Sunday, July 8, 2018

Wealth tax

I have often pointed out the difference between sharing the wealth and increasing taxes. If we took all the income from the one percent and gave it to the 99% each family would receive $15,000 but if we took one half of their wealth each family would get $200,000. So one might asked why does Jeff Bozos need $120 billion dollars? Isn't one billion enough for any body? At the time I did not think any American would want to take assets from another person but that may change. In Norway for example they have a wealth tax. Wealth is a persons total assets from all sources and any amount over $120,000 is taxed at .85%. So in the case of Bezos he would owe $10 billion in wealth tax. I get the feeling that in the present state of the country many people would be OK with that.

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