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The problem with a wealth tax is that people would go to great lengths to hide it, probably by stuffing it in offshore accounts where the IRS has no jurisdiction to investigate. They can ask for records, but not all countries comply with such requests and even if they did, it would be a pain in the rear. I would expect the Bank of the Bahamas' stock to explode if there was ever a wealth tax.
Something doesn't need to be in the constitution to become law. There's also no provision in the Constitution to provide Medicare or Social Security.
Under the Constitution as originally written and respected, it WAS necessary to have a Constitutional authorization. That is why they got an amendment before then banned alcohol, and an amendment for the income tax.
Nowadays, however, they feel the "interstate commerce clause" covers everything.
Check out the 10th Amendment.
The sentiments you express are EXACTLY how we got into this fix in the first place.
The Founders intended a Federal Government that was an inch deep and mile wide. It covered all the states and territories, but only carried out it's Constitutionally-mandated/authorized functions.
Roosevelt and following liberal swine did away with that with the new federalism that reversed the relationships between the States (who created the Federal government in he first place), and the Federal government.
Things have gone downhill since. The Founders feared a strong central government for all the reasons that exist today.
Under the Constitution as originally written and respected, it WAS necessary to have a Constitutional authorization. That is why they got an amendment before then banned alcohol, and an amendment for the income tax.
Nowadays, however, they feel the "interstate commerce clause" covers everything.
yup, agreed. key word being "was".
Quote:
The sentiments you express are EXACTLY how we got into this fix in the first place.
For liberals, the rich are getting shafted hard with the net worth tax.
For conservatives, the less productive spendthrifts are contributing through their unnecessary purchases.
And for good measure we are all still paying a modest income tax.
Couple this with a 1% across the board Federal spending cut each year for 15 years and the deficit and debt disappear before today's infants enter college.
It is a concession to the progressives who whine about "The Rich" all the time (despite the whining they do have a good point).
And who are the rich, smartiepants?
Net worth tax my foot.
You know who spends more money than anyone? People with lots of money. Just make it a flat federal sales tax on non-food items. The rich will still spend out the wazzoo and pay the most taxes.
Let's say you're an evil rich guy with a "net worth" of $500,000,000. That includes the assessed value of your homes, your cars, your investment portfolio, the stock you own in the company you work for or are a partner in, etc.
One percent of that "net worth" is $5,000,000. FIVE MILLION DOLLARS. Now maybe you're worth half a billion, but it's not all liquid. The vast majority will be tied up in the things I mentioned above. The Lamborghini in your driveway may be worth $300k, but you can't just go pull that cash out of the glove box.
The idea is beyond "bad," and when given any amount of thought, it should be obvious to even the most simple minded person.
And yes, they would leave. Guaranteed. Why shouldn't they make their vacation home in Europe their permanent residence? It wouldn't be as big a deal as you apparently think it would.
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