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A comment on With corporate tax off table, U.S. Democrats turn to billionaires. Parent comment

Re:With corporate tax off table, U.S. Democrats turn to bill... by kevinventullo on Monday October 25, 2021 @12:45PM (#28989976)
That would be a wealth tax, which seems to be verboten in the US.
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Re:With corporate tax off table, U.S. Democrats turn to bill... by rmk on Monday October 25, 2021 @01:39PM (#28990749)
No, it's not a wealth tax. Wealth Tax is usually understood to be the tax imposed on wealth transfer, for example when a wealthy person dies and the estate passes on to his heirs. Wealth Tax is not verboten in the US, it's actually very much a fact (it's known as Estate Tax), and wealthy people spend considerable time and money dealing with it. The current wealth tax exemption limit is $11.7 Million (i.e., you don't pay a penny of estate tax if your estate is valued at this number or below). Estates larger than $11.7 million are subject to Estate Tax. And large gifts made during the lifetime of the person whose estate is taxed also bite into the exemption amount of $11.7 million.
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Re:With corporate tax off table, U.S. Democrats turn to bill... by kevinventullo on Monday October 25, 2021 @03:50PM (#28992273)
Wealth Tax is usually understood to be the tax imposed on wealth transfer, for example when a wealthy person dies and the estate passes on to his heirs

Agree to disagree. What you’ve described is an Estate Tax or Gift Tax, which are not the same thing as a Wealth Tax.

A Wealth Tax is usually defined as a tax on the net wealth a person holds; transfers are not necessary. This is how both Wikipedia and Investopedia define it.

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Re:With corporate tax off table, U.S. Democrats turn to bill... by rmk on Monday October 25, 2021 @08:50PM (#28995144)
In the USA, Estate Tax is synonymous with Wealth Tax, and it is the commonly-understood usage. There are very few countries that tax (financial) assets where no gain is realized (i.e., they are not sold or exchanged). The Netherlands (and a handful of other European countries) have the system of taxing unrealized gains, but this usage of 'Wealth Tax' is pretty much obsolete all over the world.
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Re:With corporate tax off table, U.S. Democrats turn to bill... by kevinventullo on Monday October 25, 2021 @11:02PM (#28995945)
In the USA, Estate Tax is synonymous with Wealth Tax, and it is the commonly-understood usage.

That is simply not true.

- Estate Taxes are about taxing the transfer of assets upon someone’s death.

- Wealth taxes are about taxing the overall net wealth someone has at a given point in time. Gains have little to do with it; there could be ten billion dollars in cash under your mattress and you would still be subject to a hypothetical wealth tax.

In case you are not convinced, here are an overwhelming number of links using this definition:

https://en.m.wikipedia.org/wiki/Wealth_tax

https://www.investopedia.com/terms/w/wealth-tax.asp

https://www.pgpf.org/blog/2021/03/what-is-a-wealth-tax-and-s...

https://taxfoundation.org/wealth-tax/

https://berniesanders.com/issues/tax-extreme-wealth/

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