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EU-funded report calls for wealth of super-rich to be taxed, not income
(www.theguardian.com)
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this post was submitted on 23 Oct 2023
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These two are not that different. But capital gains tax is only paid when the gain is realised (minus any loopholes), a wealth tax is based on the current value of the capital.
Yeah but the issue is you're constantly paying tax on something. If you have money in the bank, then that's going to devalue anyway through inflation, yet it will devalue even more with this. There would need to be a very high threshold for the tax to start to prevent it from being unfair. There's also the issue that the value of wealth can be somewhat subjective - how much would you tax someone for owning an expensive piece of art, how would you measure the value in between sales?
Wealth tax is arguably better than income tax, as encouraging spending is generally a good thing (you won't get taxed on wealth if you don't hang onto it) but the main focus of tax should be on capital gains when the value is actually realised. I think it would be far better to close all the loopholes and simplify the capital gains tax system than to introduce a new wealth tax. That, and addressing money being moved overseas, which is where a lot of wealth will end up hidden if wealth tax becomes the target.