Max Power
Footballguy
A wealth tax on the richest Americans seems to be the go to answer whenever some of the Democratic candidates are asked how they intend to fund their plans. While it appears to be highly popular, I am skeptical of of the idea. We don't do much to deter US money from being moved offshore by the ultra rich and I think implementing a wealth tax would only increase the number of people looking for Tax loopholes. I worry some of the costs of these programs will trickle down to upper-middle class.
What are some forum thoughts on this? Support it or not? Will it work or backfire?
What are some forum thoughts on this? Support it or not? Will it work or backfire?
What Is a Wealth Tax – And What Would It Mean for You?
It's a core element of Sen. Elizabeth Warren's tax policy, with her proposal to tax assets of $50 million or more at 2% and assets of $1 billion or more at 3%.
Sen. Bernie Sanders recently released his version of a wealth tax. His "tax on extreme wealth" would tax 1% of wealth of more than $32 million for married couples, then increase the tax to 2% for wealth between $50 million and $250 million and continue to increase incrementally before topping out at 8% for wealth of more than $10 billion.
Proponents of a wealth tax see it as a way to reduce economic inequality, address the climate crisis and boost the economy. In fact, a group of ultrawealthy Americans penned an open letter this summer asking to be taxed on their wealth to strengthen the U.S. economy.
Critics of the wealth tax say it will be impossible – or even unconstitutional – to enforce, would stall economic growth and job creation, and may even encourage multimillionaires to move money abroad.
https://money.usnews.com/money/personal-finance/taxes/articles/what-is-a-wealth-tax-and-what-would-it-mean-for-you