At least you own it, rather than making up an excuse like "talent shortage" or "pipeline" issue to try to conceal the fact that at the end of the day you're just trying to save a buck.
I wish guys like you could just be honest and admit its really just about trying to save on labor costs rather than trying to frame this issue like there's some massive lack of skilled domestic engineering talent here.
I love how this is always framed as a "pipeline and talent" problem issue (its not), when it's really a "pipeline and talent at salaries I want to pay" issue.
I literally said there should be some sort of final penalty or taxable event associated with borrowing against illiquid assets and unrealized gains for very HNW individuals.
> America was already taxing wealthy through the teeth years ago
Except they weren’t. Those lovely 90% tax rates from the 1950s everyone on Reddit loves to bring up weren’t really paid by anyone. The effective tax rate paid after the loopholes and deductions was much lower, closer to 40%
If they leave (and some already have) they take their tax base with them. Not just for this one time levy, but for future tax years too.
Then where will the state go to make up the revenue shortfall? Either raising taxes on other groups or cutting services.
I’m finished discussing this matter, let’s revisit this if and when this actually gets passed so we can see how much revenue was actually generated (or if it even survived legal challenges)
I didn’t say the tax gap caused the drop in GDP. I did say the capital flight caused the tax to wildly underperform revenue estimates, which is objectively true.
I love how this goes from “there’s no evidence wealthy move” to, when presented with evidence wealthy move, “well, ok, I’m not convinced this is a net loss for society”
Confiscating all of the assets of the nation’s billionaires wealth would yield 6-8T, depending on what kind creative accounting is done in anticipation of a wealth tax.
So yeah it would help reduce the debt slightly but doesn’t address the bigger culprit - spending and government inefficiency and bloat
You’re discussing raising corporate or individual income tax rates.
I’m discussing a proposed broad wealth tax on unrealized gains and assets.
The tax rates of the 50s were high, but were filled with loopholes and deductions in that the effective tax rate that was actually paid was much lower.
There are arguments to be made how much those policies contributed to the boom of that decade, but those are separate to arguments about the practical, legal, or efficiency concerns with just imposing a 5% levy across all assets and net worth
I mean when you just make up a number, you should expect to be called out for it, lol.
And I did engage with the real point. Even if it WAS 14 trillion dollars, that wouldn't fund the government for 2 years. And then what? Why is the solution for government bloat and inefficiency always just taking more?
I support some sort of disincentive to prevent HNW individuals from borrowing against assets for income.
I do not support wealth taxes or taxing unrealized gains (unless you get rebates for unrealized losses lol)
There SHOULD be some mechanism (idk what) to close the loophole of HNW individuals borrowing against an asset you have not sold to minimize actual income, but that doesn't mean its right, effective, or even legal to just mass tax all unrealized gains, just because this specific loophole exists currently.
Of course its easy for you to say - its simple to just point the finger and claim you're entitled to your "fair share" of someone else's property simply because they have more than you. And my main point isn't even that "its hard" (which it is), its that governments cannot simply just tax and confiscate their way to a utopia.
Fortunately for sanity and common sense, this proposal, if it even passes, will surely be challenged on Federal and State constitutional grounds.