I turn 73 this year. The IRS requires me to report to them the value of my stocks and bonds as of 12/31/2024 held in my IRA. And then I am forced to liquidate a percentage of those holdings during 2025 so the IRS can collect a tax on that wealth. A genuine wealth tax.
Let's talk for a moment about people owning 100 million dollars plus in net assets.
First, this is the group that pays the millions of dollars needed for their "politician" to run for office. There is only one reason anyone would do such a thing: assuring they own a "member of Congress" who will vote how they say on matters of their personal concern.
Votes on important subjects - such as who will - and will not- pay the cost of operating the government.
Someone with 100 million dollars or more of net wealth do not need to work to survive. They are not forced to have an "income" unless they decide to have one. Their only income is 100% voluntary.
For example, they potentially have "taxable income" if they decide to sell assets - but any such decision is very calculated and designed to transfer certain assets from one investment to another that will perform better and thus increase their wealth beyond whatever "taxable income" may be incurred.
They do not sell assets to generate cash to purchase things. They borrow to generate cash because doing so avoids "taxable income". And most own a family bank used for just for this purpose - providing them with liquidity - without incurring taxes.
Is it any wonder that a decision was made to use "income" as the device for deciding who will pay the cost of running the government? Income being the one thing people with 100 million or more in net assets can control and manipulate and only incur when they decide to incur it?
It is ridiculous to suggest people worth 100 million dollars or more can't find a way to pay a wealth tax. If I can do it (as I will do every year moving forward), then people with 100 million dollars+ (eg billionaires) can certainly do so.