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Wealth tax exists in other countries, though. In Norway, there's a (controversial!) wealth tax of 0.7% for amounts exceeding $170k. This tax considers liquid as
by lobster_johnson 10y ago
Wealth tax exists in other countries, though. In Norway, there's a (controversial!) wealth tax of 0.7% for amounts exceeding $170k. This tax considers liquid assets, property assets and other personal property such as cars. It is, however, controversial; it means your income is subject to being taxed twice. As far as I know, the US only has property tax, and it's mostly taxed on real estate.
- dogma1138 10y agoThere is already tax on wealth in every country it's called capital gains tax. It's taxed at any time when the gain is actually realized e.g when you sell something that has increased in value. There is no point of taxing wealth at an arbitrary time and this is actually destructive to the middle class and not the wealthiest ones.