, for instance—people with sufficient net worth would owe wealth taxes even if they didn’t take any actions, like earning income or selling assets.
“The wealth tax is static in nature,” explained Dr. Tenpao Lee, full professor of economics at Niagara University. “Other taxes are dynamic based on transactions in the forms of earned incomes, capital gains, inheritances and ownerships of real estates.” A wealth tax doesn’t have to be indiscriminate when it comes to asset types. A government could decide to exempt some asset types to foster certain behaviors. For instance, it might decide business assets didn’t count to encourage entrepreneurship. Ultimately, a wealth tax’s structure depends on how a country designs the law.While the U.S. does not currently have a wealth tax, it is something thatby Elizabeth Warren and Bernie Sanders.
Advisor Goal: Vote for government to rob your neighbor.
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Source: CNBC - 🏆 12. / 72 Read more »
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