Go away.
Any wealth tax that starts out at 1% or 2% would quickly escalate to 50%+ once Democrats got addicted to spending the money.
So frugal people will be taxed more. Bit like an estate tax when not yet dead?
Does this happen every year? So, you know, you’re not just taxed when earned (income), but for 30-40 years?
Or is it taxed every year?
Does property get taxed as property and as wealth?
Seriously, this is the dumbest thing every written.
If it REPLACES the income tax I am all for it.
These the fantasy dreams of someone who dies not understand economics or the structure of wealth within the US.
Tell Bernie and Ocasio-Cortez. This idea is just what they are looking for.
Make America Venezuela Again
Great idea! would clear the decks for the massive debt needed to pay for single-payer health-care, a basic-income for all, and massive raises for all government employees!
How about you give all of your life savings to the government then slit your wrists so as not to be a burden to the rest of us
So, I earn money, which is taxed considerably. With what I can save out of what’s leftover I buy a house. I pay property tax every year on that house. Now you want more, calling it a “wealth tax”?
GFY
And the horse you rode in on.
Such a tax, as with any tax, simply provides the legislators with a new well of revenue with which to increase their spending which will increase to some level that will use all of the projected new revenue and will then increase the debt. The projected revenue will be less than projected and will decrease as the holders of wealth make new arrangements for their assets but the new spending will only continue to accelerate.
What will you tax after all our assets are overseas? Seems to me that everybody will end up with less and less every year.
Go to ****! **** my ***! Go **** ********!
Clear?
Are you really so naive as to believe they will actually pay the debt off with new revenues? What makes you believe that they wouldn’t use the new tax money for more freebies for people who vote for a living?
So you propose a tax on common stock. Is that in addition to income tax and capital gains tax?
Nope. No wealth tax. No redistribution of income, earnings, wealth or whatever you want to call the rewards of thrift and effort. America would be much better off going to a flat tax. “Tax the rich” is what leads to the perception that government hands out free money, so it doesn’t matter how much of “other people’s money” is wasted. If everyone feels that they have skin in the game, we are more likely to demand responsible spending by government.
To pay off the debt, we should cut spending to the bone - eliminate anything not in the Enumerated Powers. Collecting more money from productive Americans does not shrink the debt; it just promotes more wasteful spending. No, thank you.
End the Fed and stop paying them interest on our own money.
Wealth Tax?
In before the zot.
Why should anyone that did not cause the issue (debt) be forced to fix it?
You aren’t serious are you? Aren’t you just a talking dog with horrible taste in women?