The Most Effective Way to Tax Wealth: the IN-KIND Method
The Most Effective Way to Tax Wealth: the IN-KIND Method
There’s a lot of talk about how taxing share grants and stock options potentially harms innovation, as it impacts startup employees. Startup doesn’t have enough cash to attract top tier employees, so they’re offered stock grants as part of compensation which is fair enough. But if they’re taxed, and the stocks are illiquid (pre IPO), the employee is going to end up paying a whole bunch of tax on something that might, in the future, be worth a certain amount.
Collecting the taxes in-kind is a simple and incredibly obvious solution now that I see it.
conservatives like to float the idea of a national sales tax and im always fine with it provided it applies to all financial transactions. Honestly though the land value really seems good but I would like that to really replace all local taxes. Less tax for the person living in an efficiency condo in a complex and more for the mcmansions.
A sales tax disproportionately impacts people who are lower income, as a greater percentage of their earnings go towards purchasing essential goods - and defining exclusions for sales taxes is a whole exercise. Food, easy; heat, ok. But what if i heat with electricity and also drive with electricity? Should clothes be taxed? Where do we draw the line on what constitutes luxury clothing when people buy carhartt for very different reasons depending on their income source. What about diapers, people choose to buy disposables. Condoms? Period products are a shoe-in but what about cups or reusable panties?
I don’t hate the idea, but it is complex. Like most tax schemes…
I think this approach is a good step along the way.
But I also think we need a permanent moratorium on IPOs. The stock market is a vehicle for the rich first and foremost, and it is an inherently anti democratic institution. It needs to die, and such a moratorium would lessen the chaos of it's death.
We also need a ban on corporate mergers. The stock market at least has the pretense of helping the workers through retirement accounts, but the same cannot be said of mergers.
Seeing Westerners rediscover wealth taxes is kinda funny when Muslims have all this stuff in a 1400 year old book.
Lots of religions have, Islam is not unique
Wait really? Which?
Knowing about something and implementing it are two different things. The wealth tax was actively suppressed by the wealthy and there was no democracy to appeal the decision of the decision makers. Your idea that a thing exists and therefore it is now the new normal is naive.