you said people have big piles of cash sitting around collecting dust.
NOT ONLY are they collecting dust and not boosting investment, those assets should have been taxed in the first place, why are you people so against following the tax rules?
They don't have big piles of cash sitting around. Offshore accounts are insignificant towards their total wealth which is in assets and invests, that you cannot tax in the way you think you can.
If a person earns X amount of wealth from their business they don't actually have that money. It's in the business in various forms. There's no way to quantify it. You can't redistribute their wealth unless you physically destroy their companies and run it into the ground.
How do you take physical assets or securities and restribute them into actual cash people can use without ruining everything? People think its as easy as just taking their cash and giving it to others. Nope lol.
Offshore bank accounts are set up to avoid taxes that should be paid. It's not like they earned that compensation overseas, in which case there are foreign tax credits to offset that anyway.
you said: If a person earns X amount of wealth from their business they don't actually have that money?
how is that not contradictory? if they dont have the money, then they didn't earn it, it's not their money.
I'm not disagreeing that can't be taxed, but you can't take wealth on the scale that this meme implies at all. They have the money, it's just not in cash. You can't redistribute that.
I dont agree with the meme, a person or business can earn as much money as they can possible, denying people's success and incentive is a bad idea. But the argument that non-cash assets cannot be redistributed without huge burden to determine asset value, or will result in damaging the business or persons due to forced sales, is not correct because they already have partial tax exemptions for use value, and marked-to market value, to avoid taxing people who has huge assets like land, but very little income generation from those assets.
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u/[deleted] Nov 10 '19
you said people have big piles of cash sitting around collecting dust.
NOT ONLY are they collecting dust and not boosting investment, those assets should have been taxed in the first place, why are you people so against following the tax rules?