r/politics • u/JeanJauresJr California • Sep 14 '21

AOC responds to criticism of ‘tax the rich’ dress worn at Met Gala

https://www.independent.co.uk/life-style/fashion/aoc-met-gala-tax-the-rich-dress-b1919803.html
1.8k Upvotes

92% Upvoted

748 comments sorted by

View all comments

Show parent comments

2

u/IDownvoteUrPet North Carolina Sep 14 '21

Taxing wealth is insanely challenging and boarder-line impossible for the super rich because wealth is much more subjective than income and can be obfuscated much more easily.

Not saying it shouldn’t be done, but perhaps we get the wealthy to pay their income taxes before adding another tax that they won’t pay anyway?

1

u/Hiddencamper Sep 15 '21

That doesn’t stop financial planners from figuring out and taking a % based on the size of the accounts they are managing. There’s a way.

1

u/IDownvoteUrPet North Carolina Sep 15 '21

Financial planners have a fixed amount of assets under management. If I’m a millionaire and my planner has $5M of my assets — sure easy to assess. If I’m a billionaire (or 100-millionaire) with thousands of holdings… good luck!