No. of Recommendations: 3
I keep reading (John Mauldin, etc..) that the Gov (state and fed) will need to pay for all the public pension obligations coming due and one idea that has been mentioned is a "wealth tax". Tax the wealthy.

1. Mauldin is a crank.

2. You have to tax the wealthy, that’s where the money is.

3. It is extremely difficult to (successfully) administer an assets tax, people will find a way to evade/avoid it, as you are thinking about doing. Imagine if you had *real* assets, like the Koch’s or whoever. It’s easy to tax transactions, like home sales, personal income from an employer, and so on because there’s a record (ignoring the small amount of underground economy). It’s very hard to total up how many boats and cars, not to mention antiques, furniture, art, gold bars in safe deposit boxes and so on that somebody owns. I’m not saying it’s impossible, just that its inefficient, prone to government snooping in private lives, and easy to dodge.

4. It’s not Constitutionally enabled, so there’s that.

5. Mauldin is a crank. There are far bigger worries about taxation that this.
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.