Actually the group you will find that has the most assets also pays the least in income taxes.
The elderly.
Many elderly are counted as “below the poverty line” because they have little income while at the same time own their homes along with many other assets.
As far as “wealth” taxes, property taxes are just that.
Yes. Whenever we hear the Dems making cooing noises about helping the poor, it is important to realize that “poor” is determined by AGI, and that many elderly people are asset rich (property, muni bond portfolios, etc.) but considered poor by that AGI measure. I haven’t seen any studies or reports that attempt to quantify though.
As a wave of well-paid boomers like myself retire, and don’t necessarily get replaced in the workforce at the same high wage levels, will income tax receipts trend down?
Given the marginal tax rates (50% on social security before full retirement age - right?) I expect to be working the underground economy pretty hard at age 62.