We already have extensive experience in the U.S. with a particular type of wealth tax -- called property taxes. I've been paying them in California for 23 years, and they haven't ruined me yet. (The nominal rate on those tends to be about 1%, too.)
Many people with personal wealth of $50m+ start steering significant money into foundations of their own devising. There's a good debate to be had about whether society is better off with the richest people creating their own philanthropy and social-reform strategies, or having them hand over the $$ to the government for its version.
I'd rather see individual strategies proliferate, on the belief that the government doesn't always know best. But the idea that a 1% tax will bring ruin on successful entrepreneurs grossly underestimates the way that fortunes keep growing.
I'd rather see individual strategies proliferate, on the belief that the government doesn't always know best.
I don't understand this argument because you get the opportunity to vote in government representatives who do know best every couple of years. They are accountable to you. You can even run yourself if it's really that important to you. This is a huge feature of government.
Many people with personal wealth of $50m+ start steering significant money into foundations of their own devising. There's a good debate to be had about whether society is better off with the richest people creating their own philanthropy and social-reform strategies, or having them hand over the $$ to the government for its version.
I'd rather see individual strategies proliferate, on the belief that the government doesn't always know best. But the idea that a 1% tax will bring ruin on successful entrepreneurs grossly underestimates the way that fortunes keep growing.
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