With all the puzzlement about whether wealth should be taxed, and how it could be done, one strategy now seems blindingly obvious: tax loans that are taken out against collateral of unrealized capital gains.
Yes, there is a wealth gap. We can eliminate that gap in two ways: by raising wealth at the low end or by reducing wealth at the high end. Making people at the high end less wealthy does nothing for those at the low end. They stay poor. (It is, however, a handy source of new tax revenue once every last possible cent has been squeezed from wage earners.)
The wealth gap is nothing new. We have always had it, almost everywhere in the world, and it is arguably less pronounced now than in the past, when single individuals or families owned entire nations. As some still do--the oil-rich Middle East comes to mind, and Queen Elizabeth II owns 90% of the land in Canada--but not here in the US.
Our wealth gap was not created by people born or becoming wealthy. It was created by taxing our middle class into poverty.
A couple problems with your "take" I can see. 1st - privacy. Your argument is that privacy is thrown out if it is for the greater good as long as it doesn't make a persons life "demonstrably (or even slightly) worse". That is a very slippery slope and uses the "shoot first, ask questions later" mentality - which everyone would agree is ridiculous. If you feel this way, let's use this example. I know several families that would benefit from the money in your bank account (or at least some of it). Your bank information will be hacked and given to them. We will figure out later if it changes your life much, but in the end, the leak of your private information will help others. This is preposterous and the type of lawlessness that is regularly espoused by the left. The only real difference is that they only believe this rhetoric for their lowly peasants - not for themselves. Take for example the healthcare laws (congress is exempt from it). Also, if they believe the wealthy should be taxed more, how many democrats use the very 'loopholes' they criticize the wealthy for using? If they truly feel that way, there is nothing stopping them from paying more taxes or not utilizing the loopholes. Again, "it is good for thee, not for me". How about laws exist for everyone, rich, poor, middle class, ruling class, etc... You break a law you pay the consequence. Good and correct principles should be universal in application. Your right to privacy is one of those - regardless of your economic station.
2nd - wealth gaps. You are judging the wealthiest citizens on how they spend their money with such disdain. Why? How about we take a look at how we poor American's spend our money. Would you hold the same disdain for our choices on spending? I would guess we all make questionable choices with our spending - but that's our right. If you earn your money, spend it however you want. It is incredibly elitist to say, "how you spend your money is not right, let me tell you what you should do with that money". If they want to fly to Mars... fine, do it. It creates thousands of jobs and pays lots of salaries. It's their money - that ironically we gave them by buying their stuff - they can do whatever they want with it. Let's take Jeff Bezos for example. At what point would you force (force - think about that) him to stop making money? Research his career. Would you have stopped him at just being a book sales company - "he makes enough money now, so he can't keep working". Are there things that he did that you and I didn't/don't do? Of course! He is/was rewarded for that. I can appreciate that those who don't have what he has want it (that's called envy), but that doesn't make it right. In my view, he was smarter, worked harder, made better choices, and was rewarded for doing that. In America - if you don't like where you are, make different choices and make something different happen. There is very little holding you back (compared to anywhere else in the world). What holds a lot of people back in this country is the leftist propaganda that the wealthiest doesn't deserve the wealth they have and that those who make less deserve more - simply because... well because you are an American. I make a decent living, and I am fully aware that I could mortgage my home (or save my money), make risky investments, and either come out much richer, or lose it all. That is what I think we forget about these wealthy individuals. They have made some incredible risks where they could have lost everything - and in many cases they did. Most American's (including myself) have never done anything like that, or are not willing to do that. So own that choice, you don't/didn't make those choices - so you are not getting the reward. If you don't like it, don't look to your politicians to "level the outcome" for everyone - regardless of your own choices. That is wrong and will lead to oppression. Remember that word force - at some point that is what it will come down to. The govt. (poeple in govt.) will force people not to make money. If you want more - go get it. I, for one, am not willing to put the power of how much money someone makes in the hands of government. We need to stop looking at the rich as the enemy. They are the reason for many of the wonderful things we enjoy... and we gave them our money for it.
With all the puzzlement about whether wealth should be taxed, and how it could be done, one strategy now seems blindingly obvious: tax loans that are taken out against collateral of unrealized capital gains.
Yes, there is a wealth gap. We can eliminate that gap in two ways: by raising wealth at the low end or by reducing wealth at the high end. Making people at the high end less wealthy does nothing for those at the low end. They stay poor. (It is, however, a handy source of new tax revenue once every last possible cent has been squeezed from wage earners.)
The wealth gap is nothing new. We have always had it, almost everywhere in the world, and it is arguably less pronounced now than in the past, when single individuals or families owned entire nations. As some still do--the oil-rich Middle East comes to mind, and Queen Elizabeth II owns 90% of the land in Canada--but not here in the US.
Our wealth gap was not created by people born or becoming wealthy. It was created by taxing our middle class into poverty.
Here here
A couple problems with your "take" I can see. 1st - privacy. Your argument is that privacy is thrown out if it is for the greater good as long as it doesn't make a persons life "demonstrably (or even slightly) worse". That is a very slippery slope and uses the "shoot first, ask questions later" mentality - which everyone would agree is ridiculous. If you feel this way, let's use this example. I know several families that would benefit from the money in your bank account (or at least some of it). Your bank information will be hacked and given to them. We will figure out later if it changes your life much, but in the end, the leak of your private information will help others. This is preposterous and the type of lawlessness that is regularly espoused by the left. The only real difference is that they only believe this rhetoric for their lowly peasants - not for themselves. Take for example the healthcare laws (congress is exempt from it). Also, if they believe the wealthy should be taxed more, how many democrats use the very 'loopholes' they criticize the wealthy for using? If they truly feel that way, there is nothing stopping them from paying more taxes or not utilizing the loopholes. Again, "it is good for thee, not for me". How about laws exist for everyone, rich, poor, middle class, ruling class, etc... You break a law you pay the consequence. Good and correct principles should be universal in application. Your right to privacy is one of those - regardless of your economic station.
2nd - wealth gaps. You are judging the wealthiest citizens on how they spend their money with such disdain. Why? How about we take a look at how we poor American's spend our money. Would you hold the same disdain for our choices on spending? I would guess we all make questionable choices with our spending - but that's our right. If you earn your money, spend it however you want. It is incredibly elitist to say, "how you spend your money is not right, let me tell you what you should do with that money". If they want to fly to Mars... fine, do it. It creates thousands of jobs and pays lots of salaries. It's their money - that ironically we gave them by buying their stuff - they can do whatever they want with it. Let's take Jeff Bezos for example. At what point would you force (force - think about that) him to stop making money? Research his career. Would you have stopped him at just being a book sales company - "he makes enough money now, so he can't keep working". Are there things that he did that you and I didn't/don't do? Of course! He is/was rewarded for that. I can appreciate that those who don't have what he has want it (that's called envy), but that doesn't make it right. In my view, he was smarter, worked harder, made better choices, and was rewarded for doing that. In America - if you don't like where you are, make different choices and make something different happen. There is very little holding you back (compared to anywhere else in the world). What holds a lot of people back in this country is the leftist propaganda that the wealthiest doesn't deserve the wealth they have and that those who make less deserve more - simply because... well because you are an American. I make a decent living, and I am fully aware that I could mortgage my home (or save my money), make risky investments, and either come out much richer, or lose it all. That is what I think we forget about these wealthy individuals. They have made some incredible risks where they could have lost everything - and in many cases they did. Most American's (including myself) have never done anything like that, or are not willing to do that. So own that choice, you don't/didn't make those choices - so you are not getting the reward. If you don't like it, don't look to your politicians to "level the outcome" for everyone - regardless of your own choices. That is wrong and will lead to oppression. Remember that word force - at some point that is what it will come down to. The govt. (poeple in govt.) will force people not to make money. If you want more - go get it. I, for one, am not willing to put the power of how much money someone makes in the hands of government. We need to stop looking at the rich as the enemy. They are the reason for many of the wonderful things we enjoy... and we gave them our money for it.