tag:blogger.com,1999:blog-32841798.post2498077966557486717..comments2024-03-28T09:55:42.123+00:00Comments on Capitalists@Work: Wealth taxes on Agenda in the USCityUnslickerhttp://www.blogger.com/profile/15929544047783163175noreply@blogger.comBlogger22125tag:blogger.com,1999:blog-32841798.post-90255712211449601022020-07-19T12:58:19.135+01:002020-07-19T12:58:19.135+01:00Paying a LVT is the same, in principle, as paying ...Paying a LVT is the same, in principle, as paying compensation for work, goods and services received.<br /><br />Of course there are those that do well out of theft and slavery. But most people are against such activities. At least those now living in the 21st century.<br /><br />So I think opposition to a LVT is can only be due to people not having thought things through. <br /><br />Wealth Taxes are a bad idea. By a LVT isn't a wealth tax, or any kind of "tax" at all, as properly defined.benjhttps://www.blogger.com/profile/11544297406005346095noreply@blogger.comtag:blogger.com,1999:blog-32841798.post-42800918082216476092020-07-17T09:13:29.716+01:002020-07-17T09:13:29.716+01:00Bezos' billions are theoretical money.
In ord...Bezos' billions are theoretical money.<br /><br />In order to realise this money, he would need to sell his shares. He can only sell them if there are buyers. Who would pay the current price if they were going to be taxed on them as much as Bezos would be?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-32841798.post-73124995955928369722020-07-14T12:59:41.022+01:002020-07-14T12:59:41.022+01:00@matt
Thanks.
I think there are some questionable...@matt<br /><br />Thanks.<br />I think there are some questionable assumptions in there (germany is not the uk) but I saw other papers that had a similar conclusion.<br /><br />andrewhttps://www.blogger.com/profile/07311993288675111834noreply@blogger.comtag:blogger.com,1999:blog-32841798.post-22654100697266068002020-07-14T11:55:59.078+01:002020-07-14T11:55:59.078+01:00"Wealth taxes are levied on assets that have ..."Wealth taxes are levied on assets that have already paid their dues, it is double taxation, akin to inheritance tax."<br /><br />Surely that's a bogus argument? VAT is charged on money that's already paid income tax.<br /><br />Furthermore, correct me if I'm wrong but VAT is paid on Fuel Duty which is paid from money that's already paid income tax, so there's a three-deep example. Anyone for four?<br /><br />Ah, suppose your income includes dividends on which you paid tax, the dividends having already been reduced by corporation tax. Is that four-deep?deariemenoreply@blogger.comtag:blogger.com,1999:blog-32841798.post-7133302376387567762020-07-14T11:17:54.714+01:002020-07-14T11:17:54.714+01:00@ DJK
You can take up your suspicions on the valu...@ DJK<br /><br />You can take up your suspicions on the value created with the Nobel winning economics Professor William Nordhaus if you like.<br /><br />Let us know how you get on.Matthttps://www.blogger.com/profile/08141297358269863170noreply@blogger.comtag:blogger.com,1999:blog-32841798.post-37724651259837833422020-07-14T10:31:37.051+01:002020-07-14T10:31:37.051+01:00Maybe Bezos could learn from
https://en.wikipedia....Maybe Bezos could learn from<br />https://en.wikipedia.org/wiki/The_Old_Negro_Space_Program<br /><br />There's a rumour that this film is a hoax. Surely not?DJKnoreply@blogger.comtag:blogger.com,1999:blog-32841798.post-76704322315098037842020-07-14T10:26:44.724+01:002020-07-14T10:26:44.724+01:00"Dear Mr Bezos
My name is Dr Engineer Akambe..."Dear Mr Bezos<br /><br />My name is Dr Engineer Akambe Alekko and I hold a senior position with the Nigerian National Space Agency. We have recently completed testing on a long-range deep space exploration vehicle equipped with a revolutionary engine and fuel system. Despite the world-beating technology and advanced design of this module, liquidity restrictions due to the coronavirus are preventing us from importing the final component assembly, sourced from a world class engineering company in New Jersey. <br /><br />I am therefore able to offer you the unique opportunity of getting in on the ground level with the NNSA in the completion of this galactic vessel. For the sum of one billion US dollars we can offer a 26.4% equity buy-in to the Benin Venturer. All we require at this stage is details of your bank accounts, codes and passwords to allow us to deposit a sum of $4,000,000 in your accounts as a gesture of our good faith ...."Raedwaldhttps://www.blogger.com/profile/11699610899843349594noreply@blogger.comtag:blogger.com,1999:blog-32841798.post-62619683959919349102020-07-14T10:14:12.865+01:002020-07-14T10:14:12.865+01:00Taxes which if they were to fall into the grubby m...Taxes which if they were to fall into the grubby mits of the politicians would be pissed up against the wall.<br /><br />I'm quite happy for Bezos to hang on to as much of his own money as he can. I'm sure it will be spent to greater effect than whatever the Government can do.<br /><br />And again, the incidence on increased tax on Amazon will fall on to the shoulders of its customers, its employees and its shareholders. Amazon itself will soldier on regardless.<br /><br />And don't forget, Amazon the retail business isn't particularly profitable. He makes his money through Amazon web services which is the real core of the business.<br />BlokeInBrumnoreply@blogger.comtag:blogger.com,1999:blog-32841798.post-75666080769051150632020-07-14T09:38:09.530+01:002020-07-14T09:38:09.530+01:00Matt: Does Bezos really need $188 Bn, or could he...Matt: Does Bezos really need $188 Bn, or could he scrape by with $100 Bn? He has way more wealth than could ever be spent in multiple lifetimes, although his long term goal is apparently to colonize deep space, so perhaps he needs all 188 Bn.<br /><br />I'm very suspicious of conclusions like the one you quote that Amazon has generated 8.5 trillion in value. I imagine you could easily do an estimate and come to the opposite conclusion. <br /><br />Amazon provide many great services, but they've also destroyed the livelihoods of many people working in small businesses, businessess which actually payed their taxes. Amazon is built on a pyramid of low paid, badly treated workers and rampant tax avoidance.<br /><br />Bezos can only enforce his claim to own 188bn if the agents of the state enforce the contracts he has. Yet he seems curiously unwilling to pay taxes that fund the legal apparatus that validates his wealth.DJKnoreply@blogger.comtag:blogger.com,1999:blog-32841798.post-51650225758159192020-07-14T08:30:39.294+01:002020-07-14T08:30:39.294+01:00In Nordhaus' paper "SCHUMPETERIAN PROFITS...In Nordhaus' paper "SCHUMPETERIAN PROFITS IN THE AMERICAN ECONOMY" (http://cowles.yale.edu/sites/default/files/files/pub/d14/d1457.pdf) he estimates "that innovators are able to capture about 2.2 percent of the total social surplus from innovation" (C. Conclusion, Page 26).<br /><br />In the case of Jeff Bezos, who is worth around USD 188 billion, this means he has generated economic value of about USD 8.5 trillion. He started the business from his home so it's not like this was all family money.<br /><br />Why would you apply a wealth tax to a man who has generated that amount of value for all of us? The impact would be to likely incentivise him to, at the least, not work as hard and therefore not create as much value.<br /><br />It's the politics of envy, used by politicians to take ever more money from us all. Yes, he is obscenely rich but that encourages others to want to be like him and come up with the next Amazon which will make us all better off.Matthttps://www.blogger.com/profile/08141297358269863170noreply@blogger.comtag:blogger.com,1999:blog-32841798.post-63516656004881323342020-07-14T07:48:13.570+01:002020-07-14T07:48:13.570+01:00Page 24 onwards give a good summary - https://www....Page 24 onwards give a good summary - https://www.econstor.eu/bitstream/10419/181277/1/dice-report-2018-2-50000000002757.pdf<br /><br />Incentives matter. You tax things that have a large element of discretion (unlike income) then people will change behaviour. Matthttps://www.blogger.com/profile/08141297358269863170noreply@blogger.comtag:blogger.com,1999:blog-32841798.post-20256877466360360712020-07-14T07:40:03.060+01:002020-07-14T07:40:03.060+01:00There's wealth and there's wealth.
No poi...There's wealth and there's wealth.<br /><br />No point taxing the top 0.01% more - the 6 of them are so wealthy they'll just move<br /><br />The top 0.1% are probably worth taxing a bit more - three or four more Council tax bands for a start, a new garage tax would be a green option - one-car garages would be exempt and a rebate for EVs. Luxury goods tax much harder to impose; I spend £400 on a pair of shoes that last 25 years, how is that a luxury good compared to a £40 pair of shoes that last 6 months? Better impose a windfall tax on LVMH. <br /><br />The top 1% are a bit harder to tax more. There are about 420,000 with a mean annual income of £156k. The aspirational rich rather than the real rich.<br /><br />The top 1%, including all the billionnaires, own some 21% of total UK wealth (HMRC figures)so broad taxes may cripple many.<br /><br />I'd stick to scraping a bit more from the 0.1% to the 0.01% and tapping the multi billionnaires for charidy fame. Raedwaldhttps://www.blogger.com/profile/11699610899843349594noreply@blogger.comtag:blogger.com,1999:blog-32841798.post-52367487080428003522020-07-14T02:12:39.231+01:002020-07-14T02:12:39.231+01:00Why does a wealth tax that raises x have more of a...Why does a wealth tax that raises x have more of a negative impact than an income tax that raises x?andrewhttps://www.blogger.com/profile/07311993288675111834noreply@blogger.comtag:blogger.com,1999:blog-32841798.post-34903859856316026042020-07-13T22:39:55.508+01:002020-07-13T22:39:55.508+01:00@ andrew
The evil of the wealth tax is that it ma...@ andrew<br /><br />The evil of the wealth tax is that it makes us all poorer. Less money for investment (capital) means less productive growth for the workers (labour).<br />Matthttps://www.blogger.com/profile/08141297358269863170noreply@blogger.comtag:blogger.com,1999:blog-32841798.post-71701315628372095092020-07-13T22:26:22.212+01:002020-07-13T22:26:22.212+01:00There are weaknesses in all methods of taxation.
I...There are weaknesses in all methods of taxation.<br />I see no greater evil in a wealth tax.<br /><br />Calling something bad does not make it so despite the best efforts of t blairandrewhttps://www.blogger.com/profile/07311993288675111834noreply@blogger.comtag:blogger.com,1999:blog-32841798.post-1920940105666907312020-07-13T21:02:57.653+01:002020-07-13T21:02:57.653+01:00Which of the young mega-rich are already voluntari...Which of the young mega-rich are already voluntarily giving 1% to the taxman? That would demonstrate who really was committed to this idea.Matthttps://www.blogger.com/profile/08141297358269863170noreply@blogger.comtag:blogger.com,1999:blog-32841798.post-11024347905297126732020-07-13T18:01:57.582+01:002020-07-13T18:01:57.582+01:00...maybe it is US spelling...pein!...maybe it is US spelling...pein!CityUnslickerhttps://www.blogger.com/profile/15929544047783163175noreply@blogger.comtag:blogger.com,1999:blog-32841798.post-38915302309630622562020-07-13T18:01:43.577+01:002020-07-13T18:01:43.577+01:00dammit - there goes me relying on a new spellcheck...dammit - there goes me relying on a new spellchecker!!CityUnslickerhttps://www.blogger.com/profile/15929544047783163175noreply@blogger.comtag:blogger.com,1999:blog-32841798.post-23642067100909415702020-07-13T17:40:16.506+01:002020-07-13T17:40:16.506+01:00"thin end of the wedge..."
- that'..."thin end of the wedge..." <br /><br />- that's a great line!<br />Nick Drewhttps://www.blogger.com/profile/13670594203660051701noreply@blogger.comtag:blogger.com,1999:blog-32841798.post-48761909960799304492020-07-13T17:08:01.185+01:002020-07-13T17:08:01.185+01:00"PS I fixed my browser spellchecker at long l..."PS I fixed my browser spellchecker at long last..."<br /><br />Pein? Do you mean paean, although that would not make much sense?Graemehttps://www.blogger.com/profile/11007306140530173428noreply@blogger.comtag:blogger.com,1999:blog-32841798.post-40795514726962626332020-07-13T16:11:56.393+01:002020-07-13T16:11:56.393+01:00Tax the poor thenTax the poor thenAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-32841798.post-47874942693430702732020-07-13T15:06:45.223+01:002020-07-13T15:06:45.223+01:00"PS I fixed my browser spellchecker at long l...<i>"PS I fixed my browser spellchecker at long last..."</i><br /><br />Oh, aye? :)<br /><br /><i>", it places the State <b>ass</b> the ultimate owner of all goods and all citizens as <b>reniters</b>"</i>PJHhttps://www.blogger.com/profile/11331948749785269728noreply@blogger.com