[Brian Griffin]

“Any wealth tax that starts out at 1% or 2% would quickly escalate to 50%+ once Democrats got addicted to spending the money.”

There is already a wealth tax in Democratic and Republican areas called property tax. The modern rates tends to fall between 1% to 2%.

[Political Junkie Too]

Wealth tax or service fees?

Don't property taxes go towards school maintenance, road repair, street and traffic lights, police/fire/EMT, pest control, community landscaping, and such?

-PJ

[Jewbacca]

There is already a wealth tax (on some wealth). It’s called “deficit spending”.

The way deficit spending works is the government gives the government a T-bill in return for printing money. This makes the value of all US Dollars worth less.

In short, it is a tax. The government takes value from people who have dollars (or a flow of dollars, like a retirement) and spends it.

Interestingly, it’s a flat tax. Anyone who has dollars is taxed at the same amount (said amount being the amount of deficit spending (i.e., new dollars) over the total amount of dollars outstanding.

Due to the power of the USA, we get to export part of this tax burden onto any country that holds dollars (or holds T-bills).

So China pays a pretty damn fair amount of the deficit tax.

That’s way better than taxing people in the USA.

(And why I oppose deficit spending, but am less opposed to it than new taxes.)

[Lazamataz]

There is already a wealth tax in Democratic and Republican areas called property tax. The modern rates tends to fall between 1% to 2%.

Yes, and it is local, intended to pay for schools (for the most part).

Leaving aside my distaste for this local tax, you propose making this tax Federal as well.

NO.