DiscoverPlanet Money#929: Could A Wealth Tax Work?
#929: Could A Wealth Tax Work?

#929: Could A Wealth Tax Work?

Update: 2019-07-2449
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Elizabeth Warren wants to tackle inequality by taxing the wealth of the mega-rich ($50-million-or-more rich). Wealth taxes failed in Europe. Can they work in the U.S.?
Comments (7)

Nate Flippin

Ah yes, make the IRS ten times more powerful, and go through everyone's home to determine if they are "wealthy." There is definetly no problem letting corrupt bureaucrats do that! You know the middle class would be taxed through this eventually. This only guarantee's that no one will get luxury items. Also this is a great way to be sure that no one becomes wealthy. Not to mention this would hurt the economy in the long run. Bigger government is never the solution, they will waste the money they get and spend it all. We should instead focus on giving people in the low and middle class more opportunities to become wealthy. That would be a much better way to reduce income inequality. Bring the bottom up, not the top down.

Aug 1st
Reply (1)

London Rhodes

Disgusting ideas.

Jul 30th
Reply (1)

Mike Turek

You fail to ask how confiscating more wealth from the ultra wealthy will make the middle class better off. Under communist rule, you had an egalitarian system and yet everyone was worse off. Eliminate the income tax convert to a consumption tax and this should solve your dilemma.

Jul 27th
Reply

Anil Palan

Confiscating assets for changing citizenship? That's literally locking a wealthy person inside a prison cell and pointing a gun at their head demanding their money. I see this as grounds for a civil war.

Jul 27th
Reply

H Tse

ultra rich individuals love to compare each other on the annual rich list, if you create a similar public annual list showing philanthropy (Only to select areas that benefits public) as a % of their wealth illustrated on the rich list, this would naturally make ultra rich compete with each other on philanthropy.

Jul 26th
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#929: Could A Wealth Tax Work?

#929: Could A Wealth Tax Work?

NPR