Tell that to the property taxes I pay on my house every year. They manage to define a value even though I’m not selling and it’s still an “unrealized gain”.
That’s the thing about wealth taxes. People argue that they’re unworkable. The truth is that we already have wealth taxes. We just have the most useless style of wealth tax.
Instead of the ultra-wealthy paying the highest percentage in taxes, every home owner pays a similar rate. But, that means that the people who have most of their wealth tied up in their homes pay the highest effective rate. Even if it might be hard to come up with a perfect wealth tax, it would be extremely easy to come up with one that’s more progressive than property taxes.
Tell that to the property taxes I pay on my house every year. They manage to define a value even though I’m not selling and it’s still an “unrealized gain”.
That’s right, homeowners pay on unrealized gains, but not Sociopathic Oligarchs. We should flip that.
That’s the thing about wealth taxes. People argue that they’re unworkable. The truth is that we already have wealth taxes. We just have the most useless style of wealth tax.
Instead of the ultra-wealthy paying the highest percentage in taxes, every home owner pays a similar rate. But, that means that the people who have most of their wealth tied up in their homes pay the highest effective rate. Even if it might be hard to come up with a perfect wealth tax, it would be extremely easy to come up with one that’s more progressive than property taxes.