Here’s the inflation breakdown for December 2022 — in one chart (cnbc.com)
Sen. Warren does not understand we already have a wealth tax – it’s called “Inflation” and then at end of life, we have a 2nd wealth tax called an estate or inheritance tax. We already have wealth taxes under a different name.
Her general goal, together with Sen. Sanders, is to adopt Scandanavian style high taxes and social benefit programs. The Biden administration has also proposed Scandanavian style high taxes and benefit programs.
Just 7 countries in the entire world have a wealth tax. Wealth taxes do not always work as intended; many of the wealthy are in positions to leave their country of residence or convert assets to hard to value items like art.
Most countries tax income and wealth within their boundaries. Only the US and one small nation tax income earned globally, even when living outside the country – which is why some Americans who live abroad decide to renounce U.S. citizenship.
Regardless, the U.S. already has a wealth tax – it is called inflation and it enables the government to pay off past debts using future deflated dollars. It is literally the same as a wealth tax.