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Subject:  Re: Soc. Sec. - Taxing Wealth vs. Taxing Income Date:  10/23/1998  6:52 PM
Author:  LooseChange Number:  6245 of 78665

An excerpt from my earlier post (#6214).
The proposal mentioned in this series of articles is very scary to me for another reason. In the end
of the book, "The Millionaire Next Door," (which was on the Fool's recommended reading list at
one time I believe, it may still be) the author(s) make mention of the coming of a Federal tax on
wealth - not income (yes, a tax on money just sitting in the bank). The author(s) contend that this
will be necessary because of the fact that fewer and fewer people seem to be controlling more and
more of the wealth in this country. The author(s) also point out that some states are doing this (or
have done this) in the past. Georgia WAS one of those states I believe, and it was called the
"Inventory Tax."