Re:Media Owned by Wealthy Are Quick to Tell You Wealth Taxes...
by liuliu on Thursday October 22, 2020 @02:45PM
(#24861755)
It is arguable whether wealth should be within right to privacy or not. As for items inheritably with illiquid market value, it is also arguable whether we should assess their ongoing market value at all. Real-estate on the other hand, would hardly be illiquid and the United States do have a reasonable assessment program for real-estate. The same cannot say for antique cars or artwork.
However, to combat the side-effect of wealth tax requires global governance, which in today's day and age, seems like a pipe dream.
A wealth tax seems impractical on many levels, including the increased burden of trying to document the value of your items for people of modest wealth levels. Unique or thinly traded luxury items have value that can't really be known until they are sold, which is why capital gains are taxed at the time of a sale. I'm thinking of a rare coin that might be $75,000 or $100,000.... you can't know the value until it goes up on the auction block. Same thing applies to real estate, antique cars, artwork, etc.