Gregory's ServerActually, #TaxTheRich is just a catchy name.
The initiative text is economically sound and detailed.
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23 comments
 The argument of the mobility of extremely wealthy persons becomes less convincing, if you consider that e.g. Switzerland has a wealth tax and also, unlike e.g. Germany, taxes capital gains and income from financial and real estate speculation like other income, and yet, the ultra-rich are not leaving the country in hordes. In fact, this form of taxation has led to overall lower taxes. BTW: The famous banking secret in Switzerland is long gone. @mina Germany has a so called ‚speculation tax‘ on real eastate which is in fact an income tax. As well the „Abgeltungssteuer“ for capital gains when selling stocks. And your framing of only „extremely wealthy“ or „ultra rich“ persons which are investing in stocks or real estate is one problem I see in this discussion regarding this initiative. @Konafets @mina @chowderman @mmm Talking about framings: it is imho a no-brainer that the ultra-rich contribute a larger share to society, but distributed democratically and not at their discretion. We live in a democratic society after all. Technicalities like which tax is already paid where are just derailing the point of the petition: the ultra-rich are influencing our societies not in a good way. @phneutral … and there we are at two core problem with the petition: a lack of understanding/knowledge of the tax system and a lack of definition what (ultra) rich people are. As following the discussion, I found a variety of opinions of who is addressed by „the rich“. Like in the post to which I answered, where only highly wealthy people own stocks and / real estate. If that is the belief system the petition is driven by, it has a taste of envy and misses the goal completely. @Konafets @mina the proposal is quite detailed imho. Oxfam state on their German campaign website: „Für Deutschland schlagen wir folgendes Steuer-Modell vor: Zwei Prozent auf Vermögen von über fünf Mio. US-Dollar (ca. 4,6 Mio. Euro), drei Prozent auf Vermögen von über 50 Millionen US-Dollar (ca. 46 Mio. Euro) und fünf Prozent für Vermögen, die eine Milliarde US-Dollar übersteigen.“ https://aktion.oxfam.de/tax-the-rich I know the German, the British and Swiss tax system very well, and none privileges capital gains over income from work as much as the German system. @mina Your point was Germany does not tax (in contrary to switzerland) stock and real estate speculations nor income from stocks. Not only that both is wrong, but now you try to shift your arguments from „there is no such a tax" to „Germany taxes capital income lower than labor income“ (which, by the way, is true). @mina So you admit, that there is a speculation tax? @chowderman @mmm @phneutral @mina What is this terrible incentive on investment in your opinion?@chowderman @mmm @phneutral Do I really need to explain it again and again? Are you deliberately trying to drive me into insanity? If returns on financial investments are taxed lower than those in labour and entrepreneurial activity (which is the case), the latter two need far higher yields to become competitive. Why would you invest serious money into building batteries or setting up repair shops, if you can just buy real estate or invest in financial instruments, which 1/2 @mina I don’t want to drive you in insanity but want to explore the motivations which drives one into promoting this petition. Thanks for elaborating your thoughts on this topic. The argument of the mobility of extremely wealthy persons becomes less convincing, if you consider that e.g. Switzerland has a wealth tax and also, unlike e.g. Germany, taxes capital gains and income from financial and real estate speculation like other income, and yet, the ultra-rich are not leaving the country in hordes. In fact, this form of taxation has led to overall lower taxes. BTW: The famous banking secret in Switzerland is long gone. I completely agree. Where is the text of specifically what is being asked for? I followed the links but couldn't find it. @mmm @fnohe @mina @chowderman @phneutral Thank you! So they mention the 1% but nowhere mention the threshold or target amount over which people get taxed, correct? Of course not! Setting such figures would be obviously part of the legislative process. However, in the initiative's FAQ (link below), it is stated that threshold should be set according to the member states' own economic situation, making clear that a family home and liquid assets of about €1M should not be taxed as "wealth". @mina @fnohe @chowderman @phneutral Great. Sounds good. Thank you. To help with this, I can of course repost. But which countries does the effort most need help with? |
@mina @mmm @phneutral
Admittedly the text is more positive than the headline “Tax the rich”. Yet that headline is a simple one that would only appeal to simple, envious minds.
“The rich” is much broader (rich is very much comparative) than “great wealth” used in the text. The issue of course is that those with great wealth are highly mobile and can up sticks and move to other parts of the world.
It appears to me that maximising the tax income from the wealthy is far more important than focusing on increasing taxe rates.
@mina @mmm @phneutral
Admittedly the text is more positive than the headline “Tax the rich”. Yet that headline is a simple one that would only appeal to simple, envious minds.
“The rich” is much broader (rich is very much comparative) than “great wealth” used in the text. The issue of course is that those with great wealth are highly mobile and can up sticks and move to other parts of the world.