Taxing the Wealthy

Democrats always seem to be in search of new ways to get revenue, especially from the rich. One idea being floated around recently which a few European countries have is a tax on wealth, or assets. According to Daniel Altman in the New York Times “the real menace for our long-term prosperity is not income inequality — it’s wealth inequality.” This is the great distortion to economic prosperity he argues. It sounds good, and I am sure when people think of it, they imagine an NBA superstar or Bill Gates looking at his balance sheet and paying fees on certain items, like houses, cars, and yachts, without objection because they are so wealthy. Beneath the surface though it is more legally more complex, and could be counterproductive.

 

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