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.
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...
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.