It’s the first step in a wealth tax. In the future a government “wealth assessor” will inventory everything you own or invest in, make an arbitrary determination of how much its “worth”, and then set your taxes. Like property tax but a million times more complex and arbitrary.
Literally the first paragraph of OPs article: “The plan would impose a 25 percent minimum income tax on anyone worth at least $100 million.” I.e. if your asset size is less than a certain threshold it won’t affect you. So it will require audits of asset size to accurately tax.
It’s the first step in a wealth tax. In the future a government “wealth assessor” will inventory everything you own or invest in, make an arbitrary determination of how much its “worth”, and then set your taxes. Like property tax but a million times more complex and arbitrary.
Where are you seeing this?
Within the depths of their feverish swampland they call a brain.
Literally the first paragraph of OPs article: “The plan would impose a 25 percent minimum income tax on anyone worth at least $100 million.” I.e. if your asset size is less than a certain threshold it won’t affect you. So it will require audits of asset size to accurately tax.