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Let’s Set a Maximum Wage for the Rich | The Tyee
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this post was submitted on 26 Feb 2024
564 points (92.7% liked)
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But capital gains only execute when you sell.
all stock market trades should be taxed at 100% value. dont like it? dont ~~gamble~~ 'invest'
...or just abolish the stock market (at least that's how I read this).
At this point, abolishing the stock market would require a restart on the United States as an entity. The stock market is quite closely linked to the banking system. Closing the stock market would crash the US economy into oblivion.
And no doubt every other closely-tied economy, as well.
Do they get a tax refund when they take a loss as well?
Right. So when they sell, they'll get taxed. You can't spend shares.
The problem is that’s basically what billionaires do, though. They take out loans with their shares as collateral. So on paper they have huge debt, but it’s minuscule compared to their wealth.