Taxing wealth might sound like a good idea, but it would be a tragic mistake via fpcomment
A number of politicians in North America are warming to the idea of a wealth tax. In Canada, the NDP is proposing to introduce one on all net assets over $20 million. South of the border, Democratic hopeful Elizabeth Warren is proposing one that would kick in at US$50 million.
France has been experimenting with such a tax for some time. It adopted the “Solidarity Wealth Tax” in 1989, after having had a similar tax from 1982 to 1986. This tax is not indexed to income but to the value of the assets that people have accumulated. First and foremost, a wealth tax comes on the top of other taxes these individuals already pay, such as the progressive income tax or the capital gains tax. Hence, there is an obvious possible “Laffer” effect to any additional tax that further encumbers the wealthy.
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