AOC has been getting headdlines for advocating tax the billionaires
In effect the sales pitch is to tax billionaires on net wealth
Most people who agree with AOC, as they see NYC has reportedly 100 billionaires who have more than enough wealth. A little sharing of the wealth won't hurt them that much, but would be greatly appreciated by the working poor
However, this agenda of whom AOC seems to have been selected as the sales person for this wealth tax, seems to actually come from the IMF who want a 10% tax on all wealth
In other words your net equity would be taxed at 10%
Now I can't confirm the IMF part as I rarely read what the IMF does or says
But AOC selling a billionaire tax is real
Now mind you we already have laws that can seize your bank balance, certain investment portfolios [you own it you just can't with draw any money]
We have laws that can seize your car, wallet money, house or any other property you own, if you are suspected of criminal activity. How hard would it be to accuse you of criminal activity and then let you try, through the courts to get it back
Is it a possibility that the IMF might want 10% of your equity, and AOC was chosen as a good sales person for the sharp end of the spear.
equity = net paper value you estimate when applying for a bank loan, for those who might question just what is this new tax
Want to bet NYC passes this into law???
Want to bet this will reduce NYC net tax revenue
AOC is incredibly naive (that is putting it nicely). she does not know how to do basic research.
last i checked, 17 countries in europe have tried a wealth tax, and 13 times it has been repealed. because it does NOT work.
it brings in far LESS money that what the libs predict. and most the wealthy taxpayers will just find ways to avoid the tax anyway.
you do NOT want wealthy citizens moving out of the country and taking their money with them. this only benefits the country that they move to, and not the country they move away from.
In the Years ahead, the us Budget will get so stressed that the US Government will need to curtail services to the poor. Prior to doing this they WILL have a Wealth Tax in order to appeas the poor that they have done everything they can to raise revenue. It will NOT happen during the next president. It WILL happen to the president after that, so at some point during the time period January 2025 to January 2029 we will get a wealth tax. It will not work but they need to do it for symbolic reasons.
I agree a wealth tax does not work
However, it all depends on how socialist the country becomes, and how quickly
I give a wealth tax low odds, as in soon, unless we become socialist very quickly
However, AOC and her comrades, might gain more socialist followers, more quickly than one would think
It's almost looks as if somebody wants to destroy the USA by any and all means possible, given the rash of recent events that nobody would have thought possible
a funny topic. from an article i read (i think from armstrong), one time that france created a wealth tax, art was exempt. so the wealthy collected art, knowing that this would not be taxed. it also means a wealthy person would rather own art instead of a factory. the factory would be taxed as wealth, but art was not taxed.
also many wealthy people in france just simply left the country. some moved to belgium, or some other country that did not have a wealth tax.
remember, a piece of art does NOT provide jobs in the way a factory provides jobs.