you don’t even need that. If you have more brackets and keep going up in percentages and tax every type of income including investments in progressive way then you will get to a point where its just to hard to make more than say 10 million. We basically had this. When we had tax brackets that went up to 95% and only 40% for investment and that limited wealth quite a bit. Rates need to be the same regardless of source be it inheritance, lottery winnings, wages, or investments. Heck im fine with not paying taxes on things if you legally lock it up so it can’t be sold. still have to pay any income it creates year to year but can’t sell it or transfer it in any way. combine this with a 1% tax on all buying and selling which would be a massive reduction for most purchases but would be a vast increase for stock and bond trading. would completely clear out short term trading.
The point of the cap is more to really have it clear that NOBODY has the right to hoard wealth. Everybody can be free to live the way they want to, everybody can live perfectly comfortable, and the psycho types amongst us that need to have that little bit more than the rest are perfectly fine being a little richer than the rest while spending their lives on work, if they like that… But nobody is allowed to be crazy rich anymore. If you don’t cap it, ways will be found around it, they will add a few laws, repeal a few others, and we’re back to today again.
This is just a single hard stop, no ways around it, you have a hard physical limit, and anyone even remotely suggesting we can drop this rule is known for being a hoarding pyschopath immediately.
you don’t even need that. If you have more brackets and keep going up in percentages and tax every type of income including investments in progressive way then you will get to a point where its just to hard to make more than say 10 million. We basically had this. When we had tax brackets that went up to 95% and only 40% for investment and that limited wealth quite a bit. Rates need to be the same regardless of source be it inheritance, lottery winnings, wages, or investments. Heck im fine with not paying taxes on things if you legally lock it up so it can’t be sold. still have to pay any income it creates year to year but can’t sell it or transfer it in any way. combine this with a 1% tax on all buying and selling which would be a massive reduction for most purchases but would be a vast increase for stock and bond trading. would completely clear out short term trading.
The point of the cap is more to really have it clear that NOBODY has the right to hoard wealth. Everybody can be free to live the way they want to, everybody can live perfectly comfortable, and the psycho types amongst us that need to have that little bit more than the rest are perfectly fine being a little richer than the rest while spending their lives on work, if they like that… But nobody is allowed to be crazy rich anymore. If you don’t cap it, ways will be found around it, they will add a few laws, repeal a few others, and we’re back to today again.
This is just a single hard stop, no ways around it, you have a hard physical limit, and anyone even remotely suggesting we can drop this rule is known for being a hoarding pyschopath immediately.