"People are fed up with billionaires' greed eroding the environment and communities we depend on," said one supporter of the new initiative. "It's time for world leaders to listen and act."
I’m not contradicting you, just writing down some further notes:
There’s 3 important types of taxes: wealth tax, income tax, product tax. Wealth tax is paid annually as a share of total net worth, while income tax is paid as a share of profit/revenue/wages. Product tax is a tax on consumable products such as food or luxury items.
I think the best thing would be to increase wealth tax, and decrease income and product tax.
The reason for this is: Wealth tax taxes wealth-hoarding, i.e. wealth that is stalling and not contributing to economic flow, i.e. production or re-distribution. Income and product tax inhibit the economy and slow it down, but don’t actually prevent wealth hoarding: Even if a billionaire is faced with 50% income tax, it’d simply take them twice as long to accumulate the insane amount of wealth. Wealth tax counteracts that, by reducing the size of the pile of gold these billionaires sit on effectively.
That being said, there’s 3 main types of wealth:
real estate (land, agricultural fields, houses, …)
infrastructure & business (streets, vehicles, factories, shops)
abstract values, such as money, expensive paintings, gold, which have no direct inherent value and only possess value because of our communal perception of things.
Some of these things can be moved easily, such as money, while other things can basically not be moved at all, such as real estate & infrastructure. It makes sense to tax the things most that are hardest to move, i guess.
They can’t also move the assets that makes them rich. What’s Amazon going to do? Close business in Spain to avoid the taxes??
I’m not contradicting you, just writing down some further notes:
I think the best thing would be to increase wealth tax, and decrease income and product tax.
The reason for this is: Wealth tax taxes wealth-hoarding, i.e. wealth that is stalling and not contributing to economic flow, i.e. production or re-distribution. Income and product tax inhibit the economy and slow it down, but don’t actually prevent wealth hoarding: Even if a billionaire is faced with 50% income tax, it’d simply take them twice as long to accumulate the insane amount of wealth. Wealth tax counteracts that, by reducing the size of the pile of gold these billionaires sit on effectively.
That being said, there’s 3 main types of wealth:
Some of these things can be moved easily, such as money, while other things can basically not be moved at all, such as real estate & infrastructure. It makes sense to tax the things most that are hardest to move, i guess.