Not mentioned: a wealth tax is a direct tax, and constitutionally must be apportioned by state, effectively the population of each state. So Alabama, with 0.91% of the population of the U.S., must pay 0.91% of the tax collected, while California, with 12.1% of the population of the U.S., must pay 12.1% of the tax, or 13.3 times as much as Alabama. But there are way over 13.3 times as many Californians than Alabamans worth more than $50M. So the tax rate must vary by state with the richest states getting the lowest rates!
It's funny, but as much as it might be nice to be as wealthy as, say, Jeff Bezos or Bill Gates, I don't sit at home at night and fume about their so-called excessive wealth. I'm glad they've achieved what they have because in doing so, they've made my life better, and that does make me happy (and better off as well).
I really have to wonder what is wrong with people like Elizabeth Warren or AOC. They just come off as incredibly angry and jealous folks with way too much time, and power, on their hands.
Not mentioned: a wealth tax is a direct tax, and constitutionally must be apportioned by state, effectively the population of each state. So Alabama, with 0.91% of the population of the U.S., must pay 0.91% of the tax collected, while California, with 12.1% of the population of the U.S., must pay 12.1% of the tax, or 13.3 times as much as Alabama. But there are way over 13.3 times as many Californians than Alabamans worth more than $50M. So the tax rate must vary by state with the richest states getting the lowest rates!
ReplyDeleteIt's funny, but as much as it might be nice to be as wealthy as, say, Jeff Bezos or Bill Gates, I don't sit at home at night and fume about their so-called excessive wealth. I'm glad they've achieved what they have because in doing so, they've made my life better, and that does make me happy (and better off as well).
ReplyDeleteI really have to wonder what is wrong with people like Elizabeth Warren or AOC. They just come off as incredibly angry and jealous folks with way too much time, and power, on their hands.