Why are so many left-wing taxation policies so bad?
A universal or even rich-based unrealized gains tax would mean layoffs, a decrease in retirement funds for public employees, a decrease in 401K amounts, and a retirement dependent entirely on social security while fewer people are being born across the world, and in the US every year. Say your condo or starter house increases from 200K to 400K because of rising housing costs and you don’t want to rent because landlords are bad, We’ll have fun paying $50,000 if a 25% unrealized gains tax were to be passed. That is insane. Same with ETFs, 401ks, and mutual funds (you’re an idiot if you buy one; voluntary ETFs are better). Even if you constrain it to the top 1% or 100 million dollar net worth, which I doubt, the policy will just be the top 1% as income tax was originally meant for rich people, and now everyone, including people making 30 thousand dollars a year (me since my contract role ended, and I quit my toxic first job), has no insurance before Obamacare, a crappy bronze plan with Obamacare, and also no Medicaid because you make too much to qualify and have to pay for it. But for this argument, let’s say it’s limited to the top 1%. What do you think will happen to the economy, and the value of stocks when rich people sell them and buy paintings, watches, gold bars, or whatever? The stock values go down, people lose their retirement, and some lose their jobs. I have saved up around 7K, mostly in ETFs (VOO, SPY, JMOM, QQQ, etc.) at age 27. Yes, I know I should have invested more and spent less on video games. ETFs are my retirement plan, and I will add more to them as the years go on, not US social security, which depends on people making babies, and US immigration. US immigration gets cut after every Republican administration. How do I know that? Because my mom had longer waiting times for the family green card in the Bush administration vs. the Obama administration for my aunt. Bush and Trump’s Department of Homeland Security Security, plus Social Security, needed a congress willing to raise the cap on taxing income past a certain point from high earners to fund it, which is at 168,600.
A 44.6% capital gains tax has a few of the same problems. Due to the vagueness of Kamala Harris’s policy proposals, I don’t know the specifics. If it enables houses to be sold if that’s the only house you own, I and many Americans would be fine with it, if not, then the housing market gets worse, and no one sells their house, condo, townhouse, or home, and over 50% of Americans are homeowners. But I don’t know so let’s assume yes. Well, that just means no one will want to sell their stocks and take out their dividends, and the rich can still borrow against assets and have low interest rates to fund their lifestyle choices. A dumb move indeed.
A higher income tax bracket in a progressive income tax. It was a dumb idea since the ultra-rich again borrowed against their assets like stocks and real estate. You’re only going to be taxing upper middle-class doctors, lawyers, and software engineers, not the owners of companies that employ those people.
A ticket is based on a percentage of your income. Again, that doesn’t stop deaths. Everyone will still speed because people in a heated moment aren’t thinking well. If I speed up this amount, there’s x risk that I can tax my percentage of income. By the way, it didn’t work in Sweden, and people still speed.
Again, most of these would have no long-term or medium-term impact on me; however, some of you will find a way to personally attack me because I disagree with your political ideology, which holds that stocks are gambling, left-wing economics, and so on. Stocks are where you buy a share in a company, and ETFs are buying a fraction of a share in many companies.
A wealth tax, again vague, could apply to human capital, which means you have a college degree or other education; let’s tax you on it, personal belongings (taxing your PS5, PC, Book collection, comic book collection, and other goods). But for the sake of argument, let’s not go into that and assume it’s real estate minus your home, a car for each person, no boats, and no personal belongings. So painting, stocks, gold bars, personal businesses, more homes, additional cars, etc. And let’s say the US military strongarmed every country and made it global because, why not, let’s make it over 1 billion dollars in net worth to be taxed as if that wouldn’t be passed down to ordinary people like the income tax was. Great. This means the rich will have more consumption, more going to restaurants, more plane trips, chartered private jet planes, and if you do it to non-upper class people, good luck creating a savings-based country. Aaaaand theirs goes the 2050 climate goals due to increased consumption.
Luxury goods tax, guess which sectors will fall. Also, many luxury goods end up in the future and, due to economies of scale, turn into normal goods. So, I know many people are thinking communism, socialism, social democracy, or progressivism when there is no iPhone, but yeah. I want the AR glasses from Apple not to be 3000 dollars, and remote work technology to be better so we don’t have climate change killing people. Well, there goes the innovation for that.
Tips not being taxed; every company will then proceed to pay their employees ZERO dollars in salary, and 100% in tips. Or if you can’t do that, guess whose bonus will get paid in tips. Again, many tipped workers make more than those at the bottom of the economic totem pole in the US retail and cooking. Why not help those people?
Also, I do support universal single-payer healthcare (not the NHS, but a higher-funded Canadian model), universal higher education in public universities, trade schools, and community colleges (I went to OSU a public university, and a community college, which would mean more people competing against me, by the way), and universal pre-kindergarten, and childbirth subsidies.
A universal or even rich-based unrealized gains tax would mean layoffs, a decrease in retirement funds for public employees, a decrease in 401K amounts, and a retirement dependent entirely on social security while fewer people are being born across the world, and in the US every year. Say your condo or starter house increases from 200K to 400K because of rising housing costs and you don’t want to rent because landlords are bad, We’ll have fun paying $50,000 if a 25% unrealized gains tax were to be passed. That is insane. Same with ETFs, 401ks, and mutual funds (you’re an idiot if you buy one; voluntary ETFs are better). Even if you constrain it to the top 1% or 100 million dollar net worth, which I doubt, the policy will just be the top 1% as income tax was originally meant for rich people, and now everyone, including people making 30 thousand dollars a year (me since my contract role ended, and I quit my toxic first job), has no insurance before Obamacare, a crappy bronze plan with Obamacare, and also no Medicaid because you make too much to qualify and have to pay for it. But for this argument, let’s say it’s limited to the top 1%. What do you think will happen to the economy, and the value of stocks when rich people sell them and buy paintings, watches, gold bars, or whatever? The stock values go down, people lose their retirement, and some lose their jobs. I have saved up around 7K, mostly in ETFs (VOO, SPY, JMOM, QQQ, etc.) at age 27. Yes, I know I should have invested more and spent less on video games. ETFs are my retirement plan, and I will add more to them as the years go on, not US social security, which depends on people making babies, and US immigration. US immigration gets cut after every Republican administration. How do I know that? Because my mom had longer waiting times for the family green card in the Bush administration vs. the Obama administration for my aunt. Bush and Trump’s Department of Homeland Security Security, plus Social Security, needed a congress willing to raise the cap on taxing income past a certain point from high earners to fund it, which is at 168,600.
A 44.6% capital gains tax has a few of the same problems. Due to the vagueness of Kamala Harris’s policy proposals, I don’t know the specifics. If it enables houses to be sold if that’s the only house you own, I and many Americans would be fine with it, if not, then the housing market gets worse, and no one sells their house, condo, townhouse, or home, and over 50% of Americans are homeowners. But I don’t know so let’s assume yes. Well, that just means no one will want to sell their stocks and take out their dividends, and the rich can still borrow against assets and have low interest rates to fund their lifestyle choices. A dumb move indeed.
A higher income tax bracket in a progressive income tax. It was a dumb idea since the ultra-rich again borrowed against their assets like stocks and real estate. You’re only going to be taxing upper middle-class doctors, lawyers, and software engineers, not the owners of companies that employ those people.
A ticket is based on a percentage of your income. Again, that doesn’t stop deaths. Everyone will still speed because people in a heated moment aren’t thinking well. If I speed up this amount, there’s x risk that I can tax my percentage of income. By the way, it didn’t work in Sweden, and people still speed.
Again, most of these would have no long-term or medium-term impact on me; however, some of you will find a way to personally attack me because I disagree with your political ideology, which holds that stocks are gambling, left-wing economics, and so on. Stocks are where you buy a share in a company, and ETFs are buying a fraction of a share in many companies.
A wealth tax, again vague, could apply to human capital, which means you have a college degree or other education; let’s tax you on it, personal belongings (taxing your PS5, PC, Book collection, comic book collection, and other goods). But for the sake of argument, let’s not go into that and assume it’s real estate minus your home, a car for each person, no boats, and no personal belongings. So painting, stocks, gold bars, personal businesses, more homes, additional cars, etc. And let’s say the US military strongarmed every country and made it global because, why not, let’s make it over 1 billion dollars in net worth to be taxed as if that wouldn’t be passed down to ordinary people like the income tax was. Great. This means the rich will have more consumption, more going to restaurants, more plane trips, chartered private jet planes, and if you do it to non-upper class people, good luck creating a savings-based country. Aaaaand theirs goes the 2050 climate goals due to increased consumption.
Luxury goods tax, guess which sectors will fall. Also, many luxury goods end up in the future and, due to economies of scale, turn into normal goods. So, I know many people are thinking communism, socialism, social democracy, or progressivism when there is no iPhone, but yeah. I want the AR glasses from Apple not to be 3000 dollars, and remote work technology to be better so we don’t have climate change killing people. Well, there goes the innovation for that.
Tips not being taxed; every company will then proceed to pay their employees ZERO dollars in salary, and 100% in tips. Or if you can’t do that, guess whose bonus will get paid in tips. Again, many tipped workers make more than those at the bottom of the economic totem pole in the US retail and cooking. Why not help those people?
Also, I do support universal single-payer healthcare (not the NHS, but a higher-funded Canadian model), universal higher education in public universities, trade schools, and community colleges (I went to OSU a public university, and a community college, which would mean more people competing against me, by the way), and universal pre-kindergarten, and childbirth subsidies.
