Land value tax? How would that fix any of this shit? That wouldn’t even make a dent in the wealth disparities we’re seeing in the US
Comment on Most Of Billionaires’ $7.6 Trillion Has Never Been Taxed - Americans For Tax Fairness
AfterOnions@lemmy.world 3 weeks agoLVT is the best tax. There should be a minimum tax on unrealized capital gains.
protist@mander.xyz 3 weeks ago
AfterOnions@lemmy.world 3 weeks ago
It’s a start. 20% inheritance tax is a must. A minimum corporate tax is also something that we could do.
AmbitiousProcess@piefed.social 3 weeks ago
LVT is a pretty good tax, but you don’t use it in isolation. It exists to make property taxes more progressive, not to make taxation as a whole more progressive.
To do that, you need to replace regressive taxes like the sales tax with progressive taxes like wealth and income taxes, and have rising tax brackets (or sloped steadily increasing taxes) that effectively account for less and less of people’s acquired wealth being necessary or good for society as the amount grows larger.
Totally agree, though I think to a degree there should be some limits, (e.g. under $1m in assets, adjusted for inflation, it doesn’t apply) so regular people don’t have to worry about things like managing how much assets they’ll have to liquidate to pay their taxes each year, which would make planning for retirement very difficult.
Most of the stock market is owned by the ultra wealthy anyways, so the tax would still account for most capital gains while making everyone else’s lives much easier.