Wealthy

The new darling of the liberals, Ocasio-Cortez is proposing health care for all and free college tuition. When asked how she would pay for this she gave an answer that people ridiculed but no one could refute. She said when it comes to spending for wars the government just does it whether they can pay for it or not. The programs she is proposing will cost $4.2 trillion dollars per year and I have a suggestion for her on how to pay for it. The total wealth of the United States is $94 trillion and 77% or $72 trillion is owned by the top 10% of the people. She could propose a 5.4% wealth tax on these rich and that would pay for her programs. Wealth tax is currently charged in France, Spain ,Norway and Portugal. It’s an additional tax for people whose combined assets are worth more than a certain value.  Wealth tax is imposed on the wealth possessed by individuals in a country. The tax is on a person's net worth which is assets minus liabilities. These assets include, but are not limited to, cash, bank deposits, shares, fixed assets, personal cars, assessed value of real property, pension plans, money funds, owner occupied housing, and trusts. An ad valorem tax on real estate and an intangible tax on financial assets are both examples of a wealth tax.