Why not?
Instead of taxing people for engaging in economic activity, you're taxing people for not engaging in economic activity (sitting on wealth).
Old money plutocrats would be BTFO. There would be a huge incentive to invest in performing assets.
Social mobility would improve. A motivated person wouldn't need to fight against a massive headwind to move up the social hierarchy due to an income tax.
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Although a good idea to get things moving, (((they))) would never let you put such a law in place.
because im trying to accumulate to a million and cant fucking do that if I have to spend it
>im trying to accumulate to a million
In that case, wouldn't an income tax be your worst enemy?
it already exists, pic related should be a strong hint
not with tax loopholes, with a wealth tax, I would HAVE to spend it, where as with tax loopholes I can invest it into myself.
>this kills anyone trying to save money
Instead: what about a simple sales tax? A flat 10% sales tax on all goods sold -- automatically factored into each transaction through the blockchain -- is *plenty* to cover ALL governmental expenses (if we just trim the dead wood) plus provide for a variety of forward-looking projects like investment in future technologies, basic income for all civilians and an effective space program.
>>this kills anyone trying to save money
no, it kills people who save money and don't invest it in performing assets.
Inflation is already a functional "wealth tax"
>Why not?
You're forcing regular everyday people to hire brokers in order to save their money from the taxman.
no, regular people have less savings. And they'd have a far higher income without an income tax.
Regular people will have even less savings if you tax their unperforming assets.
most of the money they earn is spent, so I disagree.
But in any case, you'd probably have a bracketed tax system as always
...
Hold up, think about it.
If I were a rich fuck sitting on billions, I would want to pass an income tax to stop people from accumulating wealth to rise to my level. I wouldn't want any sort of wealth tax, because I am already at the top, I can just sit and be happy on my moneypile.
It almost seems like the system is set up in a perfect way to benefit old-money
Simply because the only people that could impose such a tax law are the politicians. And politicians receive money from the same wealthy people that this supposed tax law would target. If a politician even suggested such a measure he would be simply replaced by someone who would oppose a wealth tax.
This, unironically
Yeah they tried a similar thing in Australia and the UK I think. Minus the blockchain implementation of course. it artificially rises the cost of living
>I would want to pass an income tax to stop people from accumulating wealth to rise to my level
Economics isn't a Zero-Sum game user. If you were a billionaire you would be happy letting others accumulate, provided you owned equity in whatever was the source of their rising income.
>i.e. let the plebs grow the pie for you
>If you were a billionaire you would be happy letting others accumulate
no, because that would diminish their power
Take the deus ex pill
I have no idea what I'm meant to take away from this but my knee jerk reaction is to shrug. Orwell was optimistic when he believed that a perfect power equilibrium of constant war, ruled by a triad of elites could keep the world in a constantly opressed system. He was optimistic about the disipline and ingenuity about such an elite.
A way better model is that dude Ibn Rhusud when he went on about Abayyasia or whatever that word is - the notion of 'social cohesion' and the cylical nature of power.
The world's laws are not crafted according to some grand oppressive design, it's an adhoc ramshackle of differing objectives, social pressures, ideologies that reaches a compromise.
You know the old saying
>A Camel is a Horse designed by committee
That's kind of what the world is.
TL;DR - There are no super evil geniuses ruling the world. It's just a bunch of people as competent or you and I who won the genetic lottery. It sucks, but it also means there's no one who's actively keeping you down - it's just your circumstances.
Do you have a single fact to back that up?
damn I posted the wrong video
sorry my dude