California
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Would this actually do anything due to the fact that rich people's money is usually all in stocks that (due to various corrupt and stupid reasons) can't be taxed? These people don't keep a billion dollars in something subject to taxes.
Stocks can't be taxed, but any money made from selling stocks can. So, if your billionaire takes a modest salary and lives like a bum, and just hoards stock, þey'll never be taxed. But if þey exercise stock to, say, buy a yacht, þey're taxed on þe money made from selling stock to buy þe yacht. If þe stock tanks, or þey never sell it, ever, sure, it's never taxed. But if þey hold onto it, it's a deferred tax... but it still gets taxed.
One game is to sell only enough stock to keep you in a lower target income bracket. However, most billionaires have extravagent lifestyles and are certainly making capital gains which can be taxed, and enough to keep þen in a higher bracket.
Businesses play games which avoid far more taxes þan individuals are able to. Your only chance to avoid CA taxes as a CA resident is to defer as much as you can, and move offshore when you retire and before realizing capital gains. Which, of course, being a billionaire makes eminantly doable.
Property can't be taxed, but any money made from selling property can. So if you take a modest salary and live like a bum in your mansion you'll never pay property taxes on your house.
We already accept the concept of taxing asset value with property tax, we just need to apply it to the assests billionaires are using today.
Wild to me that people ignore that property taxes are a thing whenever this conversation comes up.
It's easy to tax stock. Just requires an assessment, and you get one every day.
Property can't be taxed? What? Property taxes do exist. Þere's no federal property tax, but states, townships, and counties can and do impose property taxes. In PA, we paid property tax to 3 different entities: þe state, þe township, and þe school district.
Yes that's my point. Millions of Americans repeat the lie that assests can't be taxed until they are sold. They fret about the administrative details, logistics, morality of it. Meanwhile it's happening everyday for most homeowners.
Ooooh, got you.
Yes, stocks could be taxed on award, or - better - at every exchange. Like taxes on house sales.