Yes, a wealth tax over a billion dollars is a proposal now. Biden’s not doing it though, but 1% to 2% could raise a lot of money. Although it would require legitimate property valuations. That’s hard if people just lie about their real estate like Trump was convicted of.
Also taxing capital gains over a certain amount at higher rates would help billionaires have a fair tax burden. It makes no sense to tax you a greater percentage than the owner you worked for. Above a million in capital gains should be taxed as income.
No I’m not afraid of money leaving the country. If they want to leave the most productive and profitable country on earth, that’s more money for us.
He was sued for underpaying taxes by undervaluing his property. The lies for overvaluing them on bank documents haven’t been charged yet. That’s a federal crime.
The Swiss actually has wealth tax, depending on canton. I believe though a lot of it is negotiable- if you’re super wealthy, I think you can agree a fixed amount per year with your canton (state).
In my canton you’re exempt from it if you have less than $250-300k in assets or something like this. And it ranges from something like 0.20-1% I believe.
Yes, a wealth tax over a billion dollars is a proposal now. Biden’s not doing it though, but 1% to 2% could raise a lot of money. Although it would require legitimate property valuations. That’s hard if people just lie about their real estate like Trump was convicted of.
Also taxing capital gains over a certain amount at higher rates would help billionaires have a fair tax burden. It makes no sense to tax you a greater percentage than the owner you worked for. Above a million in capital gains should be taxed as income.
No I’m not afraid of money leaving the country. If they want to leave the most productive and profitable country on earth, that’s more money for us.
If they lie and inflate their property values, they get taxed more. Sounds like a win to me!
He was sued for underpaying taxes by undervaluing his property. The lies for overvaluing them on bank documents haven’t been charged yet. That’s a federal crime.
The Swiss actually has wealth tax, depending on canton. I believe though a lot of it is negotiable- if you’re super wealthy, I think you can agree a fixed amount per year with your canton (state).
In my canton you’re exempt from it if you have less than $250-300k in assets or something like this. And it ranges from something like 0.20-1% I believe.