Maybe so, but Biden was just talking about the income tax rate.
The problem with a wealth tax is that it seems like it would be hard to do. If I buy a painting for $1M, do I get taxed on that amount regardless of its value even if it’s worth ten times that? Do I have to get it appraised? If so, just once or every year because the value can fluctuate? If I buy a rare classic car that’s rusted out, and I restore it, how is the value calculated? Now imagine I have a giant art collection and a giant car collection. It just doesn’t seem workable.
I’m sure all that stuff is insured. Not difficult to assess wealth. Don’t have a wealth tax kick in until over $30 million (whatever number). Seems imminently workable to me.
Maybe so, but Biden was just talking about the income tax rate.
The problem with a wealth tax is that it seems like it would be hard to do. If I buy a painting for $1M, do I get taxed on that amount regardless of its value even if it’s worth ten times that? Do I have to get it appraised? If so, just once or every year because the value can fluctuate? If I buy a rare classic car that’s rusted out, and I restore it, how is the value calculated? Now imagine I have a giant art collection and a giant car collection. It just doesn’t seem workable.
I’m sure all that stuff is insured. Not difficult to assess wealth. Don’t have a wealth tax kick in until over $30 million (whatever number). Seems imminently workable to me.
If you can afford a 1M$ painting, you can certainly afford to have it appraised once in a while.