People are saying that don't charge rich 1% of their wealth,.
They say..
Wealth is not liquid cash and some rich will have to sell their wealth to pay this tax.
this is bull shit!
a person who has billions dollars worth assets, cannot pay 10 million tax is definitely lying.
on an average, any asset brings a return of 10-12%.
“Wealth is not money” Its just a lame excuse nothing else.
Also, they are citing failure of wealth tax giving examples of countries that ran it for 20 years and stopped it because rich were leaving the country because of it.
Well, the rich were leaving because there were other countries offering them a better deal of not paying this wealth tax. That's just like tax havens.
This is EXACTLY how big honchos take undue advantage of the loopholes and call it their smartness and system's failures.
system was not bad because it failed, it failed because you found ways to get around or beat it.
That's how they bend the rules to work in their advantage everytime. Be it banks, loans and what not.
all in name of “awe we are business, we are taking risk, we deserve all undue privileges in the world”
like being an ordinary human being , and not running business should nt have any value.
If businesses need to keep their wealth because they are investing and generating income, even common people should get this privlege to cut-off their expenses. BEcause HEY they are also infusing this money back and helping the economy.
Why not?