Inventing Reality

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Washington Post editorial board says don't tax the rich (lemmy.ml)

submitted 1 day ago by geneva_convenience@lemmy.ml to c/ManufacturingConsent@lemmy.ml

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[–] VAK@lemmy.world 2 points 21 hours ago (1 children)

Dude, you're mixing up asset and wealth. Also, this might be a shock to you, wealth tax can be progressive

[–] Barley_Man@sopuli.xyz 1 points 20 hours ago

Wealth = Total Assets - Total Liabilities

Say I own a farm and I have a tractor worth 500 thousand dollars but I also have a 400 thousand dollars loan on it. Then yes I have 500 thousand in assets but only 100 thousand in wealth contribution. However say I own farmland for 12 million dollars and I have no loans on that farmland (as is quite common if the farm was inherited) then for that 12 million worth of farmland, asset = wealth. Same is true for the grandma example if she doesn't have a loan on the house.

A progressive wealth tax is a good idea however I agree.