A group of US billionaires is calling for a
wealth tax
Wealth tax is a tax on the total value of
personal assets, such as money, bonds, stocks, real estate, cars (and boats and
airplanes), valuable properties like antiques and paintings, pension plans, and
unincorporated businesses. Poor people don’t have such assets. People of the middle-class
may have just enough assets to get by for now, and hopefully for after
retirement. Only the rich own more than enough personal assets to spend or
waste, donate or give, or inherit or succeed at will. They usually try their very
best to minimize taxes they have to pay.
Now, some very wealthy Americans are calling
for a tax on their wealth to tackle climate change and reduce inequalities. They
seem to be generous enough to institute such a progressive initiative trying to
make changes. But not all the rich will agree with being levied more taxes as they
already paid income tax, sales tax or inheritance tax when they obtained their
assets. In other words, it’s double taxation. Also, there are non-financial assets
that are unique and hard to value, such as vehicles, antiques, private
business.
Will this move help solve the problems? How much
additional tax burden can they bear?
Enjoy reading the article and think who should
be paying a wealth tax and how much.
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