Re: #TaxTheRich, what happens if an executive and large shareholder of a publicly traded company sells stock in order to invest in another company? Capital gains tax is paid, yes? Also a portion to payroll taxes for the company/employees. Know a good writeup? Asking for a friend.
There's the concept of a Luxury tax, but then also there's this: americanexperiment.org/congress-passe…
Many of the wealthy who are vilified for their massive net worth, derive most of that wealth from holding a large percentage of a publicly-traded company (usually, that they created). Vanguard and Blackrock (iShares) — in many 401Ks — own as much Amazon stock as Bezos does. 3/
It's a similar story for Google, Twitter, Telsa, and to a lesser degree SpaceX (still private). So an argument against allowing people to get "so wealthy" is — currently — also an argument against the increase in value of your retirement fund, or your school's endowment. 4/
The challenge in creating "new taxes" that target the super-rich, is that they'll find new ways to minimize their need to pay them — famously, buying overseas in places that prioritize earning the "sales revenue" over taxing it. Then there's the tax haven shell-company games. 5/
Increased corporate taxes are an option, but then there's the optimizing of that with global companies, who grow their companies in favorable (tax) jurisdictions. 6/
I would love to read an analyses that considers the knock-on effect of incentivizing American riches to be re-invested in creating new American wealth through investment of it new companies (perhaps that's actually the current system?) 7/
If you've read something on twitter, searched for background on it via Google, watched a documentary about it on Netflix, then bought a book or supplies to support your lifestyle for/against it on Amazon, you've helped create this system. 8/
Despite their various ills, these things (companies) have made our lives easier/better, on balance, in more ways than they've made them worse. That's much of why they've become so "valuable." 9/
So what exactly makes sense to DISINCENTIVIZE, at risk of business going elsewhere to avoid it, in order to raise revenues via a tax?
It's kind of stunning how difficult a problem this is to even improve, much less solve, and that we depend on Congress to figure it out. 10/10.
It's kind of stunning how difficult a problem this is to even improve, much less solve, and that we depend on Congress to figure it out. 10/10.
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