I would give up my US citizenship if it were passed. It’s enough I live abroad and still pay taxes for my dividends. If you start taxing my investments directly, I’ll have to get a different passport

Wealth tax does not block economic growth, rather the opposite, because it forces wealth to be reinvested to not lose too much value.

Do you have a source for this? I see that “wealth taxes have failed in Europe”, and it seems that places with a wealth tax were mostly in Europe: https://en.wikipedia.org/wiki/Wealth_tax https://doi.org/10.1787/9789264290303-4-en

One example that caught my attention is Belgium, which introduced an “annual tax on securities accounts”, which suggests that they were taxing resources that were invested already.

I can imagine that it’s possible for government spending to produce more economic growth than would have happened without taxation, but the entire point of money is to have a multitude of people working towards prosperity in ways that can’t be predicted by state authorities, so if there are more taxes it seems likely that economic growth will be reduced.

Of course, an analysis would have to account for things like using resources from a wealth tax to make cheap/free healthcare available, which might then make people vastly more productive such that any negative effects of a wealth tax are neutralized. Also, providing an obviously higher quality of life might be worth some cost.

You clearly need a lesson in proportional taxation if you think people would have their personal property appropriated.

Is a car or shirt or house personal property? It seems things like that are seized in response to people not paying revenue services: https://home.treasury.gov/services/treasury-auctions https://www.treasury.gov/auctions/treasury/gp/index.html https://www.cwsmarketing.com/?p=36139 https://auctions.cwsmarketing.com/auctions/1-9DDP42/gp-dayton-nj-live-wsimulcast-august-21 https://auctions.cwsmarketing.com/lots/view/1-9DE12Y/wearing-apparel-riverside-ca

I do see that items had bids much higher than I’d expect, and they were being auctioned at the same time watches and jewellery and electric motorcycles and trailers, so I suspect any clothing was “luxury” in some way, or the auction was for more clothing than is documented with pictures.

I do not give a fuck about you placing your dignity in ownership of material assets, that is a you problem.

I reference “dignity” because it’s part of “the unshakeable foundation of the Republic of Poland”, and thinking about dignity seems like a good way to tell if something is a bad idea, and I probably wouldn’t feel like I had more dignity than 1 month ago if I was having my car or house seized because I hadn’t paid as much taxes as a revenue service thought I should. I expect that you will have more trouble implementing policies you like if you express that you’re disregarding dignity.

The top 10% pay less income taxes as a fraction of their income than the bottom 10%.

I expect that this is true.

Really, we should remove the capitalist class because they will fight back to the detriment of everyone else.

I’m certainly for social change, and people with entrenched interests will probably try to hamper it. However, other people might not want to cooperate with you if you remind them of the Soviet Union, and I expect that saying “we should remove the capitalist class” will do that.

I do not give a fuck about the IRS. I am not an American. My country actually has a wealth tax.

If you don’t care about the IRS, why are you talking about a wealth tax using English? I suspect that that the majority of people who speak English as well as you do are U.S. citizens, so I’d assume you were interested in speaking to U.S. citizens. Are you trying to talk to people in Europe / worldwide in a common language?

Who is the target audience for your messages? I’m interested in where/how you’re focusing your efforts.

You are repeating misinformation and capitalist propaganda with little understanding of what you are saying. Have you even reflected on what “the economy” really is? If you are a trickle-down Reaganomics-follower, you might want to get your brain checked.

What misinformation am I repeating? I wouldn’t have written a statement that I don’t think is true, so I suggest you point out anything you think is incorrect and explain your perspective, and maybe share a URL for some more interesting sources.

Note: I originally pressed “Reply” too early by mistake, so I edited this text. Originally I had only written “Is a car or shirt or house personal property?” and one URL.