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Comment by knodi | Hacker News Reader

So much spin on HN today, i hope you all read this before poo-pooing it.

" The tax proposal would apply to just about 700 taxpayers, Democrats say — people who earn more than $100 million per year or who have more than $1 billion in assets for three straight years. It would require them to give the IRS a detailed account of how much the assets they own gained or lost each year, a process called mark to market."

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That’s what they said about the federal income tax too, back in 1913. Now it’s by far the largest tax that regular people pay on an annual basis.

Next think you'll hear is that they only want to additionally tax the 0.5%, then the 1%, then the 5%, then then.

Same shit was claimed about the Federal Income Tax. How'd that turn out?

I mean, it funds a global economic hegemony without being nearly as burdensome as taxes in the rest of the developed world, so pretty great?

So you agree then? This wealth tax will soon leech off the middle class?

That the Federal Income Tax is responsible for the United State's brief stint at Pax Americana, 80 years after it was instituted, is highly debatable to say the least.

But this time around, I challenge anyone to confidently say the US will maintain it's "global hegemony" within the next few decades. But at least the middle class will be poorer, and the government more powerful and burdensome than ever.

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