“valuations of real property, art, jewels”
A wealth tax will make jewels and gold a popular investment. The rich will buy gold and just stash it somewhere safe (hidden). The government won’t be able to tax wealth they can’t find.
Buying $1 billion in gold (and storing it in a vault in Monaco) saves $60 million in taxes every year. That is a 6% rate of “return”.
The wealth tax won’t bring in nearly as money in revenue as the libs pretend.
You’d need liquid assets to buy gold but otherwise I agree, it is a 6% return if you can stash it. Of course, then you need to protect it from thieves, government, and draw up a treasure map for your descendants/inheritors.
Jewels, not so sure. It is a good way to move large sums of money - that has been going on for millennia and even today to avoid that pesky $10,000 limit - just put it on your neck, finger, wrist and fly overseas. But in modern times the market for diamonds (the supply) is tightly controlled by the syndicates. They could flood the market. Indeed, I read earlier this week that DeBeers sold 12% fewer diamonds in 2019 vs 2018. But that could be because of the trade war tightening up Chinese demand.
“ The wealth tax won’t bring in nearly as money in revenue as the libs pretend.”
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Farmers, ranchers, will kill this. Most of them are land rich but cash poor. Many of them are multi-millionaires if you add up the value of their land, capital equipment such as tractors, trucks, combines, etc, etc. they won’t be able to raise the money to pay a wealth tax each year without selling something, most likely land. So, each year their property will become smaller thus ability to generate revenue continually diminishs till they have to liquidate and sell the farm, ranch, small business. It will kill small family businesses. RIP.....