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For Firefox users, there is media bias / propaganda / fact check plugin.
https://addons.mozilla.org/en-US/firefox/addon/media-bias-fact-check/
- Consider including the article’s mediabiasfactcheck.com/ link
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Examples?
Of the counter-productive effects? I have a bunch of shares in a private company that I was given for good performance and retention. At the latest share price from the latest funding round they’re worth more than enough to put me in the 0.5%. However, they’re not liquid - I can’t sell them unless the company floats or is bought. Under a simple wealth tax I’d have to pay many thousands of pounds of tax on them every year despite them having no realisable value. Just because something is an asset with a nominal value doesn’t mean it’s liquid or generating income. Obviously when (if) I sell the shares I’ll pay capital gains, or if they generate a dividend, income tax.
Good for you. You are making a great deal of profit from your partial ownership of the company, and you need to pay a fair tax on it. I'm sure you're aware that you can use those shares as collateral for low interest personal loans, and you can afford to pay a few thousands of pounds in tax extra. The economy works the best when everyone contributes to it, and when a wealthy minority isnt sitting on wealth, preventing others from participating.
I think it makes more sense to tax the shares at the time they are received (as income). Then they can be taxed again at the time of sale if they have increased in value.
Tax on hoarded wealth is pressure to make that wealth do something productive. If you can't get enough return on your invested millions to pay the tax, then you will slowly lose that wealth. Property tax works similarly for farmers and landlords.
The ultra wealthy are exactly the people who should be making big, bold, high-risk bets with their money, because they'll be just fine if they lose a few million. Yet these are the same people who can live a comfortable, even lavish life off the lowest risk, lowest return investments, like government bonds. The rich say social safety nets discourage poor people from working, and I say that tax-free capital discourage it from working.
Also, very important to remember that wealth tax proposals generally target only wealth over a very high threshold. US proposals have been $10-50M, which seems pretty equivalent to the Spanish implementation.
To be sure, that wealth is doing something productive. Billionaires aren't sitting on piles of gold bars or packing their mattresses full of cash. But the "something productive" that wealth is doing is being done for other wealthy people.
A wealth tax makes it so that a teeny weeny part of the "something productive" is for the public good instead of being for rich fuckers to pass around amongst themselves, empowering them to take advantage of everyone else.
The shares aren't being taxed. The ultra-wealthy individual is being taxed on their "excess" wealth, which is held in the form of these shares.
Personally, I wouldn't tax "all" wealth. It does us no economic harm for them to own a billion dollar mansion or yacht or other tangible asset.
I would only tax registered securities: the vehicles by which these individuals gain wealth. Every year they are worth more than 99.5% of the population, I would transfer a small percentage of their wealth-generating assets out of their hands, to be resold at government auction.
The net effect of this will be that the 99.5% of us will come to own a greater percentage of these wealth-generating assets.