Recently I came across Letter in support of wealth tax (US, June 2019). Here’s key surprising points:
- Moderate wealth tax on fortunes of 1/10 of the richest 1% of Americans.
- Proposed to apply 2 cent tax on the dollar on assets for $50+ million.
- Proposed to apply 3 cent on the dollar on assets more than $1 billion.
- Tax will be appealed on approximately 75000 families.
- In 10 years estimated to generate $3 trillion in tax revenue.
- Taxes will be used for climate change fight, education, healthcare, etc.
- Wealth tax considered to be patriotic as it permit wealthiest people in the country to contribute more.
Wealth tax could not be easily implemented because rich people keep diversified portfolio. Also rare who wish to pay more towards tax. In document available list of people who requested to add more taxes (surprising they are super rich).
More taxes will give relief to budget deficit and may improve US economy (or may not improve).
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