If anyone seriously tries to propose taxing unrealized capital gains, I would love to ask the question, are you therefore going to provide tax deductions for unrealized capital losses? If one makes sense, the other must, too.
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Replying to @cmuratori
I don't pretend to know the solution, but do you agree something is amiss? If this was a game and someone was exploiting loopholes to gain an advantage over the rest of the playerbase, you'd look to close the holes, right? Life has effectively become pay to win
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Replying to @WickyNilliams @cmuratori
Capital gains tax should be readjusted, but I don't think that would massively help, since as you say most of it is unrealised. I would love to read up on workable solutions to this quandary
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Replying to @WickyNilliams
The problem is that this is not the quandary. People don't understand that measuring "wealth" is pointless and is only done out of greed on one side or the other. What you want to measure is productive vs. unproductive allocation of resources.
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Replying to @cmuratori @WickyNilliams
An exponential sales tax would be my first suggestion if someone demanded I come up with one on the spot, but really, if one wanted a solid recommendation from me I would want to write a lot of code first to analyze probable results from various ideas.
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Replying to @cmuratori
Curious where you think the greed comes into play from those wanting tax reform? Do you not agree that there is something unfair about the mega rich having a lower effective tax rate than the working class? Or having access to avoidance schemes that the lower classes do not?
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Replying to @WickyNilliams
Because money is about allocating resources. The reason you give money to people who start successful companies is because that is at least some predictor of whether they know how to allocate resources.
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Replying to @cmuratori @WickyNilliams
So what you want is a tax system that makes those people want to take that excess money and allocate it somewhere useful. If they do that, then the system worked as intended. If they don't, then it doesn't.
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Replying to @cmuratori @WickyNilliams
So the reason I can tell people are motivated primarily by greed right now is because they're talking about things like unrealized gains. Like how much stock someone has. That's a perfect example of just being greedy, because _they are not using those resources themselves_.
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Replying to @cmuratori @WickyNilliams
This is why I say an exponential sales tax makes a lot more sense to me. Because it would discourage people with resources from doing anything other than allocating it towards new economic activity that benefits average people.
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Basically I am saying that luxury taxes are great, we need more of that :) But again, that is just off the top of my head. I have a lot of ideas about economics but because it's not my profession I don't have time to actually simulate them out and see how they do.
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Replying to @cmuratori @WickyNilliams
Also, nobody seems interested in the question of what objectively is the right tax level to accomplish some given thing. The Federal government already spends A LOT of money every year. If you suspect most of this money is wasted (as I do), then adding more to the budget
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mostly won’t fix problems, since most of that money will be wasted too. If we improved the efficiency of government spending, most people would see *massive* improvements in their daily lives.
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