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Taxing wealth seems to have enormous practical problems though - does everyone have to have their entire life assessed each year?
by Armisael16 8y ago
Taxing wealth seems to have enormous practical problems though - does everyone have to have their entire life assessed each year?
- tivert 8y ago> Taxing wealth seems to have enormous practical problems though - does everyone have to have their entire life assessed each year? I'd bet people didn't have their entire incomes assessed each year before the advent of the income tax. The practical problems of a wealth tax don't seem like they'd be much greater than those from the income tax. Rather than generating W-2s and 1099s to document income, institutions might generate W-3s and 1100s to document account balances and assets. Capital gains tax could just turn into a capital tax, but remain assessed when the assets are sold.