Mamdani, the presumptive Democratic nominee to be the next mayor of New York and a self-identified democratic socialist, said Sunday billionaires contribute to inequality.
It will lead to more dark money. It’s very hard to accurately measure a persons net worth when their financials aren’t just a house and an IRA like the average person. Especially if they don’t want you to see it. You’ll never be able to implement that tax in a consistent way.
Here in the UK 78% of people support a 2% wealth tax on net assets worth more than £10 million yet our spineless neoliberal government is more focused on cutting disability benefits and bombing starving children.
It will lead to more dark money. It’s very hard to accurately measure a persons net worth when their financials aren’t just a house and an IRA like the average person. Especially if they don’t want you to see it. You’ll never be able to implement that tax in a consistent way.
Thing is, that ability to evade that is intentionally built in. It has to be. We have KYC laws here and anything over 10K is tracked.
The fact that the ultrawealthy are able to manipulate money in ways so that it’s not tracked and/or not taxed has to be by design.