Anyone with two brain cells can understand that it’s a wordplay on “minimum wage” and the implementation of this isn’t really going to rely on the narrow definition of wages.
in the united states, there were all kinds of ‘wealth’ taxes that prevented the loop holes. all that was systematically deleted over the last 60 years as conservatives decided ‘me want money, fuck society’
The top marginal tax rate in the US peaked in 1951 at 92% on income in excess of $400k (joint filing two income), the equivalent of about $4.7M in today’s money. That should come back.
At this point, abolishing the stock market would require a restart on the United States as an entity. The stock market is quite closely linked to the banking system. Closing the stock market would crash the US economy into oblivion.
The problem is that’s basically what billionaires do, though. They take out loans with their shares as collateral. So on paper they have huge debt, but it’s minuscule compared to their wealth.
Make it illegal to use shares as collateral for a loan. If a person can pay back a loan, they can buy back the shares after they sell them because they need money. Now people are paying capital gains taxes.
Ok but how are you supposed to do that when the most powerful and influential people in the world are the very people who rely on that method to maintain their power and influence?
you dont need a max wage if you tax effectively. it would be 100% past a certain, massive amount.
That’s exactly how the article suggests setting the maximum.
“Wage” is rather poor wording then.
Anyone with two brain cells can understand that it’s a wordplay on “minimum wage” and the implementation of this isn’t really going to rely on the narrow definition of wages.
It seems unwise to rely on the uneducated masses to interpret things correctly. Perhaps clearer communication would be helpful.
That’s why there’s a whole text with explanations right below the headline
As you can see, lots of people don’t read those explanations.
Perhaps clearer communication would be beneficial.
How does that work when the super rich don’t pay any taxes to begin with? How do you tax wealth? How do you tax loans against shares?
in the united states, there were all kinds of ‘wealth’ taxes that prevented the loop holes. all that was systematically deleted over the last 60 years as conservatives decided ‘me want money, fuck society’
The top marginal tax rate in the US peaked in 1951 at 92% on income in excess of $400k (joint filing two income), the equivalent of about $4.7M in today’s money. That should come back.
Easy, make capital gains tax match income tax marginal rates.
But capital gains only execute when you sell.
all stock market trades should be taxed at 100% value. dont like it? dont
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…or just abolish the stock market (at least that’s how I read this).
At this point, abolishing the stock market would require a restart on the United States as an entity. The stock market is quite closely linked to the banking system. Closing the stock market would crash the US economy into oblivion.
And no doubt every other closely-tied economy, as well.
Right. So when they sell, they’ll get taxed. You can’t spend shares.
The problem is that’s basically what billionaires do, though. They take out loans with their shares as collateral. So on paper they have huge debt, but it’s minuscule compared to their wealth.
Make it illegal to use shares as collateral for a loan. If a person can pay back a loan, they can buy back the shares after they sell them because they need money. Now people are paying capital gains taxes.
Ok but how are you supposed to do that when the most powerful and influential people in the world are the very people who rely on that method to maintain their power and influence?
Execution? 🤷🏻♂️
You tax holdings.
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