re: Wealth taxes- do you think they will be coming in the next 10 years?

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The trick is in what they consider income and the taxes included.

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Unrealized gains wealth taxes are just misdirection.

Isn’t the real trick the step up tax rules? You can’t pry houses from anyone’s cold dead hands in California since nobody wants to pay property taxes.

It’s absurd you can buy a house today and be subjected to 10x the property taxes of your neighbors because they kept the home in the family for the last 50 years. Which is almost as crazy as the fact the Kennedy family still holds their rent controlled apartment in NYC.

Wealth tax is a completely new tax concept. There is no comparable tax. All current taxes are based on the movement of money (all are types of income or spending) except property taxes. And property tax /= to wealth tax.

Wealth tax creates an entirely new framework for taxation. And the greedy politicians would love nothing more than an entirely new framework. Soon it would be “you have more than $1000 in a savings account while a majority of Americans do not, you pay a tax on that”. Wealth is entirely relative - just about everyone on this board is wealthy compared to those living on food stamps. There would be no limit on wealth redistribution.

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Ban bet if those 1 million likes were from actual humans

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Hmmm, I’ll take that bet….that’s only 3% of the illegal population that accumulated in the last decade.

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Before raising taxes and pissing everybody off …. how about you demonstrate you have Spending under control.

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Who would be responsible for accurately assessing the value of every person’s wealth?

How will the government know the entirety of an art collection and the value of it?

What about valuing privately owned companies?

Would we need to create an agency of investigators with sufficient knowledge and competence to fairly assess these values? Would they be vulnerable to kickbacks from the people they are trying to take money from? Expand the IRS and pay them more?

If some tax on assets ever becomes constitutional, what is happening in New York will happen nationally. Those impacted will simply pack their bags and move to a tax friendly haven.

A tax on asssets is a dangerous slope….we all know it won’t stop at the richest of the rich. The tax slime always drips downward.

Rich people are usually smart. They will deploy teams of cpas and tax attorneys to find and exploit every loophole….and set up long term holding strategies that bypass whatever new tax may be imposed.

Currently, the USA does not have a revenue problem, it has a spending problem. We will see a default in longer dated treasuries / bonds before we see a wealth tax.

Default meaning that interest due will be restructured with a materially reduced rate and longer amortization.

All that stated…We are a socialized state already….there is no turning back.

It will fail miserably like everywhere else it’s been tried and will reduce the federal tax take.

Capital flight will be swift out of the US if citizens believe this has a real chance.

Why don’t you libs negotiate a divorce with conservatives in the US and you can have all your utopian dreams?

We already punish capital enough in this country

We need to look at attracting capital rather than drive it away