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I thought only income could be taxed? If you have valuables just sitting there, how can they be taxed? Obviously if you sell them there might be capital gains,
by scottmsul 7y ago
I thought only income could be taxed? If you have valuables just sitting there, how can they be taxed? Obviously if you sell them there might be capital gains, but not before?
- NTDF9 7y agoWealth tax
- jcranmer 7y agoProperty taxes, stamp taxes, wealth taxes, import/export taxes, sales taxes--these are just some of the common kinds of taxes that are imposed on things that aren't income.
- chrisseaton 7y ago> I thought only income could be taxed? Due to some kind of international law against taxing property? There’s no such thing. Have you never heard of property tax, land value tax, etc? Other things that aren’t income that are taxed that you’ve surely heard of include value added tax, sales tax, window tax, television tax, you could go on forever...
- thesausageking 7y agoThat's how most tax currently work, but some have and do include wealth taxes which which tax a percentage of your total assets. Elizabeth Warren's tax proposal includes adding one which would tax assets above $50m at 2% per year and assets above $1b at 3%.
- tecleandor 7y agoThis is income tax. They are talking about people with hidden/undeclared income in safety boxes instead. It's an opportunity to legalize your money. Quite a steal (ha!) mafia and tax evaders can legalize all their black money paying a measly 15%, when regular workers probably have to pay more.
- tecleandor 7y agoJust to confirm, the first income tax bracket in Italy is 23%. Seems like it really pays to be a tax evasor. https://europa.eu/youreurope/citizens/work/taxes/income-taxes-abroad/italy/index_en.htm https://europa.eu/youreurope/citizens/work/taxes/income-taxe...