "Wealth taxes are good. Wealthy people don't like wealth taxes, and that's how you know they are good." Or is it an ad hominem even if the "hominem" is a class (wealthy people) instead of a person?

Its not making the argument that wealth taxes are good because wealthy people oppose them, only that their point of view on the topic is deeply self serving and masquerading as an objective analysis.

> is deeply self serving

To the extent that they do it for themselves alone, which is making an assumption about intent.

Many wealthy people honestly believe that low taxes drive economic growth that is good for all.

Re: Media Owned by Wealthy Are Quick to Tell You Wealth Taxes Are a Bad Idea

#49

Post by 0xB31B1B »

What frustrates me about this whole argument over wealth taxes is that the arguments aren't grounded in facts. The reality is that we "pay" for inequality with reduced productivity. A great example of this is "single family home neighborhoods" in urban areas. They have no societal benefit, they are essentially subsidized land use patterns for the well off, and it makes it harder for less well of folks to move to areas where they can get a better job/improve their lot in life and grow the economy. There is a very strong case that one reason for sluggish economic growth is the concentration of assets and wealth in so few hands, and the continuing stagnation/decline in wealth/living standards/etc of bottom 40% of the US when measured in things like "healthcare", "education" etc. A redistributive wealth tax that was well structured could be a huge boon to GDP growth.

Re: Media Owned by Wealthy Are Quick to Tell You Wealth Taxes Are a Bad Idea

#50

Post by DubiousPusher »

tonystubblebine wrote: post #6

As a business owner, when taxes are low, I see that as an incentive to pocket profits. But when taxes are high, I see that as an incentive to hide the profits by investing in the future. I know this isn't always the case with everyone. And especially investors have a case that higher corporate taxes reduce the value of their investments, possibly to the point of not making them. But this incentive is so blatantly obv…

> But businesses only pay taxes on their profit.

Except in Washington State.

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