On taxing “worth”


Hmmm. Pretty sure we do pay taxes on houses, so this isn’t a great example, but, still, worth thinking about.

Alex Fitzgerald (@AlexBFitzgerald) Tweeted: @DanPriceSeattle The word “worth” as you’ve used it in this tweet needs a very precise definition. My house is worth double today than what it was ten years ago. Do you want me to pay taxes on that “value” today? If I do and the housing market crashes next year will I get my money back?

Here’s another tweet on the same thread:

David Bullock (@davidjbullock) Tweeted:
@DjMooncheeks @DanPriceSeattle Except most of that “wealth” isn’t *money*; it’s speculative / potential stock value. It’s not income and not money until they sell it. They’re usually limited on liquidation events due to insider knowledge, and if they sell too much too fast, it drops in value. https://twitter.com/davidjbullock/status/1443407882838425601?s=20

Maybe we just need to tax purchases (of yachts, overpowered recreational boats, second homes, jewelry, $50,000 pickup trucks, …).

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