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I have a batter idea because too many Americans are anti tax but also hate fiat.
We erase the wealth instead. Take their investments and just delete them from financial records. It's fiat so it's imaginary and we can choose to stop imagining it.
Think of all the economic theories that will be tested!
No need to worry about what to do with anything collected. No corrupt middle men to skim off a price of it. Not written off, not a tax event, just poof gone.
That's not a good idea, mainly because how billionaires' wealth works - it's not in cash but split between various investments, including real estate and other property. Do you suggest we just burn their supercars, their villas, their stocks, their Rolexes?
It's not a bank account you can set to 0. What they have as available cash is at most 10% of their wealth, but usually under 1%, since cash is riskier than other investments.
Hell, the reason we're having trouble taxing the rich is because they use weird loopholes that aren't available to anyone else - such as taking low interest large lump sum loans backed by their assets/investments, which is tax-free, then defaulting on said loan or writing it off, transferring the backing asset to the loan giver, also tax free... Meanwhile you or me? We're stuck with cashing out our investments which is an immediately taxable event. Good luck convincing a bank to give you a 0.25% loan of £5000 against your £6000 investment portfolio.
Yes. Burn it all to the fucking ground.
I'm am tired of the argument that we really isn't want their shit. I don't. Destroy it all. Stock, delete it. Over shore accounts, balance is now zero.
I am no longer interesting in a wealth tax. That was the proposal over a decade ago. I presume they've now had enough time to paid someone to structure against it.
All their physical property becomes problematic anyway. I dont want to see some bastard cop trying around in a super car. I don't want some other asshole to move into their mansions. Knock it down and build tiny houses for the homeless.
At least the robber barron's gave use ornate theatres, museums and colleges. These ghouls have given us nothing but pain and misery.
Guillotines have become a campy meme so let's bring back public pyres instead. I'm a reasonable person, so I say leave it up to every employee and customer they've had as to if the person needs to be tied to the top of their pyre.
You "delete" or burn all that wealth, and you kill the poorest 50% of the planet practically overnight.
Sorry but burning just the wealth down without taking the system with it would result in chaos that would only hurt the most exposed. That's why taxing the wealth is the right idea, with further steps taken to ensure such wealth discrepancy cannot exist in the future.