Better yet, end all taxes on individuals. Instead, all taxes should be levied against corporations, and they should cover the entire bill for a functioning society… And society should democratically decide what that entails. Tax the corporations so much that their stock prices fall back to realistic numbers. Then we won’t have any of these fake billionaires who’s “wealth is tied up in stocks”, but also they can get loans against them. It should be very easy to get “rich” by working yourself, it should be very hard to get rich “letting your money work for you”
Maybe a hot take, but I actually think individual progressive taxes are great. Have a generous tax free threshold, but individual taxes stops excessive wealth hoarding and (in the case of inheritance tax) dynasties
I am not a tax expert (IANATE?), but with all the tax havens and multi-national businesses would they not just relocate? I am very much interested in the simplification of the tax code such that the burden shifts back to those keen on wealth extraction. I just dunno what that looks like as code and in impementation.
Sure, they can relocate. But you could structure the law so that you can’t sell anything then. Apple is free to leave the US and not pay taxes, but then they are not allowed to sell anything in the US, have any offices in the US or hire anyone in the US. Of course such a law would never happen. But it’s absolutely possible in theory.
Better yet, end all taxes on individuals. Instead, all taxes should be levied against corporations, and they should cover the entire bill for a functioning society… And society should democratically decide what that entails. Tax the corporations so much that their stock prices fall back to realistic numbers. Then we won’t have any of these fake billionaires who’s “wealth is tied up in stocks”, but also they can get loans against them. It should be very easy to get “rich” by working yourself, it should be very hard to get rich “letting your money work for you”
A tax on the amount of CO2 released per person, both directly and indirectly?
Maybe a hot take, but I actually think individual progressive taxes are great. Have a generous tax free threshold, but individual taxes stops excessive wealth hoarding and (in the case of inheritance tax) dynasties
I agree, and on inheritance anything over like $1m should be taxed heavily. Anything over say $10m or so should be taxed at or near 100%.
I am not a tax expert (IANATE?), but with all the tax havens and multi-national businesses would they not just relocate? I am very much interested in the simplification of the tax code such that the burden shifts back to those keen on wealth extraction. I just dunno what that looks like as code and in impementation.
Sure, they can relocate. But you could structure the law so that you can’t sell anything then. Apple is free to leave the US and not pay taxes, but then they are not allowed to sell anything in the US, have any offices in the US or hire anyone in the US. Of course such a law would never happen. But it’s absolutely possible in theory.