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A comment on Modeling a Wealth Tax. Parent comment

Re:Modeling a Wealth Tax by ivalm on Tuesday August 18, 2020 @06:38PM (#24205175)
Wealth tax proposals target only very high nw people. There is no inherent right to be very high net worth, if you are not productive with your wealth then it is more efficient for the society if that wealth is reallocated. This is what wealth tax does.
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Re:Modeling a Wealth Tax by bhupy on Tuesday August 18, 2020 @10:27PM (#24206575)
> there is no inherent right to be very high net worth

But there is an inherent right to the ownership of property (enshrined in the US Constitution).

A Federal wealth tax is currently unconstitutional for the same reason that you don’t have Federal property taxes: the Constitution explicitly prohibits the Federal government from levying direct taxes except for income (via the 16th Amendment). Wealth is not income.

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Re:Modeling a Wealth Tax by ivalm on Tuesday August 18, 2020 @11:29PM (#24206873)
Sure, I am all for an amendment.
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