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Wealth tax was used in my old home country couple of decades ago, its results in taxation were very low (>100m in total). Rich were able to change their assets around to skate around the tax. Quite a many also moved to live in more accepting environment, tax likely reduced total tax revenue in practice.
Rich people have options, they can easily spend enough time in some other nice neighborhood not to be facing the tax.
Good example was France experiment with 75% supertax for people earning >1m euros (not a wealth tax, just income)
Most high earners move out to Belgium or elsewhere: https://www.theguardian.com/world/20...rcent-supertax
Consumption tax makes more sense like federal VAT, other good one would be to tax stock trading more especially High-Frequency Trading. Closing carried interest loop hole could be fair as well.
In general, government should spend less rather than trying to tax more.
Following up on the above post, the high income /assets people that I have been acquainted with, know the loopholes and use them. This includes moving assets out of the city, county, state and/or country, if need be.
Are there a few public figures that say, “I don’t mind paying a little more.” Yes, but sometimes people say one thing and do another.
There is a lot of talk about a new society emerging, but as long as the “golden rule” exists, I don’t think you will see a lot of change.
(Golden rule says, those that have the gold, make the rules)
Because its double taxation on income. Its unconstitutional, which means its illegal.
Where in the Constitution is double taxation prohibited?
We already have double taxation on income. You pay income tax to the federal government and to the state government. We were able to deduct state income taxes from federal before, but the new Republican tax plan put in last year limits your ability to do that. Hence, many Americans are now getting double taxation on their income.
Even before that, you could get double taxation on income if you lived overseas, and your income was above $70,000.
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