Sen. Wyden’s proposed Billionaires Income Tax (BIT) would tax the wealth gains of billionaires and those with consistent income above $100 million. Currently, such investment gains are only taxed if the underlying asset is sold. But the ultrawealthy don’t have to sell to benefit. They can secure low-interest loans secured against their rising fortunes and live luxuriously tax-free. Under Wyden’s plan, such wealth-growth income would be taxed every year just like worker wages are now. The Joint Committee on Taxation estimated this proposal would raise $557 billion in new revenue over the next decade from just a small number of ultra-wealthy oligarchs.
I don't like wealth tax for a number of reasons, but a capital gains tax on unrealized gains that phases in after a certain amount seems very fair. The phasing in is important because average people's homes and other assets should be untouched imo, but after a certain amount of unrealized income it should be.
I'd also suggest taxing secured low interest loans as a form of realized capital gains.
I would also suggest allowing taxes to be paid in stock shares (eg. not USD). It might prevent liquidity market issues
Sure. But I'm not going to write an essay to back my position right now with numerous examples.
I respect many of the far lefts beliefs like economic policy, pressure against the right wing, social policies supporting poor. I don't respect the extreme distrust of media, violent retoric (when I see it), ideological purism, because it comes off as culty
Should note that I see less violent retoric from the far left than the far right, hence "when I see it"
I don't believe the horseshoe theory. Far left and far right have a number of stark differences such as religion, economic policy, etc. I just believe that both sides are fringe cult-like environments, particularly when it comes to isolating yourselves and ideology control. Occasionally, I see other similarities.
Imo, far left isn't clearly closer to the far right in most beliefs, except cult-like behavior
The statement is that far left makes similarly culty statements like "X entity is hiding evidence that supports our views from the general public". It's the "everyone except us lies" part of the culty belief. My statement is that both far left and far right have fringe beliefs that are culty or close to it.
Sometimes the further left extremes I've heard hear are indistinguishable from conservative Q-Anon. I legitimately need to check users post histories to understand which extreme they are on
The article says this
I don't like wealth tax for a number of reasons, but a capital gains tax on unrealized gains that phases in after a certain amount seems very fair. The phasing in is important because average people's homes and other assets should be untouched imo, but after a certain amount of unrealized income it should be.
I'd also suggest taxing secured low interest loans as a form of realized capital gains.
I would also suggest allowing taxes to be paid in stock shares (eg. not USD). It might prevent liquidity market issues