• @FlexibleToast
    39 months ago

    It’s a seriously hard problem. The IRS already can’t keep up. In order to implement a wealth tax they would not only have to do what they do now, but also assess the value of every estate of every wealthy person. They would need experts in all sorts of things to even attempt to pull that off. Experts in fashion, jewelry, cars, planes, boats, art, etc… as soon as you let even one of those things slip through, that’s what becomes the new wealth sync. Previously it’s been attempted by they excluded art because that’s notoriously hard to assess the value of. So the wealthy bought and traded a bunch of art to hide their wealth.

    I got down voted for my previous comment, but it’s the truth. The concept is simple and if it worked I would be all on board. It’s the process for implementing it that is the hard part and has historically always caused a wealth tax to fail. It’s not a new concept, but there is a reason it isn’t used. I’m not saying we should do nothing, but that we should do something different. We could start with adding back some income tax brackets.