That would have wide ranging negative effects on the middle and upper middle classes (and wallstreetbets), consider HELOCs (home equity loan), ag loans using farmland as collateral, and brokerage margin loans.
I’m fine with it provided there’s some sort of minimum level of wealth required to be taxed in this manner. Taxing someone that is using a HELOC to replace their roof on the unrealized equity appreciation would be unfair, and I’m not even a homeowner.
There are better ways to attempt to tax wealth, eliminate the step-up cost basis and asset shielding in trusts and other forms of estate tax avoidance and the issue would correct itself eventually. Unfortunately, politicians in the US will not do this because they need donations from extremely wealthy people who absolutely do not want their estates taxed away. It’s also too easy to hide money in other places, there will always be nations willing to take on tax haven status to reap the benefits. I’m not sure what a practical solution is given the outsized influence of the wealthy all over the world.
This looks like it’ll be a good book for me to learn more about electrical theory and circuit design, I know a bit about AC and DC electricity from working in electrical construction which should help me dive right in, thanks for sharing this book release!
I've watched a lot of horror shows that had no effect on me. But this one wasn't a horror show, it was for real. I found it very disturbing. I couldn't believe what I was watching.
What are they going to do if you’re not carrying anything illegal and you’re a citizen? You cannot be refused entry to the US as a citizen and they can’t charge you or hold you without evidence. You don’t have to tell them why your phone is wiped, just stay silent until you’re released.
I will be wiping my before I pass through US Customs next, no matter who the president is. I have no idea what some guard might randomly take issue with, best not to risk it.
I think the lady that got mauled to death in 2018 at the lion preserve that guy works at might disagree with you if she hadn’t been y’know, mauled to death by a lion.
I would like to make a wager on this law being ignored the first time Samsung or another chaebol violates it and is facing a fine equal to 10% of revenue. I can almost guarantee it, it’s a high enough fine to turn some low-margin businesses from profitable to unprofitable for the year and there’s no such thing as a secure computer system. The only way to guarantee compliance is to not store any data which isn’t exactly reasonable for some business models.
> there’s no such thing as a secure computer system
Where is your source for this? It is entirely possible to make a secure computer system, though it does require effort. The article specifically mentions "up to" 10% and the fines applying to companies leaking data on purpose or through negligence. I doubt the fines will be nearly as high for a company that tries to secure a system (and thus prevents more leaks) rather than a company that does not try to secure a system (assuming that leaks will occur), if the same breach happens.
Computers are deterministic (excluding cases where practically impossible cosmic ray events occur), so while we have the power to ensure system security, we should ensure system security. Heck, even just encrypting consumer information and protecting just the keys to this data would already decrease the effectiveness of many data breaches.
It is not possible to make a secure computer system that is also usable. There is ultimately no way to avoid the tradeoff between convenience and security.
You can make a system "more" secure than other systems, but you cannot make it truly secure.
Then secure your database? This stuff isn’t rocket science. You don’t even have to hold historical transactions online. It’s quite difficult for hackers to access a hard drive sitting in a drawer.
> I would be set for the rest of my life if I got half a mill falling from sky today, I guess I could even make it work with 250k.
Maybe you only have a few years left to live? If not, I’m not sure where one can live on $10,000 to $15,000 a year and pay for shelter, food, clothing, and healthcare. It costs more than that per year for health insurance for one adult over 40 in the US.
That is what $500k grants you, chop those in half for $250k.
This is the biggest argument for socialism, you pay the taxes, get free health care and free education, every one gets the same irrespective of their status.
Why do Americans get scared every time they hear "socialism"?
Is it because billionaires have told them it's like "communism"? Are they so brainwashed they can't vote for policies to enable this sort of thing? No wonder the life expectancy in the US is lower than in Europe.
I’m fine with it provided there’s some sort of minimum level of wealth required to be taxed in this manner. Taxing someone that is using a HELOC to replace their roof on the unrealized equity appreciation would be unfair, and I’m not even a homeowner.
There are better ways to attempt to tax wealth, eliminate the step-up cost basis and asset shielding in trusts and other forms of estate tax avoidance and the issue would correct itself eventually. Unfortunately, politicians in the US will not do this because they need donations from extremely wealthy people who absolutely do not want their estates taxed away. It’s also too easy to hide money in other places, there will always be nations willing to take on tax haven status to reap the benefits. I’m not sure what a practical solution is given the outsized influence of the wealthy all over the world.
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