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In reply to the discussion: NY Times Op-Ed: Tax Wealth, Not Income [View all]gravity
(4,157 posts)16. How do you calculate wealth?
Something like stocks is easy to do, but lots of wealth can't easily be converted into a cash value.
If you are a musician with rights to your own work, there is no way for the IRS to determine its worth. Is it zero dollars because it costs nothing to produce or is it worth millions because of the money it could generate each year.
It is much easier to tax the profits generated from the wealth which is complicated enough in itself. If you want to raise more tax revenue then raise the marginal rates on higher incomes. Keep it simple stupid.
Wealth taxes will have its own series of loopholes that will be even worst.
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Yet this can be a problem esp. for elderly who own their house or farm yet have
SharonAnn
Nov 2012
#15
and we can't kill them either, obviously. That's why it's such a thorny problem.
librechik
Nov 2012
#34
aren't bank transfers over a certain amount, maybe $1K, already flagged? by homeland security? eom
amborin
Nov 2012
#37
AFAIK, that's already the case. Bank accounts have required your 'SS# or Tax ID#' for years.
freshwest
Nov 2012
#35
Most people I know have no saved wealth... the entire paycheck goes to bills...
Comrade_McKenzie
Nov 2012
#21
My 88-yr-old mother, as well. Lives really frugally, so she can have some U.S. bonds.
WinkyDink
Nov 2012
#28
The virtual elimination of the inheritance tax, something the Founders approved of, destroys that.
freshwest
Nov 2012
#36
Well, there are a whole slew of retireees like me---from public education---who think this is a bad
WinkyDink
Nov 2012
#27
I do find it fascinating that now that the top marginal rate is likely to go back to 39%
Warren DeMontague
Nov 2012
#32