News
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
view the rest of the comments
I love the principle, but I don't think it is even legal in the US. The constitution only allows for income tax, and I don't see that ever changing.
This article is discussing an income tax, not a wealth tax, which you correctly state would not be legal at a federal level without an amendment.
It's hard to really interpret what the article is actually talking about though due to a lack of specifics. Billionaires do pay quite a lot of taxes (the top 1% of Americans pay 43% of all income tax revenue, for instance), and also pay a lot in consumption taxes, but due to the way their income is structured, a lot falls under capital gains and other taxes rather than standard tax on salary. Gains in assets contribute to net worth, but (correctly) are not taxed until those gains are actually realized. There are some loopholes in how those assets can be used as collateral for loans, but since those do still have to be paid back with interest, they do quite literally not represent net income. There's a difference between aiming to close tax loopholes and simply trying to get more revenue from billionaires. Neither is necessarily a bad aim, but they're not exactly the same thing. There's also an important distinction to be made between taxing billionaires because they're a useful source of revenue for important government programs and taxing them because you just think they're icky and shouldn't exist.