I think there's always been a split in values. But now there's a split in what reality is. No matter whom you ask, they think a third of the country is insane and wants to destroy the country
I just don't think Trump actually understands how the government works. I'm not going to pretend like I can understand the entirety of government but in my industry he kind of caused massive fucking issues. Tarriffs and the international counters had a pretty significant impact on what I do, it was actually kind of interesting to see though. I live in Idaho so I'm not really concerned with it, it'll be R pretty much the entire way down. We do have ranked choice on our ballot this year though and I DO really care about that. But if we are going to have a federal government we kind of need income tax. They could abolish it and tax states I guess, but then states are just going to raise income taxes. It's not really viable without a very significant and holistic overhaul of how the federal government works, and that isn't something I would expect Trump to do.
Wealth tax would be a disaster. Imagine having to liquidate retirement accounts because you have a tax bill just for unrealized gains. Or your house goes up in price and you have to sell it to pay the tax bill.
we already have a wealth tax on our house, it's called a property tax. I'm talking about extending that to other income-generating assets like private equity, bonds and stocks.
I agree that the effect of that would be to depress asset prices, but I think that's a good thing. Makes it easier for hard working young people to grow their retirement income
Potential problem for a wealth tax for the US would be the ultra rich just offshoring assets in another country without a wealth tax. Those that would eat the wealth tax on, say, stocks, would be the middle class that puts money slowly into the market via the likes of funds.