Crash

@Bleach Clinton imposed a luxury tax and the economy did just fine.
Rich people save their money, romoving it from circulation. A bad thing.
Poor people spend 100%. The ideal.

GG @wuzamarine, you just advanced to level 5!

Im lazy hold on

If you invest $10m at a $100m valuation into a company.

That $10m you invested gave you 10% of the company for a net worth of 10m usd. Under a 8% wealth tax you now have to pay 800,000 in taxes every year on this investment.

Now you don't have this money in liquid you have it in assets. So you are forced to sell assets to hold value.

This is also economically retarded as 8% growth breaks even then factoring in the average 2% inflation you need over 10% growth.

You also have to factor in that 10% growth under bernie is taxed 60% so 10% would give only 4% then 2% after inflation

Under an 8% wealth tax a 20% profit margin would net 0% profit and after a 2% inflation rate you actually lose 2% of your wealth if your stocks grow 20% yoy.

"wealth tax you now have to pay 800,000 in taxes every year on this investment."

Baloney. You are only paying tax on your gains. Hence "capital gains tax".

rich people save their money in banks (who invest their money) or in investments. they dont stuff it under the mattress

we already have capital gains tax. how would wealth tax be different from capital gains tax?

so bernie couldn't even beat buttigieg by 5k votes in New Hampshire? that's Vermont's neighbor... pretty pathetic tbh

@BarronVon
Bullpuckey. They store their money in tax havens.

tax havens like banks?

banks that invest the money they have?

Corporate tax was 67% for years and USA did fine.
Reagan gaffed the tax bill off on the middle class and USA has been struggling ever since.

just gonna ignore that ur wrong about where they store their wealth?

London is a tax haven. Brussel will be the next, after Brexit.

what is a tax haven?

u think when money is in a bank that it isnt being used in the economy anymore?

Where you escape capital gains tax!

lol ur clueless about money. banking. investing. taxes.

That's why you should keep your money in a shoebox

https://www.investopedia.com/terms/t/taxhaven.asp

thanks bud I get I know what a tax haven is.

Looks like you are

@Bleach Clinton imposed a luxury tax and the economy did just fine.
Rich people save their money, romoving it from circulation. A bad thing.
Poor people spend 100%. The ideal.

u said rich people remove their money from circulation...

explain how

A luxury tax != capital gains tax.

how do rich people remove their money from circulation

by investing instead of speading it

investing isnt removing it from circulation. that's the epitome of circulating money

Bullshit

how do businesses get capital to start up?

how do people get loans to buy a house?

banks need to have a reserve of cash

even in a bank ur money is being recirculated

A loan.
But a business loan is not stock or a commodities investment

all investments are used to further grow business

Corporate taxes suck

if they were putting to money into a functioning business, that would be fine.
Most store in tax havens or put their money in a commodity.

or a fund

Putting your money in a commodity or fund is investment lol