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by biggestdecision 2290 days ago
How do you transfer it though? If some businessman has all his wealth tied up in stock in his business, how do you convert that to money? Some other person has to buy the stock. All this does is move the wealth around.
2 comments
munk-a 2290 days ago
Wealth taxes have been discussed in the modern political stage - but I'm a bit :shrug: about them - I think it'd be fine to continue to only tax capital gains when they're realized - so as long as that businessman can't effectively use any of his wealth he doesn't pay taxes on it - as soon as he benefits from his wealth he pays taxes on the accrued gains.
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Ericson2314 2290 days ago
It doesn't matter. You bleed them through inflation, VAT, whatever. The finance may be abstract, but at the end of the day money is claims for (future) economic output and you can dilute that as needed.

Some ways are better than other, but this idea that the powerful can hide their power through accounting tricks alone is a failure to think at multiple layers of abstraction.

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