A wealth tax is such an insane idea. Imagine thinking these billionaires just have 100b in a bank account. You’re forcing them to liquidate assets in large quantities, which will without a doubt negatively disrupt markets.
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Say Bill gates needs to sell 1b worth of MSFT stock to cover his wealth tax liabilities. This would immediately drive down the price of MSFT stock, does his tax obligation change because he’s now less wealthy? Or does he need to sell 1.2b worth of stock to cover the 1b liability?
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Even if you taxed the “1%” at 100%, it would hardly make a dent in our nation’s spending. This seems less like of a way to help the poor, and more of a way to just take from the rich.
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