Taxing the super-rich: Could a 'billionaire tax' work?

The so-called wealth tax is a politically divisive economic policy, but one that is regaining attention amid rising inequality and shifting demographics.
U.S. President Joe Biden in his 2024 State of the Union address took aim at the uber affluent, saying he would impose a targeted “billionaire tax” on America’s wealthiest.
It follows an earlier G20 meeting, in which finance leaders explored plans for a global minimum tax on the world’s 3,000 billionaires.
Colombia, Scotland and the U.S. have all proposed wealth taxes in recent years, joining the likes of Switzerland, Norway and Spain in imposing taxes specifically on the super-rich.
And even some of the world’s wealthy are backing such calls. “This is about the wealthy contributing more to the society,” Phil White, retired entrepreneur and member of the Patriotic Millionaires group, told CNBC.
But can such a policy work in reality, and is it likely to take hold? Watch the video above to learn more.
#CNBC #WealthTax #G20
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[@CNBCi]

Would you like a wealth tax in your country? Why or why not?

[@RealGrandFail]

No, wealth is difficult to calculate as this can be very volatile and inflated. If I am worth $100 million today and my stock drops 20% tomorrow, what happens? a refund? What happens if it goes back up again? You know someone created KZbin, right? This platform creates Millionaires, the creators will definitely be very wealthy. I agree the rich can do more but taxing wealth is not the way and the poorer people that are receiving should get an amount based on the value they add to society, because if money is free, I might as well stop work and start relaxing, others will do it for me. Well, that goes back to more value = more money. Taxes should only be on realized gains and as I said evaluations are inflated.

[@DeadCat-42]

Tax wealth, not working people! .our tax system is backwards! Why would you tax a PRODUCTIVE worker while cutting taxes for people who just sit back and collect a portion of the value of other people's labor?

[@ShamileII]

No!

[@HanNguyen-vn1fj]

Close tax loopholes. Make everyone pay their fair share. Is that too much to ask?

[@75jdavid]

@@RealGrandFail tax can take the form of surrendering a portion of shares to a sovereign wealth fund to completely avoid the problem of calculation of the value in currency

[@MrMountain707]

Wealth tax won't work until it is global. Rich people can flee easily.

[@Some.real.human.]

Could just tax unrealized capital gains

[@ablamill8357]

Just take everything by force. Why wait?

[@VS257]

Who or what entity would enforce such a global taxation? The UN ? 😂

[@shawyonsharifi3394]

@@Some.real.human.this is a terrible idea.

[@shubhamer2000]

If they implement it globally they wud below ground or in the ocean they have money to build such type of headquarters😂😂

[@MrSlm1982]

I think it's a stupid idea. Just close current tax loopholes that allow them to legally evade paying taxes on things... But they won't, because politicians use the same loopholes.

[@unconventionalideas5683]

Well, a lot of them were closed in the US, and the Democrats would like to close many more of them.

[@MrSlm1982]

​@@unconventionalideas5683 Actually it's both Dems and Reps that keep them open, thank you Clinton's and Bushes (and all their predecessors). Sorry to dampen your partisan dreams... They are all the same.

[@rollgali5292]

that's right if really the rich are serious why hire accounting firm to pay less taxes,,,now this idea runs contrary to that,,,

[@thimblemunch24]

@@unconventionalideas5683 That's not true, just fluff words but nothing was actually changed.

[@niidaimehokage5731]

Yes talk is easier than done, you think all of leader of many countries didn't have problem to agreeing on certain things?

[@DisinterestedObserver]

One problem with wealth taxes is they’re almost certain to follow the path of the US income tax. The US income tax originally only taxed the highest earning 3 or so percent of the population at what today would be considered a ridiculously low rate. Once the politicians got that passed, they began to lower the threshold so eventually everybody’s income was subject to taxation and they kept upping the tax rates. The same will happen with wealth tax, the politicians are currently proposing to start at the very top with a “small” only 2 cents per dollar but one can be sure over time they’ll keep reducing the floor so it won’t only be billionaires and millionaires paying and they’ll be increasing the rate. Don’t trust the politicians or the think tank experts.

[@personnesenki4521]

That's exactly what will happen.

[@seansmodernlife9823]

If people benefit from the benefits of having a society, they should pay tax. They wealthy benefit from infrastructure and government at a higher level so they should pay proportionately more. Rich people just like to pretend they did it all themselves and didn't benefit from everything a first world country had to offer them

[@kevindashid]

Exactly. It’s setting precedent for them to adjust and tax all of us

[@personnesenki4521]

Never trust anyone who calls for higher taxes when they refuse to pay the current full rate, or voluntarily overpay. You will get the bill. Guaranteed.

[@MoneyGist]

This.

[@adam872]

Yep! Why don't these patriotic millionaires just write a cheque to their respective governments?

[@Leugim010]

Millionaires complaining about having to pay 20% taxes on their massive amounts of money will never cease to amuse me. Eat the rich

[@alessandrovasconcelos355]

The problem in the world is CORRUPTION, Mainly in Brazil, don`t need to tax Rich, need is stop corruption!

[@dxd42]

Haha I'm from Brazil... The first corrupt people are the rich. Tax evasion are corruption, monopoly practices are corruption, political intervention are corruption.

[@jazilzaim]

Wealth taxes have never worked in the real world and they never will most likely. Governments have been doing tax hikes for decades and it just gets worse and worse with terrible use of budgets

[@ssuwandi3240]

But the $73 billion stimulus will always work .is that what you're saying? Those very few SELECTED who got the most taxpayers handouts aren't supposed to pay more? But the rest UNSELECTED is paying the credit card fees plus sales taxes

[@jazilzaim]

@@ssuwandi3240 I am against stimulus and subsidies as well. That has never worked out either and has always propped more financial bubbles. Also taxpayer handouts are never given to individuals, they are given to businesses to create jobs. Those businesses also have lots of employees who also benefit through stock options, RSUs, etc. Plus with enterprise creation we get more jobs and economic growth. If we decelerate, it will be a way for the world to become another Japan

[@XOPOIIIO]

@@ssuwandi3240 You pay credit card fees from what you borrowed, lol, it's not taxes.

[@ssuwandi3240]

@@XOPOIIIO so according to you that $73 BILLION CHIP ACT is not a credit card?? How so? Democrats world view is really bizarrely gross Fascism from a financial perspective

[@ssuwandi3240]

@@XOPOIIIO ohh wait they don't like to be labeled but their vision and action really nothing much than that.. Not a Wealth JUST FACISM taxes

[@samuelnunes2641]

Why would they give money to government that uses it so inefficiently? If they want to help, Donate to trusted organizations that will do a more meaningful impact for those in need.

[@sarscov9854]

donate to Bill and Melinda Gates foundation who will then fund a multimillion dollar wedding for Mr. Gate's grand daughter, all tax free. Those 'trusted organizations' are just tax havens for the ultra rich.

[@testing6753]

sadly even "trusted" organizations often use the money inefficiently and immorally by giving large bonuses to the top executives and actually spending less than 10% on the actual cause.

[@thebigFIDDLES]

"if they want to help" dude they literally hide their wealth in offshore bank accounts they obviously don't want to help.

[@MalavitaOfBB]

If you're rich and want to be taxed more just give money to charity that actually help people and not to a wasteful government...

[@merc7paul]

They do

[@amithpatel]

Why don't governments look at operating efficiently. They spend lavishly and then want to recover that money from general public ... Government bodies have to function as a private institution...

[@doujinflip]

90% of private ventures fail within 10 years. Resilience is not efficient and is actually its direct competitor, but governments pursue continuity because the alternative is far more costly to everyone ✊💥

[@amithpatel]

@@doujinflip private venture fails when they focus on Profits only... Running govt institutions as a private firm can be customized to be focused on efficiency and they will not fail...

[@cfltheman]

I do wonder what they call those who do the opposite of Robin Hood. Rob from the poor and give to the rich.

[@RealGrandFail]

It's sad, let's all stop using KZbin, we are adding to the problem and making KZbin creators richer 😢. Let me order a book on Taxing the Rich through Amazon. Oh no, I am making Bezos rich too. Might as well grow my own food then 😢

[@DeadCat-42]

That's called Reaganomics.

[@AaronOstrowskiAeorocks]

Acceptable. Most government officials call it totally acceptable.

[@kendellfriend5558]

We call them “crooks”. Sometimes we even call them “politicians”

[@DakotaFord592]

Capitalism

[@JVNFM]

the super rich who want wealth taxes can simply donate their money to the government without this tax and they still don't do it, I wonder why

[@jaketyler7088]

It's true. If they actually believe it, any of the super wealthy can write a check to the Treasury without a tax law in place.

[@fortunbras]

The question that should always be had along with increasing taxes is auditing government expenditure. It doesn't matter how much you increase taxes by if a government is wasting its money. I think that the government should focus on proving that they have done more for society with past increases, as opposed to saying that we will do better if we had more.

[@doujinflip]

That's just squandering their buying power and influence. It only works if _all_ their peers and superiors are forced to pay up at least as much.

[@kevinhsu8184]

Billionaires can live anywhere in the world so unless you have a wealth tax that covers every single country in the world, you won’t be able to tax them. On top of that, all billionaires have very diversified assets ranging from art to jewelry to real estate to stock and bond. The valuation of these assets fluctuates so pinning down the exact worth is going to be very difficult. Furthermore, most billionaires put their assets in charitable trusts and live off the income from that tax free more or less (at least the American ones). So unless you close down all charitable trusts, I don’t think you will be able to tax billionaires efficiently and effectively in the US.

[@jakemarsee7864]

Out of the pockets of the rich and straight into the pockets of politicians. Wake up people

[@testing6753]

exactly.

[@deboraleggerini5729]

Exactly! You're penalising the people who produce to benefit cheap politicians. Like any of this money to be collected would ever reach John Doe. To be entitled to spend someone else's money then the taxpayer should directly choose and approve the budget. Otherwise, what is the difference between the government and the mob?

[@carlosmontemayor6251]

Isn’t anual property tax a wealth tax?

[@1rjona]

Wealth tax was what was used before income tax came to tax the middle class. All Roman senators in Classical roman times had to have a certain income so they can contributed to the Roman Treasury. Feudal lords contributed to the kingdom's number one expense which is war. Americans had a revolution because they were taxed without representation in British government. If you want to tax the rich be prepared for them to want to exert more influence in government

[@natchan5076]

they have reaady worked (quite successfully) on that

[@DeadCat-42]

Reaganomics was a total disaster. We should do the exact opposite! Tax wealth, not working people! .our tax system is backwards! Why would you tax a PRODUCTIVE worker while cutting taxes for people who just sit back and collect a portion of the value of other people's labor?

[@ssuwandi3240]

You should move to Socialists Canada.. I heard immigrants are very happy😊

[@DeadCat-42]

@@ssuwandi3240 are you a bot or did you just reply to the wrong video? .

[@meeraj-4774]

Coz there is no worker without capital.

[@michayng4105]

I think even if you tax the super rich, you cannot solve the problem of poverty. Most of the money from any wealth tax would not go towards lifting poverty. And it take more effort than giving money to end poverty long term.

[@dimitarmargaritov]

Yeah, much better and more productive will be to create an environment that will allow people to escape poverty themselves.

[@testing6753]

Everyone's always generous and entitled to other people's money.

[@James-uc3kj]

Yea tax more so that the government can spend the money on things that dont benefit the poor

[@rwrae72]

One day you will run out of other people's money.

[@user-tt6il2up4o]

The USA and eu have

[@DhooomKetu]

Implementation issues can't be ignored for such a thing

[@psp785]

Wont work I'll tell you that right now get rid of all the loopholes

[@albertinsinger7443]

Trouble is your taxes never go to the poor. It goes to big government and those people have lots of perks and 1 st class travel and even early retirements and can never lose their job. In the US ,government jobs pay double what you can earn in the private sector. Your taxes never go to the poor.

[@unconventionalideas5683]

Except hardly anyone in the government actually gets 1st class travel and the perks have not always kept up with equivalent private sector pay and benefits.

[@KingsleyFitzpatrick]

We don’t need a wealth tax we just need to get rid of the exemptions billionaires use to not pay taxes

[@JusdoinstuF]

How will the money be spent? It will surely be wasted on pet projects and corruption. There needs to be transparecny and better money management or else it doesnt matter how much money is raised, it will always be wasted.

[@kristianstreater6368]

Taking back what should belong to everyone is hardly stealing

[@munyumbamutwale2985]

While the diagnosis of rising inequality is correct the prescription that more government is the cure is the problem. Taxation just replaces wealthy bankers with wealthy politicians

[@markmedley6849]

People should keep what they earn. Elizabet Warren is for this meanwhile generating 60million while in office. More business leaders and less politicians playing on emotions.

[@GNARGNARHEAD]

making the rich pay tax, who could suggest such a thing 😢

[@KRYMauL]

Once you get to $30M in net worth you can basically pay for anything without thinking as this puts you in the ultra-high net worth category.

[@RealGrandFail]

On average, What percentage of a country's tax do the top 10% pay? Why are people rich? Easiest way to equalize is stop using anything that the rich created i.e. delete KZbin, throw away your iPhone or Android and Computer, don't use Amazon, grow your own food, build your own house. It's that simple 😂 I bet people see $200 net worth and think it's cash in the bank 😅.

[@KRYMauL]

@@RealGrandFail Or you know support unions.

[@3qlw4utho3p4ht]

It shouldn't be about taxing millionaires, it should be about taxing centi-millionaires and billionaires who pay lower taxes than a homeless person.

[@Khneefer]

7:25 - No, they want to tax people who are getting rich. They can just made donation to the goverment, but they want new tax. No body is taking about relatively low intrest rate which made new highs at stock market.

[@thebigFIDDLES]

Wealth tax is the obvious solution. Oh you think they can escape it? Implement an exit tax, so those with a networth of $250mil+ on their way out pay their fair share. Oh, you're worried about those offshore bank accounts in Switzerland? Different issue entirely, but fine, sanction Switzerland for the amount lost so they are incentivized to cooperate. I have yet to see an educated argument against a wealth tax, it's how taxes started in the first place in Athens, and how it always should have been. Most of our societal crises (mental health, political corruption, homelessness) are rooted in this wealth inequality, how else do you propose we transfer wealth from the richest to the rest, or would you rather the divide grow?

[@eggboldhead]

Wealth tax is absolutely evil.

[@hanooi7450]

Wealth tax is a bad idea. Many people hold their wealth in illiquid assets like land. How do you tax that? Take away a few acres each year? What if the wealth is held in a rare painting? How about privately held corporation? The only thing you can really reach are the more liquid assets and then you drop their value.

[@retnavybrat]

Here in the US, it won't work as long as rich people can take advantage of numerous deductions and loopholes to reduce their tax liability.

[@TireSpare]

G20 countries should let the super riches pay taxes more, not levy the taxes on average millionaires. They just own a property that their grandparents inherited from. Millionaires have so much burdens like average citizens. a majority of them with loans live with paycheck to paychecks. US should clearly let the World leaders know the taxation lines on individuals over 20 to 30 Million USD assets . Individuals with 2 to 5 millions USD are not rich in thesedays. They are just average home owner with a great risk of being bankrupt as any other.

[@muhindiascensio]

How do you confirm wealth ownership?

[@bluehorseshoe444]

Need to tax private equity firms at 80%... they're the ones driving up prices on everything

[@CrimsonAlchemist]

There are fewer billionaires in Japan because of their Tax laws taxing the rich. Thanks to that Japan is the most developed country in the world, their technologies ages ahead of even US, convenient to travel and super clean.

[@RealGrandFail]

Japan's Economy doesn't sound so great when you look at the details. Work culture and Lifestyle are a major factor to why Japan is that way. Young generations don't want to work as they do and the birth rate is low as hell. Watch this space and say this again in 10 years.

[@CrimsonAlchemist]

@@RealGrandFail Okay let's come back in 10 years.

[@ameypatil2730]

Japan's Economy has been stagnant for a decade. People are overworked. Tokyo is one of the most expensive cities to live in. People are not having children due to the high cost of living leading to an ageing population. Ya, right the Japanese have it figured out LOL. Also US is the leading innovator in technology due to the structure of it's economy where taking risks and innovating is rewarded and not punished. Most modern innovations have US companies behind them. Having Bullet trains and automated machines does not make you a leader in innovation.

[@iwinmatthew]

Let's go back to the time of no income tax, let's reduce the taxes for everyone! I am curious how much the tax was imposed by England that triggered the American independence.

[@TravelChannelOne]

As long as Singapore, Hong Kong, Cyprus and British Virgin Islands exist this is a pipe dream...

[@dodid0]

This is simply a mess. What is a wealthy individual? Who defines it? Let me tell you, in Spain if you want to have 3 or more apartments in congested regions (city centres), you are considered a "wealthy owner" and the government forces you to rent them out. So, with no more than $700.000 in spending to buy apartments, you are considered a Wealthy Individual and the government decides what you do with your assets. On top of that, what constitutes a wealthy individual can be redefined each election cycle. To the very likely point that having over $1Mn is considered wealthy.

[@taxthechurches946]

Do you not see the irony of saying that rich should pay their "Fair Share"? If the poor and middle income earners pay certain percentage, rich should also pay that same percentage. You can close the loopholes that the rich take advantage of but everyone should pay equal percentage of their earnings.

[@importantname]

Simple answer: NO. Because if taxing billionaires worked - the tax would have been in existence since taxes were invented.

[@radioguy8662]

First generation, wealth should not be confiscated. It would be more fair and efficient to simply raise inheritance taxes transferring wealth from the entrepreneurs children to the rest of society.

[@ablamill8357]

First generation wealth if it exceeds €200K should be taken away and solve the cost of living crisis. Also, inheritance tax at 100% is the way to go!

[@sexygeek8996]

@@ablamill8357Everything over 200K? You must be very poor.

[@CaraMarie13]

Its going to be a wack a mole. Target the ways this people are allowed to hoard all these money.

[@kendellfriend5558]

7:45 right now. No.

[@aguynamedscott11]

Unfortunately the wealth tax is hitting the middle class and not the wealthy. Retirees are losing their homes to taxes to that their neighborhoods can be gentrified. The rich are actually getting richer from these taxes.

[@unconventionalideas5683]

But that implies there is a demand to live in the neighborhoods where retirees are currently living, which speaks to a supply/demand imbalance in those areas.

[@aguynamedscott11]

@@unconventionalideas5683 actually it doesn’t. Supply implies a voluntary transfer of assets from a seller to a buyer in exchange for a medium of monetary gain. This is not the case with those in power simply forcing people out of their homes. This isn’t even a matter of people who have homes losing their homes because of a scarcity of housing. This is a matter of people being forced out of their homes because wealthier more politically powerful people want to gentrify their neighborhoods. This is happening in every major city.

[@MauricioRinconC]

What nonsense, as if the super-rich would ever allow such a thing to happen! Especially when avoiding taxes is so easy

[@williamwallace410]

Of course... 80% of people were for other people paying more taxes. They are all for it as long as someone else has to pay, not themselves. Typical!

[@mattcollins4550]

If they want to pay more in taxes, why don't they simply donate to the government?

[@PassingBy1118]

One of the key solutions is to levy heavy estate taxes. Every generation should earn its keep; inter-generational wealth transfers should be minimised. The tax revenues could be used for infra development, education, housing and healthcare.

[@kewalshah9910]

Billionaire tax so much makes sense!!! Won't act as a demotivator for the billionaires as well as will generate humungous amount of money that could be used for climate change solutions / to uplift millions out of below poverty line in their own countries. Billionaire tax makes so much sense as opposed to wealth tax or simply just increasing tax slabs / limits. The latter is such an inefficient way which only increases the economic inequality all the more.

[@GeorgeSchneider8889]

In 🇺🇸, I have a formula on how it can be done. Billionaires use their assets for collateral to avoid capital gains and through tax optimization, they used the loans interest to deduct their taxable income. If a loan is backed by assets like stocks or real estate, it will be considered as an asset. It will be taxed on the amount above $1.8M at a rate of 1.5%. Loans solely backed by treasuries will be exempt because we need wealthy people to buy our debt. There is no way they can circumvent this tax.

[@randomdude4360]

It's not about increasing the amount, it's about making it impossible to just put your factory in some slavery like country such as india. Since it will have 0 effect as long as they can find loopholes.

[@SarvaCrew]

Is this tax going to apply to the Royal family? Something tells me it will not.

[@rollgali5292]

now forbes will release new list category,,,

[@kenster8270]

As someone who spent my formative years in Denmark, Norway and Sweden, I would say that progressive taxation and wealth redistribution seems like such a no-brainer in terms of keeping the wheels of society running smoothly and steadily. Having also spent time in Argentina, Brazil and Uruguay, I have experienced first-hand the kind of tension, polarization and distrust that can result from having an extremely unequal distribution of wealth. Here in Europe, I guess I'm considered a centrist, meanwhile in Latin America, I would be labeled a leftie (possibly even "far-left").

[@TheEmperor000]

07:40 "Libertarianism and saying there is a limit of total Wealth" ??? What is this guy talking about? Liberterianism is about less government intervention, not more

[@delmanpronto9374]

when the thieves are in charge of enacting the laws, i truly wonder what new laws will come out LOL

[@An11Ran]

Sound?

[@drd4059]

Taxes are a way for politicians to favor themselves and their friends at the expense of everyone else. How about democratizing how tax revenues are spent such that each tax payer assigns a percentage of the tax they pay to each proposed end use. For example, I might allocate 30% to health care, 10% to police, 10% to national defense, 10% to education, 10% to local infrastructure and 30% to orphans and widows, and 0% for a politician's grift scheme.

[@dogoftheg]

Wealthy have better lawyers and accountants. Always. That’s why wealth taxes always get bounced back and become middle class taxes.

[@kellybertei1582]

Billionaires already pay more tax. Even if they dodge a lot of the taxes and pay a lower percent rate, they still pay a higher absolute amount of money to the government. It doesn't cost any more money to build a road that a billionaire drives down than a non billionaire drives down. Why should billionaires have to pay more for the same services than non billionaires gets for cheaper? Imagine if government operated like a normal business and charged a fixed rate for services. You want police protection? Fixed monthly fee. Use a road built by government? 1 cent per drive. There are already roads like that called toll roads but I believe they are built by private companies

[@williamwallace410]

It's all stupid. It's really simple, it should be a flat rate for everyone with a certain amount tax free. One equal system for all. That way the more you earn, the more you contribute in taxes. But this is already kind of the way. The problem is not that rich people don't pay enough taxes or don't contribute enough to society. Far from it. The 10% richest pay almost all of the taxes already and contribute significantly to society by providing jobs, developing technology/products and infrastructure. The problem is government is currently sucking their citizens dry to waste it away to illegal intruders. Many billions per country is lost in this way. If they stop this insanity , the countries can start lowering taxes instead of increasing.

[@jeevaguru11]

might as well start looking for loopholes

[@rfowkes1185]

You invent the next PayPal, Tesla, SpaceX, Boring Company, ... Then we'll talk about "your fair share" and whether the government (or Robin Hood) should be able to confiscate it.

[@hasanraisumam1939]

I still don't understand, why if the government can print the money they still taxing the people?🤔

[@MoneyGist]

That's what causes inflation

[@Kakanato]

The rich people will find the way to avoid this tax. The higher middle class people will be highly impacted with it. In opposite, the rich people should be motivated to pay these taxes, but not obliged. In general, those people dont like to be obliged and no one was obliged on their way to the wealth.

[@dxd42]

Offshores... Everyone knows the main purpose I'd for tax evasion crimes , but they do it anyways 😂

[@doujinflip]

Voluntary contributions won't work, it's just squandering the wealth and influence of the donors. What has to happen is _all_ peers and superiors being forced to pay at least as much to minimize freeriding.

[@UvstudioCaToronto]

Too many potential loopholes. A financial transaction tax of all transactions involving money is far more practical, even if it is very very low.

[@MoneyGist]

That's called VAT

[@UvstudioCaToronto]

@@MoneyGist Europe charges you tax when you buy & sell stocks or take money out of your bank account?

[@tidusfantasy]

wealthy tax needs to be COMPLETE and ABSOLUTE. Meaning, you cant just target some billionaires, but ALL billionaires. No billionaires like to pay extra tax knowing not all billionaires need to pay, or knowing some billionaires have ways to avoid or to flee. If the whole world tackles all global billionaires together, then theres a chance

[@WealthyExpat]

Tax the rich, the rich will leave, the poor will suffer.

[@TalEdds]

The greed of the rich, can't ever be satiated. The tax loopholes need to be closed, but their lobbying will prevent the possibility of that happening.

[@XOPOIIIO]

Rich people don't rob anybody, people give them money for something in return. Greedy are those who rob others to consume what they didn't produce.

[@unconventionalideas5683]

Well, a lot of them were closed in the US, and the Democrats would like to close many more of them.

[@taylorl6098]

What’s wrong with just a flat tax rate. We all pay the same amount of tax. No one can feel cheated. No matter your deduction you will pay a flat tax rate on all income….keep it simple.

[@iwiffitthitotonacc4673]

Because it will hurt those who earn less as each individual dollar means a lot more when you have less of them, that's why tax brackets are a thing. Having only 2 tax brackets could work and would be a lot more feasible.

[@24killsequalMOAB]

@@iwiffitthitotonacc4673 All taxes increase the cost of living dude.

[@ablamill8357]

Because of inheritance. We should tax it 100% so everybody starts at a level playing field.

[@iwiffitthitotonacc4673]

@@24killsequalMOAB "each individual dollar means a lot more when you have less of them" Repeating this since you didn't read it the first time.

[@24killsequalMOAB]

@@iwiffitthitotonacc4673 Government spending is far less efficient than private spending.

[@elliottmiller3282]

Tax the poor, give the rich more wealth

[@DeusEx.Machina]

A minimum global 2% wealth tax would generate about $300B annually. Also, tax 2% any $10B+ companies who have cash on hand.

[@RealGrandFail]

And the government will just watch the money go to the poor, right? Ever wonder why every politician gets richer when in office?

[@Rollerblader091]

Inheritance taxes should be much higher. Wealth built by a great grandparent should not entitle someone to a massive advantage over others. Generational wealth is mostly in stock and property - locking out the average person from owning voting shares, or share in general, in some of the most profitable businesses. For example, only the Cargill family controls Cargill, one of the largest private businesses in the world, comparable to Apple in size.

[@themcguires3562]

Why? The wealth was generated and taxed at the time it was created. Is your proposal that wealth only exists for your lifetime. That will promote other ways of transfers

[@ablamill8357]

Yes, this! 100% inheritance tax is the solution!

[@rgen28]

World tax.

[@ablamill8357]

Yes, at 100%

[@jimcroft21]

There has to be a limit on the things you want to do, try, and own.. idk it just becomes greed at a certain point

[@Callingnone]

More nonsense .. tax consumption not income and ban inheritance beyond a certain limit. many poor ain’t saints and want to climb the economic ladder to become rich themselves. Nothing wrong with that. What really affects average person at the bottom is the carbon footprint Rich leave in relative terms that affects the quality of life of those who don’t have much to spend. How about progressive taxation in exponential terms where a base is set for all types of consumption. Let’s say 1 percent property tax for every thousand sq feet home. So if you have a 10000 sq ft mansion, you pay 10% for having the gluttony to waste all the energy for the upkeep. Same for electricity consumption where you double the price beyond a certain limit and quadruple and so on, also for automobile engines, vanity products etc, cancel credit cards which front load the consumption. make education and health care free but tax the hell out of terrible life style habits like fast food and sugary drink that cause one to get sick from choices of their own. You will see that the system will automatically align to be more fair when we have such policies in place. This is a not a rich or poor problem. This is a human nature problem fused with cultural expectations.

[@ElpidiosantarinDelrosario]

Honestly if im the person are have that kibds of money i will happy to pay taxes to helping our government and i will helpibf many people's to giving a happy life together ar least i share my blessings that is im gonna do its very amazing feelings if you giving something to help others small or big help is same feelings lpeace be with all Amen

[@failhouse5305]

decrease taxes for poor

[@user-tt6il2up4o]

In uk stop non doms. Make it like Sweden where you can only avoid paying tax in Sweden if you,live in for less than 30 days every 6months and the days include travel.

[@deboraleggerini5729]

Hahahahahahaahahaahaha!

[@panama-canada]

They are idiots. None of the billionaires hold any property in their own name. It is done through trusts and companies.

[@ablamill8357]

Nobody should own more than $200K in assets. If you have that much money, it's enough. The rest should be taken by force by the government and give it to the poor.

[@jpierremathieux4080]

Evolutionary dead end.

[@dimitarmargaritov]

Who says that?

[@afriend_ofthefamily3602]

That's theft and stupid

[@ablamill8357]

OK, let's make it $500K but no more is allowed to hold onto. Anything above is confiscated. If you try to hide it, automatic prison sentence + penalty of 3 times the amount evaded@@afriend_ofthefamily3602

[@sexygeek8996]

In many countries an average house is worth more than that, so you're saying that we can't even own our own homes. What you are advocating is called communism. It was tried for much of the 20th century and it didn't work.

[@alieng9989]

Eat the Rich

[@thimblemunch24]

I don't trust you...

[@akhusal]

Cancel NI and just have income tax, the rich will pay more as NI has a threshold after which you pay less. Have council based on property value of 1% with no upper limit so that mansions pay more. Remove standing charge on energy so the more you use (for mansions and swimming pools) the more you pay. Have a luxury goods tax that can't be used as buisiness expenses for luxury cars, hotels, expensive restaurants etc.

[@Omikoshi78]

Millionaire is middle class now.

[@ablamill8357]

I'd say €200K maximum and the rest should be taken from the people.

[@sexygeek8996]

@@ablamill8357Do you have anywhere near 200K? I'm sure you don't.

[@doujinflip]

Being willing to pay higher taxes is noble, but it won't happen until _everyone at and above your wealth pays at least as much_. Otherwise you're just donating away your own buying power and reducing your influence among your peers.

[@RasielSuarez]

Taxing the wealthy directly won't solve the problem (for the reasons brought up). What will however solve the problem is taxing generational wealth. All inheritances should be treated like income just like you and I would be taxed if someone gifted us a large sum of money, property or any other type of valuable assets.

[@RealGrandFail]

Who doesn't like free money? Tax the Rich 😂

[@sexygeek8996]

until the government lowers the threshold and decides that you are rich.

[@jmiddleton1582]

FJB and the DNC!!!!!

[@Prem98]

Their should be Expense tax for the people who spend more but pay less tax.

[@michaelatkinson5681]

How about not just a wealth tax for individuals but also getting big corporations to pay their fair share of tax? Also wealthy individuals not so much being taxed on their assets but paying a higher income tax.

[@bluehorseshoe444]

They don't own the assets, they're all in offshore trusts so what's the point?

[@TheSmokinApples]

I endorse this as a tax accountant

[@yvr2002rtw]

Make sure you make your fees a function of your client's wealth!!

[@curtisw0234]

the left trying to co-op robinhood is hilarious. robinhood is a rightwing figure, who did he steal from! who did he steal from! *angry goose chases you*

[@unconventionalideas5683]

He stole from Feudal Lords and Corrupt Officials, the standard targets of the left.

[@24killsequalMOAB]

Stealing from the government is morally correct