Forget. Never knew. Have no clue how any of this works. Same result.
But net worth *should* be taxed. Otherwise it just grows, and people rich enough to buy laws are inevitable.
Who are you talking to?
People who look at wealth and see how little tax they pay, agree, and think that is the problem. That net worth should be taxed.
People who want taxes reduced know that as well, and want taxes reduced anyway.
Sure…we all get that income is taxed here and not wealth. The argument on that subject is for another day.
The issue is that those with high wealth create/lobby for/use/exploit loopholes that convert income earned in the year by all logical measures into deferred/exempted/untaxed compensation.
What we actually have instead of an “income” taxation structure is a “percentage of wealth consumption” taxation structure.
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I should have got off in Crackton
Forget. Never knew. Have no clue how any of this works. Same result.
But net worth *should* be taxed. Otherwise it just grows, and people rich enough to buy laws are inevitable.
Who are you talking to?
People who look at wealth and see how little tax they pay, agree, and think that is the problem. That net worth should be taxed.
People who want taxes reduced know that as well, and want taxes reduced anyway.
Sure…we all get that income is taxed here and not wealth. The argument on that subject is for another day.
The issue is that those with high wealth create/lobby for/use/exploit loopholes that convert income earned in the year by all logical measures into deferred/exempted/untaxed compensation.
What we actually have instead of an “income” taxation structure is a “percentage of wealth consumption” taxation structure.