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Most of that wealth (ownership of non-corporate businesses and real property, to start) is completely illiquid. You can't sell 4% of your house.
by fiatmoney 14y ago
Most of that wealth (ownership of non-corporate businesses and real property, to start) is completely illiquid. You can't sell 4% of your house.
- rayhano 14y agoBut you can earn... surely you would earn and pay taxes, as you do now? The idea is to discourage those few who horde assets and do not participate in the economy. There is a chance that some vulnerable people may be disadvantaged (like when losing a job).
- rogerbinns 14y agoLets take a regular person in a 150k GBP house. They need to pay 6000 GBP every year in tax on that "wealth". They lose their job. Where does the money come from to pay wealth taxes? While unemployed they are "hoarding" their house (and car, and TV set, and laptop etc) and not participating in the economy.