Maybe so, but Biden was just talking about the income tax rate.
The problem with a wealth tax is that it seems like it would be hard to do. If I buy a painting for $1M, do I get taxed on that amount regardless of its value even if it’s worth ten times that? Do I have to get it appraised? If so, just once or every year because the value can fluctuate? If I buy a rare classic car that’s rusted out, and I restore it, how is the value calculated? Now imagine I have a giant art collection and a giant car collection. It just doesn’t seem workable.
I’m sure all that stuff is insured. Not difficult to assess wealth. Don’t have a wealth tax kick in until over $30 million (whatever number). Seems imminently workable to me.
Wealth Tax. That is what we desperately need.
Maybe so, but Biden was just talking about the income tax rate.
The problem with a wealth tax is that it seems like it would be hard to do. If I buy a painting for $1M, do I get taxed on that amount regardless of its value even if it’s worth ten times that? Do I have to get it appraised? If so, just once or every year because the value can fluctuate? If I buy a rare classic car that’s rusted out, and I restore it, how is the value calculated? Now imagine I have a giant art collection and a giant car collection. It just doesn’t seem workable.
I’m sure all that stuff is insured. Not difficult to assess wealth. Don’t have a wealth tax kick in until over $30 million (whatever number). Seems imminently workable to me.
If you can afford a 1M$ painting, you can certainly afford to have it appraised once in a while.