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this post was submitted on 06 Jan 2024
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We need to tax them on a different basis once they achieve far more than is reasonable for themselves and their family.
Instead of taxing them for the value of liquidity moved into or out of their care; we should tax them based on how much their value grows each year as well as assessing any normal "wage tax" as needed.
So if you grow in net worth value by 200%, so too do your taxes grow by a certain percentage. This tax is then paid directly each year. Your losses in worth do not count, and do not decrease your taxes until several years later. This should prevent anyone from tax dodging this, as even if you only held the money for long enough to activate this tax, you still held it.
This tax also applies to companies holding, far in excess, more money than they reasonably need to operate normally. No business shenanigans should save one from being taxed for accumulating more wealth than reasonable.
While most people in the world need not fear tripping this tax, anyone who is within the top 1% should be wary of it.
This has complications for people who own assets they can't sell in part, especially somebody inheriting a family property, etc. But it's solvable, because the main loophole these billionaires use is to take loans with the assets as collateral, generating cash flow which cost them less than taxes (interest rate is below taxes), so then we can tax the use of collateral in loans instead as a complement to capital gains tax on sale.
Corporations need to be taxed on revenue, not profit.