alt Hacker News>but the state just confiscating 5% of someone's net worth (unrealized or not) is absolute madness
why? The federal government is taking around 22% from me this year and I'm in a low bracket. If I had the money from my last full time job in tech it'd be 24%. You're saying billionaires shouldn't pay the state they reside in 5% more?
Tanentially, that's only one bracket despite it being triple the salary. gotta love that part time minimum wage work in CA still pushes me that close to my financial peaks.
The government is taking 22% of your INCOME. Not your entire net worth. This is vastly different.
HNW don’t have their net worth sitting in a pool of cash like Donald Duck as much as Reddit would like to believe. Its property, company stock, any unrealized gains in different equities, etc.
to have to go through the administrative burden of valuing all that, and then attempting to liquidate at some reasonable market value just to pay one time levy (allegedly lol) is insane, and will rightfully be challenged in court