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Are You Affected By The Wealth Tax?

By: Brad W.

Are you affected by the wealth tax? The Federal Reserve reveals that income and wealth inequality in the United States is on the rise. One proposal to redistribute wealth from the top earners was to introduce a wealth tax. Most taxes come from purchasing a product and receiving a "sales tax," a wealth tax will hit stagnant money, such as business assets, personal belongings, and more. The wealth tax would tax the wealth of individuals whose net wealth totals $50 million or more. Billionaires Bill Gates and Mark Cuban have voiced their feelings about the charge.

The tax is a tax on all assets:

  1. Personal items (clothes, jewelry, cars)

  2. Business assets (interest in a company)

  3. Investment money put into other companies (foundations)

Economists are concerned with the concept of engaging the wealthy into a tax as being too radical. Even though studies show 54% of Americans “strongly agree,” the most affluent individuals should pay higher fees. From 2013 and 2016, top income families saw more considerable gains in income. This consistent widening of income inequality has people questioning if the gap between rich and poor will ever close. Some political leaders recommend increasing corporate taxes. Others recommend increasing the progressivity of existing income taxes, closing loopholes, and increasing estate taxes. How are you affected by the wealth tax?

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