Mamdani, the presumptive Democratic nominee to be the next mayor of New York and a self-identified democratic socialist, said Sunday billionaires contribute to inequality.
But could this really be done? As far as I’ve understood, billionaires typically don’t have a billion liquidized and ready for spending. Rather, their value is distributed in ownership of several companies. How would the 100% taxes on ownership in companies be applied?
Don’t get me wrong, I would love to see it work, but I feel like it’s a lot more complicated than stated. And if a good way of applying those taxes would be introduced, I’m sure the billionaires would either find new ways to make the money untouchable or personally move to a country with looser tax laws.
My experience is from Norway where the taxes on the rich is balancing on a line. A lot of rich Norwegians have already moved to Switzerland to avoid annual taxes on their wealth. I would expect to see something similar if USA introduced reasonable taxes, unfortunately.
As far as I’ve understood, billionaires typically don’t have a billion liquidized and ready for spending. Rather, their value is distributed in ownership of several companies. How would the 100% taxes on ownership in companies be applied?
If you can leverage assets to apply for a loan to buy twitter, then you can levarage assets to pay your taxes.
But could this really be done? As far as I’ve understood, billionaires typically don’t have a billion liquidized and ready for spending. Rather, their value is distributed in ownership of several companies. How would the 100% taxes on ownership in companies be applied?
Don’t get me wrong, I would love to see it work, but I feel like it’s a lot more complicated than stated. And if a good way of applying those taxes would be introduced, I’m sure the billionaires would either find new ways to make the money untouchable or personally move to a country with looser tax laws.
That’s what conservatives always claim. Most of them won’t move and even if they do, good riddance. Simply tax their wealth beforehand.
My experience is from Norway where the taxes on the rich is balancing on a line. A lot of rich Norwegians have already moved to Switzerland to avoid annual taxes on their wealth. I would expect to see something similar if USA introduced reasonable taxes, unfortunately.
Than they have to sell their stock or property to either not be above the threshold or to liquidate it. It’s not untouchable.
or, here me out, they intentionally tank their assets value just before its value gets measured
If you can leverage assets to apply for a loan to buy twitter, then you can levarage assets to pay your taxes.