Miss Mary Mack, the Fair Tax Cat
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9:41
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@SteamboatCamp Yeah, I propose taxing households' net worth (accnts, stocks, real estate) over ~$500,000. It's the only reasonable way to, in effect, tax investment returns at the same rate as work...as you suggest would be fair. The problem now is that most investment income is unrealized (not cashed in) capital gains. That's how Warren Buffett had a 0.13% tax rate on his 2006 investment returns. My wealth tax would allow a 30% cut in taxes on wages. See wiki's "Wealth tax" entry.
mindful92 1 year ago
Seems reasonable - but you need to explain it in simple terms. I went to your web page and it's not clear to me what you are taxing. I guess it's a tax on wealth, not just income? Suits me. But it won't be politically popular. I'd go for some kind of system which the income from cap gains, dividends, inheritance, -- all unearned income --- is taxed as ordinary income. Quit taxing work 200-300% higher than we tax unearned income.
SteamboatCamp 1 year ago