That’s more than cooking the economy , that is literally killing the American dream. The only way to have wealth is to make it before taxes were set.
A more fair approach would be a special assessment on net worth.
A more fair approach would be a special assessment on net worth.
Note that that is probably unconstitutional, aside from just being a bad idea in general (see similar implementations in other countries).
People past the 10 million $ mark have already succeeded at the American Dream - even at measly 1% return rates, they and their offspring don't have to work a single day in their lives again. They can be taxed without the economy even breaking into a sweat.
Personally, I think there should be a hard wealth cap at some point between 100M to 1 billion dollars. "Trickle down" has been proven to be outright bullshit, and the uber rich have political power similar to landed gentry, in some cases nearly as much as kings back in the days. It's enough.
how would a wealth tax incentivise people to save more and spend less?
It should be pointed out that people who currently work hard aren’t rewarded the same way people were when a lower tax environment existed. Do you think that is fair , if the taxes were raised significantly to cover the debt ? Specifically debt that the government accumulated before you even entered the workforce.
We have a lot of headroom for more taxes.
Which the current supreme court would strike down even if congress could put its pants on and try