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One time wealth taxes on things like expensive cars, art, and houses can be levied at the time of purchase. That's just sales tax and already is recorded. Annua
by erentz 6y ago
One time wealth taxes on things like expensive cars, art, and houses can be levied at the time of purchase. That's just sales tax and already is recorded. Annual wealth tax on land/property is easy, we already do it it's just not done in a progressive manner. Again that's already recorded. Annual wealth taxes on things like securities, stocks, bonds, can be accounted easily by any broker and reported. Again this is already recorded and goes to the IRS. So there's not really any new privacy concern.
- nickff 6y agoYou'd be incentivizing the accumulation (and importation) of the sales-taxed goods as long term stores of wealth, and dis-incentivizing domestic investments in businesses and construction. I think that's a bad idea.
- rrrrrrrrrrrryan 6y agoYour first proposal is just a standard luxury sales tax, which functions entirely differently from the recurring wealth taxes that are being discussed.