this post was submitted on 13 Nov 2026
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It would not.
"Wealth" on Dec 31 minus "Wealth" on Jan 1 at the start of that same year = Total Change = Income.
The average person, doesn't change wealth that much and a graduated tax system would compensate just fine for that tiny change in wealth.
On the other hand when a billionaire gains 45 billion dollars in wealth/worth over the course of the year, now you can tax them for 45 billion in income.
"Oh but it's all fake stock money" and "they would have to sell stocks." Oh no! Bug whoopie shit. Let them spread that around instead of hoarding it all, that is the point.
Because that formula would TOTALLY not be played especially when most wealth these fuckers have is stocks.
Simply crash the market every Christmas, and you got your infinite money loop by having massive wealth during the year and reducing it for when the taxman cometh.
I mean imagine if that was the basis of income tax... you could get your salary on the 28th, come 1st, tax time, so you spend 2/3 of your salary, pay taxes on the remaining 33%, then return everything you bought by the 3rd.
At the very least a daily monitor of wealth needed and IMO taxing highest achieved wealth Vs lowest held wealth is the tax application base, not just arbitrary numbers taken at the end of the year.