4 ms·
The burden is showing that you have under $XM in assets. You'll need to show your net worth somehow, so that the IRS (or equivalent) knows not to tax you. Other
by timerol 6y ago
The burden is showing that you have under $XM in assets. You'll need to show your net worth somehow, so that the IRS (or equivalent) knows not to tax you. Otherwise I could assure you that I totally only have $1M in assets, with definitely no Swiss bank account or yachts.
I will admit to not knowing much about a wealth tax, so maybe there is an established solution here. But it seems like the default would be a privacy and administrative burden even on those people not paying the tax.
- rrrrrrrrrrrryan 6y agoIt wouldn't be a burden for most people; it would just be a yes/no checkbox alongside the many other checkboxes when you're filling out your taxes. "Do you have assets in excess of $X million?" If you claim you don't, and the IRS has reason to suspect you do, you're opening yourself to a brutal audit and potential jail time. Most people would not have to deal with this.
- davrosthedalek 6y agoYes, and then the IRS would say, well, to check that, we need more access to all the data in the world. And people will sell it with "so that we can find the criminal rich people". But they will have the data for everybody.