To play devil’s advocate, a lot of money that is tied up in retirement accounts of the “average Joe” would also be taxed, so if your retirement accounts aren’t outpacing your income tax rate, then it’d hurt main street too
Yes, if no special cases are welritten into the law. Though there would be no way to outpace the tax as your wealth is being taxed not the money being added to the wealth.
Retirement accounts aren’t really a great example because they’re already supposed to be tax exempt or tax delayed. However the principle is the same. I just described what would happen to a emergency savings fund with a 20% wealth tax 8on another comment
Now, in reality no sane politician would put a blanket rule in. Instead it would be anything over x amount of money. While that may appeal to populism, it is still double taxation and an injustice.
A more just effect can be attained through better means, like actually enforcing progressive tax laws that take more taxes as the income gets progressively higher.
Here, progressive is not related to the political movement.
To play devil’s advocate, a lot of money that is tied up in retirement accounts of the “average Joe” would also be taxed, so if your retirement accounts aren’t outpacing your income tax rate, then it’d hurt main street too
Yes, if no special cases are welritten into the law. Though there would be no way to outpace the tax as your wealth is being taxed not the money being added to the wealth.
Retirement accounts aren’t really a great example because they’re already supposed to be tax exempt or tax delayed. However the principle is the same. I just described what would happen to a emergency savings fund with a 20% wealth tax 8on another comment
Now, in reality no sane politician would put a blanket rule in. Instead it would be anything over x amount of money. While that may appeal to populism, it is still double taxation and an injustice.
A more just effect can be attained through better means, like actually enforcing progressive tax laws that take more taxes as the income gets progressively higher.
Here, progressive is not related to the political movement.