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A wealth tax (also called a capital tax or equity tax) is a tax on an entity's holdings of assets or an entity's net worth. This includes the total value of personal assets, including cash, bank deposits, real estate, assets in insurance and pension plans, ownership of unincorporated businesses , financial securities , and personal trusts (a ...
A wealth tax is imposed on the value of some or all of a taxpayer's assets, such as stocks, real estate, and businesses. A Nov. 2024 report from the state Washington State Department of Revenue on ...
Opponents of a wealth tax reason that the share of federal taxes paid by the top 1% is already adequate. In 2021, the top 1% paid over $1 trillion, almost half of all tax revenue collected ...
The White House in September estimated that the 400 wealthiest families in America paid an average federal individual income tax rate of 8.2% on $1.8 trillion of income between 2010 and 2018.
The tax would raise around $2.75 trillion over 10 years, roughly 1% of GDP on average per yearuld raise the total tax burden for those subject to the wealth tax from 3.2% relative to their wealth under current law to about 4.3% on average, versus the 7.2% for the bottom 99% families. [79]
While pre-tax income is the primary driver of income inequality, the less progressive tax code further increased the share of after-tax income going to the highest income groups. For example, had these tax changes not occurred, the after-tax income share of the top 0.1% would have been approximately 4.5% in 2000 instead of the 7.3% actual figure.
The wealth tax Shirshikov references comes from the official Biden-Harris 2025 budget proposal, which reads, “The tax code currently offers special treatment for the types of income that wealthy ...
The super-wealthy are criticized by some, but two academics say many billionaires become rich by improving people's lives and expanding the economy.