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In reply to the discussion: NY Times Op-Ed: Tax Wealth, Not Income [View all]reusrename
(1,716 posts)7. Simple, you make people report their own wealth.
Anything they fail to report gets taxed at confiscatory rates. Also, there would be penalties if they try to transfer something without paying the tax.
Sure, there will be tax cheats, there always are. Also, if it's a flat tax that is across the board, then there will probably be less participation in illegal schemes than there are now. Especially if it's a 1.5% tax.
As for the gold stashed under your mattress, at some huge level of wealth, say several billion, you will have to hire and train your own army to protect it. Much cheaper to pay taxes.
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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