Could they not tax any level of wealth at any percent? Furthermore if much of a persons wealth is tied up in their company or business then isn’t a wealth tax also a means for government to take away ownership of ones company/business?
If government truly has this power then doesn’t government genuinely have the power to take over the entire economy of they ever deem it necessary?
Examples here are sometimes seen at the state level. For example, mansion taxes place a higher tax rate on real estate transfers of high value real estate than more modest abodes…
We always need to look at unintended consequences. A few might be:
increasing the willingness of high net worth people to take on debt to artificially lower tax exposure
difficultly in accurately assessing net worth
relocation of high net worth people abroad
Most people (I think) see an issue with having a lower effective tax rate for our 400 wealthiest families than the bottom half of the US, but I’m not sure this is the best remedy to that situation.
As far as I can tell it didn’t really answer my question: Could they not tax any level of wealth at any percent? Furthermore if much of a persons wealth is tied up in their company or business then isn’t a wealth tax also a means for government to take away ownership of ones company/business?
I posted a couple of links in another thread about this. Here is a quote from another source I just found:
“In 1990, twelve countries in Europe had a wealth tax. Today, there are only three: Norway, Spain, and Switzerland. According to reports by the OECD and others, there were some clear themes with the policy: it was expensive to administer, it was hard on people with lots of assets but little cash, it distorted saving and investment decisions, it pushed the rich and their money out of the taxing countries—and, perhaps worst of all, it didn’t raise much revenue.”
It all sounds wonderful to the ignorant masses but never produces the utopia it promises.
Not because of the income tax. Somehow we managed to defeat one of the two of the most powerful military establishments in Europe and take their new world colonies without it as well as winning the Mexican-American war.
You are mistaken. The ruling only affeced the stock, not the gun it may be attached to. If you had one on a gun when the EO was issued, the only thing you had to turn in or destroy was the stock. The gun you had installed it on is still yours.