Reply to Turns Out Americans Actually Do Want to Tax the Rich

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]
Trump voter here; I don't have a huge problem with a wealth tax over twenty million, or increasing marginal rates over 10 million.

[/quote]

Fellow Trump voter here, why 20 million though, and why 10 million? How did you arrive that that number? Just feels right? [/quote]

Arbitrary ....  I guess I don’t think they should apply to the high wage w2 doctor or lawyer.....

My biggest fear is only once instituted they may be adjusted downwards.....

But I also feel that if we are ever going to have political consensus, both sides must clalm down with the slippery slope arguments.[/quote]

The issue I have with wealth tax is that it's bound to have exclusions, because no government can reliably determine an accurate net worth of every single individual in the country. And when you have exclusions, people who are subject to the tax are going to do economically inefficient things to move their wealth into things that are excluded. If you exclude holdings of private companies because their valuation is inherently difficult to gauge, then people are going to move their money from public companies into private ones. There may very well be a trend of companies taking themselves private. Unlike some of my more philosophical fellow Republicans and Libertarians, I believe the Federal government has broad powers to tax, and while a tax on wealth may not be a good idea, it is not immoral, or certainly no more immoral than an extremely progressive tax system. So long as the government is allowed to take different amounts of money from different individuals, the subject of "why" the money is being taken becomes rather academic. [/quote]

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