However, unlike an ordinary race, this race never ends, participants come and go every day, and no one starts the race at the same spot. NO: If the purpose is to better fund government programs, the projected $200 billion, which more realistically would be about half that, would help little when total spending equals about $4.7 trillion. Tax that fellow behind the tree.". Steve’s latest book is Reviving America: How Repealing Obamacare, Replacing the Tax Code and Reforming The Fed will Restore Hope and Prosperity co-authored by Elizabeth Ames (McGraw-Hill Professional). All Rights Reserved, This is a BETA experience. I could not have written this post without him. People get wealthy by being productive. I have extensive experience with partnerships, real estate and high net worth individuals. The other party is making much more reasonable decisions. If a wealth tax were implemented, how large of a reduction would we see in private philanthropy and would this reduction be worth it? I don't feel that everyone's time/labour is necessarily equally valuable to a society - but does that mean we simply have to accept that a certain percentage are going to remain poor and struggle to make ends meet? If tomorrow a new League appeared, the SFL, and their goal was to give every child with a dream to play professional football a chance, who would watch their games? The more productive someone is the more wealth they will begin to acquire. I don't. Email me at phillip.molnar@sduniontribune.com. Regardless, it is a number.). Why invest in a startup company if there is no reward? While I could only dream about being impacted by a wealth tax, I don’t think it’s fair to tax people differently based solely on their income. For the United Kingdom of Great Britain (England, Scotland, Wales) and Northern Ireland; News, Politics, Economics, Society, Business, Culture, discussion and anything else UK related. If you believe that the tax rate on the creation of wealth should be higher, that's another issue. I'm in favour of taxes. National Debt & Deficit: The Harbingers of Collapse, The Economics of War & the Expansion of Peace, Under capitalism there is this great feature that “to get you must give. • Most wealth isn’t measured in cash but in real world assets, such as real estate and operating businesses. “A wealth tax is a good idea because we have so much inequality in wealth, even a moderate rate like 3% on billionaires and 2% on those over … Also sign up for our community newspaper newsletters, and CaregiverSD. Rather than slowing down the fastest racers, the new thinking suggests that we should take those racers that are the furthest ahead of everyone else and pull them back in the race. Steve’s newest project is the podcast “What’s Ahead,” where he engages the world’s top newsmakers, politicians and pioneers in business and economics in honest conversations meant to challenge traditional conventions as well as featuring Steve’s signature views on the intersection of society, economic and policy. The film was inspired by the book he co-authored, Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It. First look: Cardinals vs. Padres in Wild Card Series, Photos: As Padres look to playoffs, a look back at the (ir)regular season, Death toll from coronavirus tops 1 million. Nick Maggiulli is the Chief Operating Officer for Ritholtz Wealth Management LLC. Various leaders made this clear. Wealth Tax: What It Is And How It Would Work Elizabeth Warren and Bernie Sanders are big champions of taxing the very rich on their wealth, not … Simply put, a wealth tax is a bad idea because it would impoverish everyone. I think though, that it will be virtual malpractice to not put in a refund claim right after the wealth tax return is filed .
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