this post was submitted on 15 Jan 2024
1609 points (97.8% liked)
Political Memes
9399 readers
3043 users here now
Welcome to politcal memes!
These are our rules:
Be civil
Jokes are okay, but don’t intentionally harass or disturb any member of our community. Sexism, racism and bigotry are not allowed. Good faith argumentation only. No posts discouraging people to vote or shaming people for voting.
No misinformation
Don’t post any intentional misinformation. When asked by mods, provide sources for any claims you make.
Posts should be memes
Random pictures do not qualify as memes. Relevance to politics is required.
No bots, spam or self-promotion
Follow instance rules, ask for your bot to be allowed on this community.
No AI generated content.
Content posted must not be created by AI with the intent to mimic the style of existing images
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
I think we're thread-mixupping here. I was directly replying to someone talking about a 70% tax on income over a certain arbitrary number ($10M/yr)
You're not wrong that a blend of flat tax and treating all material gain as income could tax that one specific scenario more. But it really is a different topic. My take on that topic is "sure, but let's not do it as a flat tax at all. Progressive tax PLUS carefully situated handling of capital gains"
Honestly, we're 99% there if we just revisit all the laws that defer or waive capital gains tax and set a networth ceiling on them. It's ok to defer retirement gains, but maybe not after you have $20M in retirement? The way it works with selling owner-occupied real-estate in my area is a $250K "grace area" for profits, then you're taxed on gains less all bills/investments into the property. For most Americans even lower-upper-class, that's $0 of liability.
We can do the same with retirement, say at the $4m mark (twice the current recommended retirement total, or just round up to $5m). With stocks "ditto, pick an arbitrary large number more than most Americans have). Whatever.
But add a flat tax to that? Why.
That's true. Voters are more than happy to spend $500 on a $400 tax cut instead of spending that same thing on something that increases their quality of life by approximately $1000 (either by increasing the buying power of the dollar or community-profiting subsidies like EBT).