Wealth tax is a nice idea but non-starter in implementation.
It works in real estate (property taxes are wealth taxes) because the land can’t move.
One way to tax the super rich is to tax loans against assets. They don’t sell assets to buy a yacht, but borrow against them to avoid paying taxes and keep future gains. Tax those loans as if they sold assets.
alt Hacker News
Wealth tax is a nice idea but non-starter in implementation.
It works in real estate (property taxes are wealth taxes) because the land can’t move.
One way to tax the super rich is to tax loans against assets. They don’t sell assets to buy a yacht, but borrow against them to avoid paying taxes and keep future gains. Tax those loans as if they sold assets.