[setr]

In terms of extracted cash? Given that the top 1% now-famously have more funds than the bottom 90%, taxing the wealthiest will definitely make more of a difference.

The number of poor people doesn't matter -- only how much large their total pool of cash is to extract from.

[beaconstudios]

You really have to squint to get the idea that the 1% have more money than the bottom 90%. In reality, they own businesses that are valuable. You couldn't liquidate all their stocks and end up with their paper net worths in your bank.

[anaerobicover]

One wonders then why they need so much of this imaginary value.

[beaconstudios]

If you start a company and that company is successful, you will be worth a lot of money through your ownership of that company. Does that make you a scrooge mcduck wealth hoarder? No.

[Can_Not]

> Does that make you a scrooge mcduck wealth hoarder? No.

My first guess was that "scrooge mcduck wealth hoarding" made you a scrooge mcduck wealth hoarder, but good to see you're ruling out the strawmen early.

[beaconstudios]

I'm trying to point out how the 1% aren't somehow hoarding all the cash, which was the implication the parent made.

Congrats on knowing the phrase "straw man" though, even if its not applicable in this case.

[sjtindell]

The idea you’re arguing is well known on this forum in my experience. In principle I agree, people who act like Jeff Bezos has $100 billion in the bank do more damage to the conversation than good. But I think it also avoids some truth. The wealthy are not usually buying $50 million apartments or $100 million super yachts with stock.

[setr]

Assets are taxed. If your money is 100% illiquid, you’ve done something dumb. You prepare to liquify to settle your taxes yearly — if the taxes are higher, you liquify further; the equation isn’t changing.

That is, the format of your money is irrelevant to whether you can be taxed more for it.

[beaconstudios]

It may be irrelevant for taxation purposes, but not for narrative purposes - there's a pervasive "the rich people are hoarding all the money" narrative that just isn't true. I'm pretty ambivalent on the tax front. I think UBI might be the way to go but I wouldn't say I have researched enough to say it'd work as intended.