Majority of Americans favor wealth tax on very rich: poll

Re:Majority of Americans favor wealth tax on very rich: poll by aazaa on Friday January 10, 2020 @01:22PM (#22013422)

Consider how Joe, a poor person, will prove to the IRS that he has no assets to tax. Proving a negative is impossible, unless you're working with a closed system. You can make the financial system closed by requiring all income and all assets to be reported to the IRS.

The only way this works is if we all file asset statements, rich and poor. And that means an end to one of the last remaining forms of financial privacy - for everyone, not just the rich.

[ Parent | on HN ]

Re:Majority of Americans favor wealth tax on very rich: poll by esoterica on Friday January 10, 2020 @01:37PM (#22013673)

You don’t have to prove to the IRS you have no assets, just like how it’s not on you to prove to the IRS that you have no income. You just declare what you have and if you’re found to be lying later you go to jail.

[ Parent | on HN ]