That's interesting because... right now we have a system that examines income and taxes income.
The "wealth tax" is a system that examines wealth and taxes wealth (not income). It's theorized that it's unconstitutional, and even if it isn't, the conservative US court might cause it problems anyway.
But if instead you examine wealth and tax income, maybe that gets around the issue. Higher income tax brackets for those with more wealth?
A simple wealth tax of 4-5% would completely eliminate idle wealth in a couple of decades and would not destroy the American way of bootstrapping yourself to wealth like a 99% tax would.
Seeing as wealth is rarely in the form of cash, and you need to pay taxes in cash. You would need to sell the wealth, creating income, which in turn is used to pay the taxes. So it seems right.
The "wealth tax" is a system that examines wealth and taxes wealth (not income). It's theorized that it's unconstitutional, and even if it isn't, the conservative US court might cause it problems anyway.
But if instead you examine wealth and tax income, maybe that gets around the issue. Higher income tax brackets for those with more wealth?