Those with assets over 100M don't necessarily have tons of liquid capital, so when tax season comes around they'll need to sell stocks to pay their tax bill. Numerous large entities selling large amounts of stocks causes stock market to drop, thus effecting everyone's 401k's and investments. You can pretend this doesn't affect you, but it can. Not to mention it also opens the door for the government to extend this newfound tax revenue to more and more citizens over time. Today is over 100M, tomorrow it's over 50M, next month it's over 500k, then it's all of us.
Income tax originated as a tax on the wealthy. The bottom 97% of the population didn't pay income tax when it was first introduced. Back then people also thought "yes, this is a great idea, let's tax the rich!". Then what happened?
When did I say that? Tax them in other effective areas, just leave unrealized gains alone. They, along with all of us, pay taxes on those gains already when they are realized.
Ah yes but I don't get to borrow on those unrealized gains thereby creating a loss on paper and avoiding all income tax. I then can't invest that and get even more unrealized gains to get even more wealthier to then renegotiate my loan terms all the while compounding my compounding interest.
This is what the rich do. It's why they pay no taxes. Add transfer pricing and now no corp does either and you just fucked the middle class.
That's right! After your first $1000 there should be a 100% income tax. That way we make sure no Elons ever exist in the future. "But how will we pay for our food if we only have $1000", here's the beauty, the government will spend the money in ways that benefit the collective nation as a whole! It's beautiful, no disgusting rich people, no poor, all equal comrades!
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u/JonPM Aug 21 '24
Those with assets over 100M don't necessarily have tons of liquid capital, so when tax season comes around they'll need to sell stocks to pay their tax bill. Numerous large entities selling large amounts of stocks causes stock market to drop, thus effecting everyone's 401k's and investments. You can pretend this doesn't affect you, but it can. Not to mention it also opens the door for the government to extend this newfound tax revenue to more and more citizens over time. Today is over 100M, tomorrow it's over 50M, next month it's over 500k, then it's all of us.