So what will happen? How does such a tax get assessed? Will all of us have to file not just 1040 tax returns, but certified financial statements from a CPA, with balance sheets, disclosure of all assets and liabilities? Will we be assessed on our houses, which are already subject to property tax in whatever locality we live in?
And will people who have major assets that aren’t in cash or cash equivalents, be compelled to sell off stocks or assets to get the cash to pay the taxman?
What about all of our IRA, 401K, etc type assets? Will those be subject to confiscation in a wealth tax as well?
From the rest of the article:
"What if your wealth is in a business with no public stock? Ms. Warren has a plan for that: The federal government would take the stock and resell it, saddling entrepreneurs with partners they neither know nor want."
The world is running out of money to pay for all its socialist programs.
This is only the beginning.
Global Warming is designed to be a Global VAT tax administered by the UN.
If it fails, they will NOT give up.
Do not forget about unrealized capital gains. Example you purchased a 10,00 shares of stock for $25 a share and now it is work $50 a share. so you have a stock valued at $50,000 at the end of year. If you do not have the 2% wealth tax ($1,000) so you would sell 20 shares to pay the tax. Others may also need to sell to pay the 2% tax. This would drive down the price of the stock. Also you now have capital gains which are subject to another tax...…...
That's what they want most - because that's where the real money is. You'll get a nice, shiny, FedGov IOU promising payments starting at age 67 based on the "fair market value" of your voluntarily exchanged assets. :)