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Wealth tax proposals target only very high nw people. There is no inherent right to be very high net worth, if you are not productive with your wealth then it i
by ivalm 6y ago
Wealth tax proposals target only very high nw people. There is no inherent right to be very high net worth, if you are not productive with your wealth then it is more efficient for the society if that wealth is reallocated. This is what wealth tax does.
- bhupy 6y ago> there is no inherent right to be very high net worth But there is an inherent right to the ownership of property (enshrined in the US Constitution). A Federal wealth tax is currently unconstitutional for the same reason that you don’t have Federal property taxes: the Constitution explicitly prohibits the Federal government from levying direct taxes except for income (via the 16th Amendment). Wealth is not income.
- ivalm 6y agoSure, I am all for an amendment.