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The other thing is what happens when the notional value goes down a year later? Do they get a tax refund?
by HPsquared 2y ago
The other thing is what happens when the notional value goes down a year later? Do they get a tax refund?
- freefaler 2y agoAt most you'd get a rebate of your future tax payment as is the current practice.
- novok 2y agoUsually, you get a credit or deduction that can only apply to future tax liability in the same category. Ex: Capital losses are stuck with capital gains in the USA and can only be applied to $3000 of your income per year otherwise. These rule systems are usually incredibly self-serving.
- asadotzler 2y agoYes.
- vidarh 2y agoThe wealth tax is yearly based on your wealth that year.
- HPsquared 2y agoOh right so it's not a tax on the gains in that year. Makes sense then, if it's just a wealth tax.