
Elizabeth Warren’s Tax Plan Would Bring Rates over 100% for Some - fortran77
https://www.wsj.com/articles/elizabeth-warrens-tax-plan-would-bring-rates-over-100-for-some-11573819200?mod=rsswn
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namirez
The title is totally misleading. A wealth tax by definition is designed to be
over 100%. For example, if you have $1000 and you don't make any money
whatsoever and get taxed at 1%, you have to pay $10. In this hypotethical
case, your income or capital gain tax rate would be infinity, but it's
ridiculous to look at it that way because it is a tax on net worth. My
property tax is over 100% too because I have no income from my property.

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nostrademons
That's kind of the point of it. Without tax rates over 100% of income or some
structural change in the economy, you're never going to have net wealth
redistribution from those with massive amounts of wealth to those without any.

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DLA
0% chance of becoming law.

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algaeontoast
I sort of support this for billionaires, however I don't trust the gov't to
handle my tax dollars with any amount of reason or efficiency.

I also fear that in time the definition of "rich" will be adjusted down as far
as politically possible in essence ruining the reason for anyone to work hard
or aspire to be better at anything...

Also, there's nothing really stopping huge earners from just going somewhere
else, some could view this plan as just another incentive for the rich to
continue investing in ever more risky financial vehicles to sustain their
wealth (ruining markets for anyone without an entire team of analysts gauging
their investments) - or paying law firms to create new methods to obfuscate
their wealth (which is already happening).

