If I’m reading this right, this isn’t an income tax, but rather a ‘wealth tax’. How does the government determine which ‘households’ are worth more than $50 million? Will everyone be required to declare everything they own to the tax authorities? Or will certain folks be audited? So many devils in so many details.
Expect they force you account for everything.. Then THEY assess how much they think it is worth.
Then.. They force you to sell off your assets to pay the taxes.
So, hypothetically, an old money person oould “own” masterpiece that has been hanging in a museum for 100yrs. Live only on a trust fund with a payout of $610k/ yr. Own nothing else.The Gov determines that is worth 51M.
The gov will then demand that person pay $1.02M/ yr.
Essentially forcing them to liquidate their assets to pay the tax.
They’ll overstate the asset values for tax purposes and then Leticia James and Engoron will fine you for over valuing the assets.