[throwaway936482]

This is not modelling a wealth tax. This is disingenuous whining because it fails to take into account that wealth taxes kick in at the point that where people have become wealthy. Lets say it kicks in at 100 million. So you still get to keep 100 million before you pay any tax on that wealth? Or in other words you still get to be incredibly, obscenely wealthy, you just reduce the chance to become wealthy beyond the dreams of avarice. Not seeing how this is particularly demotivating to people want ting to found startups. Lets say it kicks in at 10 million instead. Again you still have the chance to become extremely wealthy before you have to pay it. And if you don't think being worth £10 million is extremely wealthy that's because youre comparing yourself to billionaires. Even if it kicks in a £1 million you still get the chance to become wealthy! Sure maybe at this point to you're reducing the number if people willing to put in 80 hour weeks in the hope of winning the startup lottery but given the number of people who pour their heart and soul into passion projects without the chance of becoming billionaires I don't see that as a problem. Seriously this idea that if we tax the wealthy to the point where they can only afford a single yacht and a modest private island they'll all go on some terrible Randian strike and well somehow lose the value they create is bollocks.

[abecedarius]

"Congress re-adopted the [first modern] income tax in 1913, levying a 1% tax on net personal incomes above $3,000, with a 6% surtax on incomes above $500,000." https://en.wikipedia.org/wiki/History_of_taxation_in_the_Uni...

(1913 $3k -> roughly $80k 2020 in standard inflation adjustments. At a time when a recent-graduate civil engineer made ~$1k, or with 10 years experience in the low $2k's, according to https://libraryguides.missouri.edu/pricesandwages/1910-1919. A person making $3k was loaded.)

[sharkmerry]

What are you trying to imply here?

This is about income tax. 6% on someone making 13mill (2020$'s) a year seems fine

[abecedarius]

I'm answering a rant about how unreasonable it is for a nonwealthy person to care about a wealth tax. The income tax was sold to us as a tax on only very high earners, a tiny percent of everyone.

(I think it's fair to characterize rhetoric that starts with "disingenuous whining" and goes on from there as a rant.)

[defnotashton2]

Your right, once this type of tax gets implemented it sure is easy to lower/justify the threshold and change the very nature of our economy.