It is a great way to keep art collections moved out of state.
If this became a trend those collections would eventually move off shore.
Btw most art collections shown in museums are owned by private individuals and are on loan to the museums. As a result much of that art would just “disappear”.
I’m sure glad my mom threw out my baseball card collection 50 years ago: I had multiple complete sets of Topps from 64-70, wealth taxes would kill me...lol.
What happens if your assets lose value? Bingo! A refund from the state.
There is already a wealth tax. It is called Real Estate tax and Personal Property tax. I pay them every year. You don’t pay your real estate taxes the Government will seize your home and land then sell it and leave you homeless.
NY’s confiscatory fine on Trump’s net worth is essentially a wealth tax. It’s insane to allow a government to value assets.
I recall in the 90s, CT teacher unions proposed that a percentage of the sales tax be dedicated to education spending. They wanted school funding to be immune to the ups and downs of the economy. They’re selfish b@stards.
Will it be called the Estate Attorney Retirement Act?
Some of us recall the glory years of the Clinton administration when they floated the idea of taxing the proles on the imputed rental value of their homes, i.e., even though you were actually living there, if your home could be rented monthly for $500, they would consider your yearly income to be $6,000 higher and tax you on it.
In his final years my father lived in a rented apartment in upstate New York.
Musk lives in rented real estate.
This country is going communist.
“The NIJ rates level IV armor to defeat up to .30 caliber armor-piercing (AP) bullets that weigh 166 grain and a muzzle velocity of 2,880 ft/s. Our soldiers wear Level IV armor in combat operations.”
“NIJ-Listed Level III body armor protects the wearer of the armor from rifle caliber bullets shot from an AR-15 style rifle and every handgun caliber.”
Your guns aren’t going to be able to solve the problem.
Learn to take it easy. Enjoy life while you can. Gradually right size your business. Make sure your children and grandchildren know a foreign language and have a valuable skill.
No government has ever taxed wealth more than once, Mysteriously, once the authorities have gone down this road, the tangible assets vanish. Not necessarily because the government seizes those assets, but largely because the assets are converted to cash and the proceeds sent beyond the reach of the taxing authority.
That is what wire services, shell corporations, and offshore accounts are created for.
It can be traced, of course, and criminal proceedings instituted to recover the funds, but probably not before the principal beneficiary has passed on.
“tax the paper gains from assets above $10 million”
& Cie [and sons]
The French have a way of dealing with wealth taxation.
Why $10M? Is Bernie worth $9.8M?
EC
-PJ
There are a few things that could trigger CWII......this is one of them.