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The Overwhelming Case for a Wealth Tax
(thetyee.ca)
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If someone has hoarded that much money, taxation at that rate will have absolutely zero impact on their lifestyle.
They have no valid complaints about a system like the one being proposed.
Even if they complain, they'd get laughed out of the room. That's why the actual go-to tactic is threats.
Wealth isn't often in cash. It could be a founder of a company, and their stocks make their networth over 10 million.
In order to pay 1% they'd have to come up with another 100k, but the only way to do that is sell the stock. Selling the stock erodes the founders say in the company (shares = voting power) and will further incur taxes so it's more than 100k.
So if by nothing you mean slowly erode a person's ownership in their business over many years, then sure, nothing.
We agree that taking money from them would in fact take money from them. Want a cookie?