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.
“So frugal people will be taxed more.”
Almost no frugal person would get taxed. If you are subject to the tax, being frugal would be stupid.
“Does this happen every year?”
It’s “annual federal wealth taxation”.
“Does [real] property get taxed as property and as wealth?”
Yes, that’s why owner-occupied homes get a federal rate of wealth tax rate of 1% instead of 2%.
“Seriously, this is the dumbest thing every written.”
The spending bills of Congress are the dumbest things ever written.
Please remember 3% interest on $21 trillion comes to $630 billion a year, about 40% of federal individual income tax revenue.