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“I do believe there will be some cuts (to Medicare & Social Security).” - DOGE caucus
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(12-20-2024, 03:41 PM)TDOSS Wrote:(12-20-2024, 12:56 PM)The Real Marty Wrote: Taxing wealth would mean the government would have to hire tens of thousands of appraisers, and tens of thousands of lawyers, because rich people would hire their own appraisers, and fight the appraisals in court.No, it doesn't. Ask Norway, Spain, France, Italy, and other countries with wealth taxes. Why Europe Axed Its Wealth Taxes | Cato Institute More than a dozen European countries used to have wealth taxes, but nearly all of these countries repealed them, including Austria, Denmark, Finland, France, Germany, Iceland, Ireland, Italy, the Netherlands, Luxembourg, and Sweden. Wealth taxes survive only in Norway, Spain, and Switzerland. Yet for little revenue, wealth taxes are difficult to administer and enforce. They may require taxpayers to report the values of financial securities, homes, furniture, artwork, jewelry, antiques, vehicles, boats, pension rights, family businesses, farm assets, land, intellectual property, and much else. But owners do not know the market values of many assets, and values change over time, so costly wealth-tax compliance would only make accountants wealthy. |
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