I actually applaud this, with BIG caveats.
#1. It can’t be land or real property wealth. That would mean lots of families losing the farm.
#2. Tax wealth, not income. We WORK for our wages. Wealth is accumulated, and wages are sweat of the brow. I’ve always opposed INCOME taxes.
#3. Of course, there’s a plethora of WEALTHY democrats in Hollywood, publishing and technology, and many don’t “earn” a dime. All their money wealth is in grants, foundations, and they live in mansions not owned by them but rather the foundation, with the limos and planes owned by the foundation, and even the cooks are paid by the foundation and the foundation buys the food.
So these types of wealthy people LOVE raising the INCOME tax, which doesn’t effect them, but really hurts small businesses owned by individuals.
No way. Aside from being unconstitutional, it’s a terrible idea, for a lot of reasons:
If you think the IRS is intrusive now, just wait until it has to determine not just everything you make, but also everything you own. And can you imagine filling out a tax return?
Do we really want to punish saving and investing even more? And how about the elderly who have saved for retirement? Do we want to push even more of them into dependence on Social Security?
Do you think the “wealth tax” would continue to apply only the very wealthy? Just remember that when the income tax was introduced in 1913, only 1% of the population paid income taxes.
As bad as an income tax is, a wealth tax is far worse.
Alas Babylon, you are going full commie. Stop it. This is an opinion unbecoming to a FReeper.
You are not only advocating the goverment TAKING property from people, but you are willing for certain exemptions to occur for favored groups.
Property has already been taxed. It will be taxed for gains, when it is sold.
And your head will also be on the chopping block, once it is established.
The income tax started to just tax the wealthy at 1% or so.
Turn back dude.
What about when income is from dividend checks? Do you not consider that sweat from the brow? Do you not think seniors worked for that? Its always the responsible middle class seniors who get screwed in the end.