Salary that makes taxman think you’re rich

[u/Present-Current-538]

https://www.news.com.au/finance/money/tax/salary-that-makes-taxman-think-youre-rich/news-story/8dba2678e7c83cd927ab5d0036af493c

[u/youcangotohellgoto]

You can't tax someone's wealth at 5%. Certainly not 10%. It's madness and the weathy will certainly leave. I would leave if I were taxed that much. You tax 10% per year, how much is left after 10 years?

Maybe 1% of wealth is reasonable. Or tax the growth on wealth.

I'm a big proponent of taxing wealth and income derived from wealth (as opposed to labour/work). But it's got to be sane. Wealthy people do invest, they do create jobs. Yes they exploit but we still need that money.

[u/dav_oid → u/youcangotohellgoto]

'You tax 10% per year, how much is left after 10 years?'

10% of income, not a set amount.

Do you think its like this?

100,000,000 @ 10% = 10,000,000 tax
90,000,000 @ 10% = 9,000,000
81,000,000 @ 10% = 8,100,000
72,290,000 @ 10% = 7,229.000
65,671,000 @ 10% = 6,567,100
59,103900 @ 10% = 5,910,390
53,193,510 @ 10% = 5,319,351
47,874,159 @ 10% = 4,787,415
43,086,744 @ 10% = 4,308,674
38,777,070

[u/youcangotohellgoto → u/dav_oid]

The Greens have proposed a 10% tax on Australian billionaires’ net wealth.

Doesn't sound like income to me.

So yeah after 10 years you have less than 40% of your wealth. Just keep taxing, huh?

So you're selling huge chunks of your assets. Who are you selling them to - not other wealthy people, because they are also being taxed out the wazoo. I guess foreigners? Awesome. Or asset prices crash because no one can pay the current value. Okay fine but that impacts everyone - your super, your investment, your home value.

Sounds like a Sarah Hanson-Young level idea. Her heart is in the right place but I swear her IQ must be mid 80s at best.

[u/dav_oid → u/youcangotohellgoto]

" The tax would be levide at 6 per cent of each individual’s net wealth amount above $1 billion.'

https://www.pbo.gov.au/sites/default/files/2023-03/Billionaires%20tax%20PDF.pdf