And I was suggesting that the middle class already pays a wealth tax as most of their wealth is in their home. I agree with OPs sentiment, but have it start above $5 million and have it pretty steeply progressive.
If you set a number like 5 million it will eventually reach the middle class. For example, the AMT was created to tax billionaires, but I actually had to pay it one year because I sold some assets. Now middle class people have to potentially do two calculations to see if AMT applies (when you have a one time sale with a capital gain)
Instead of making lots of new rules at random cutoffs, why not just fix the rules we already have?
Repeal the stepped up basis for inheritance, repeal caps on payroll taxes, etc
Yes, he pays property tax, but people are suggesting a wealth tax which would be bonkers. He would have to go back to work or seek the house
And I was suggesting that the middle class already pays a wealth tax as most of their wealth is in their home. I agree with OPs sentiment, but have it start above $5 million and have it pretty steeply progressive.
If you set a number like 5 million it will eventually reach the middle class. For example, the AMT was created to tax billionaires, but I actually had to pay it one year because I sold some assets. Now middle class people have to potentially do two calculations to see if AMT applies (when you have a one time sale with a capital gain)
Instead of making lots of new rules at random cutoffs, why not just fix the rules we already have?
Repeal the stepped up basis for inheritance, repeal caps on payroll taxes, etc