Germany's Left Party wants to halve billionaires' wealth – DW – 02/08/2025
www.dw.com
The Left Party says "there shouldn't be any billionaires." With Germany gearing up for an election, the far-left force has launched a new tax plan — though it will most likely never get a chance to implement it.
  • SpaceScotsman@startrek.websiteEnglish
    0·
    22 days ago

    The biggest challenge with an “owned wealth” tax is how do you actually measure it? It’s easy if it’s held in cash in a bank, but most billionaire’s wealth is is land, property, and how do you measure the value of a Picasso stored in a vault if they can slip the valuator a grand to say it’s worthless?

    Closing offshore money transfer loopholes, heightened tax on luxury spending (100% VAT on private jets and yachts?), making fines income-based, and treating capital gains the same way as income, are all more achievable.

    I’m totally on board with the sentiment though.

    • Tetragrade@leminal.spaceEnglish
      1·
      5 days ago

      Tax = Purchase Cost × Minimum Wage(Moment of Purchase) ÷ Minimum Wage(Moment Tax is Charged)

      You can multiply that all by a magnitude term, depending on the taxation frequency, or to charge more/less.

      This is a totally arbitrary formula intended to discourage holding non-cash assets that provide no intrinsic utility, and it incentivises owners to raise the minimum wage.

      It isn’t hard to come up with these sorts of measures, in fact I bet you the reader have some ideas about how my suggestion can be improved. A team of experts could come up with something much better, and they can be enforced.