Reply #48: Can we at least have a look at a european style net worth tax?

[pa28]

We've had such an imbalance in the re-distribution of wealth toward the already wealthy in the last 20 years. Maybe now is the time to at least think about and analyze the feasibility of taxing wealth - cash assets, property, collector and luxury assets might be considered for tax like this.

At this point we officially have trillion dollar deficits for years to come and our usual creditors are becoming uncomfortable and even unable to extend further. Even if we do make radical reductions in spending we're still in a nasty trend as far as deficits for the next 30+ years.

The low tax party is over IMO, yes I'll get hit too but I don't see any other responsible way to stay current with our obligations. The top 1% and even the top 10% have had an extraordinary amount of grace for an entire generation. The bill has finally come due and only one class has the assets to pay it. It must be paid or the social guarantees the wealthy have relied on will start to break down rendering their wealth worthless anyway. The wealthy should probably get used to the idea of "taxes" because the relatively new social and political taboos of taxing the wealthy will start to peel away as the budget gets sucked further a black hole and the futility of budget cuts becomes apparent.