Comment by danny_codes

2 days ago

That’s just a decision we made about what is taxable.

Purely an accounting artifact. We can pass a wealth tax tomorrow and it’ll suddenly be taxable.

Net worth is real money, and is usually a very accurate measure of what people can realize. There are a few outliers who own so much that they’d move the market if they sold it all. Selling 2% to cover taxes? Not going to move the market very much.

Article I, Section 9, Clause 4 of the U.S. Constitution would like a word (assuming you’re contemplating a federal wealth tax; states could do it, at the risk expressed in the headline of the article we’re discussing).

  • That’s a law my dude. We can change it at any time. We did already for the income tax (amendment 16).

    • Yes, that’s exactly my point.

      That is what makes the timeline GGP laid out impossible:

      > We can pass a wealth tax tomorrow and it’ll suddenly be taxable.

      Unless we don’t share a common definition of “tomorrow” or “suddenly”. (For reference, the 16th Amendment process took about 3 years and 7½ months from Senator Norris Brown’s initial formal proposal to ratification by the then-necessary 36th state. [You would need 38 states today.])

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