Should there be huge taxes on luxury brands?

[Anonymous]

spend all the money renovating aging neighborhoods

Yes

No

Updates

1 y

to clarify, tax the brand selling the purses etc. not the consumer

[MuddyMole]

Probably not.
I absolutely agree that there needs to be a redistribution of wealth from the very rich to everyone else, but this kind of taxation probably isn't the solution.
It just doesn't go far enough - it would neither generate very much additional revenue for the government, nor have any appreciable effect on the wealth of the very rich (it's a drop in the ocean to them, as they have far more money than they could ever spend).

A wealth tax seems like a much more effective solution:

https://www.youtube.com/embed/0quhLtBXijM

[Asker]

you know what it would do, make luxury brands so unprofitable people would stop scamming, gouging, and wasting resources on Ferraris, designer bags, $900 designer cotton tshirts, etc

[MuddyMole]

I don't think it would. There are far too many people who quite literally have more money than they can possibly spend. There are more than 10,000 people in the US with a net worth of over $100 million, which means they have a passive income of about $100,000 per week (that's purely the interest on their savings, and doesn't include income from businesses). If anything, increasing the tax on luxury items would only make them appear more exclusive, and therefore more appealing to their target consumers.

[exitseven]

no, there is a sales tax. That is enough for the wasteful government.

[Asker]

yeah that's why I said the money is allocated to a very specific thing beforehand.

[exitseven]

Thanks for the MHO

[FreyaRed]

Yes. We have too many "luxury brands" which are just Chinese trash like everything else.

[jahaims]

There us enough tax revenue already to run the things that need ran. The problem is 80% of our taxes are stolen instead of allocated properly.

[Asker]

the problem is there's not enough money to do what needs to be done, so there's a surplus that you can't do anything with but squander.

[seeyounexttuesday]

There’s already tax on things. Hope this helps.

[DrPepper12]

Yes.