Quote:
Originally Posted by perezfan
I am already hearing that leaders of the progressive wing of the democratic party plan to place an exorbitant tax on individuals' assets. This is in addition to dramatically increased income taxes.
It has not been disclosed how they will uncover and determine the value of your assets, but I imagine lots of people will be trying to hide their respective net worth, and keep their assets as stealth as possible.
Regardless, personal property is a major entity that they're targeting. This will become much more apparent in the near future.
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Taxing individual assets is nothing new. It has been going on for ages. Ever since I bought a house I have been paying a "wealth" tax. It goes to county and city coffers. Even though it is listed as a fixed tax rate, it really runs from low to truly exorbitant. If you own your house outright, it is a smaller percentage of your "wealth." If you have a mortgage, it is a larger percentage of your "wealth" since your wealth does not include the entire value of the house (it will depend on the equity you have in the house). If you rent the house you live in, the tax rate is exorbitant. You are paying the tax through your rent and therefore you are paying the tax based on no equity in the house, i.e., "wealth."