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.
“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”
You may think you have “wealth”, but the reality probably is that you’re “working poor” or modestly affluent.
The age-based exemptions that make the tax zero for almost all Americans.
A 59-year person like me gets a $5,900 age-based tax exemption, so I could have a $400,000 paid-up house and $90,000 in the bank and not owe a dime in wealth tax.
It’s a tax on wealth.
I was a retail clerk and paid federal income tax on less than $10,000 of income.