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this post was submitted on 10 Jul 2024
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That's true, but taxing wealth is significantly harder than taxing income or financial transactions (including inheritances).
Inflation is probably the easiest way to achieve that. You just have to be careful that wages rise along.
That's another reason for increasing minimum wages, as they try to do.
Agree, focus on those loopholes that allow folks to have, for all intents and purposes, "income" without it actually counting. If you have spending money now that you didn't have in a spending form before that point, well that's income and we just need to make sure we cover all those scenarios that folks have figured out to "not count".
I imagine gross violations would be easy enough to detect - assuming it's something you actually use, anyway. Your buried treasure might be safe.