Worth highlighting from last January, as even America's businesses begin to worry that our system gives too much a share of good things to shareholders: Greg Leiserson: Wealth taxation: An Introduction to Net Worth Taxes and How One Might Work in the United States: "Probably the most significant challenge in implementing a net worth tax is that determining tax liabilities requires a valuation for all of the assets subject to the tax.... Such a tax would impose burden primarily on the wealthiest families—reducing wealth inequality—and could raise substantial revenues. As noted above, the United States taxes wealth in several forms already. Thus, the policy debate is less about whether to tax wealth and more about the best ways to tax wealth and how much it should be taxed. A net worth tax could be a useful complement to—or substitute for—other means of taxing wealth, as well as a tool for increasing overall taxation of wealth...
#noted #2019-12-09
