Earlier quoted context omitted.
> You'll have to explain to me how a wealth tax hit the poor because the poor do not have wealth I'm sorry, perhaps "poor" wasn't the best word. But let me explain what I was thinking: I live in Switzerland where wealth tax is very much more annoying to the middle-class than the rich. This is because it starts at around CHF80'000--a lot of people qualify--and isn't taxed progressively above CHF2 million. While the ri…
You've made yourself very understandable, thank you for explaining further. Doing a Francs to Dollars conversion, 80,000 francs is around 90,000 USD. This is much lower than it should be in my opinion. For comparison, Biden's proposed wealth tax would only affect people with $1 billion in assets or people $100 million in income for three consecutive years[1]. This is not only less than 1% of the country, it's less th…
I am very much in favor of increasing taxes for the very wealthy ($100 million in net worth seems like a good start).
I just don't want that kind of tax to do collateral damage to middle-class people. For example, Switzerland doesn't have capital gains tax (!!!) except if trading is your profession. If we introduce capital gains tax, sure it will tax the rich but they will be able to wave it off while middle-class investors will get hit too. That's why I said in my initial comment that it could be wise to only tax those that invested for less than 10 years. We could also imagine a system where your capital gains are taxed based on your net worth after the trade.