Anonymous
Anonymous asked in Politics & GovernmentPolitics · 1 month ago

Isn't a wealth tax double taxation, the money if inherited already went through estate tax, if it was earned then it already went through?

income taxation. So why should it be taxed again?

Update:

Gambling winnings are not double taxed. You guys are weird

8 Answers

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  • Anonymous
    1 month ago

    In general, the idea of double taxation is pretty silly. The idea initially a rose with regard to the estate tax which taxes money with someone inherits. The idea was that people had already pay taxes on that money, through income taxes, when they earned it and so should not be taxed again. This is nonsense. Taxes are generally assessed whenever Money Changes hands. If I earn money at my job I pay income taxes on that. When I spend that money, which is already been taxed, at a store then I pay sales tax on the purchase and the store owner pays income tax on the profit he earns.

    A wealth tax is a bit different in that it is not being assessed on in exchange of money but the mere existence of it. Still, I don't think that this is double taxation, or at least not an illegitimate form. The logic behind a wealth tax is that income inequality has become so immense, and wealth has become so concentrated, that the ordinary income tax is not sufficient for dealing with the problem. Instead, we need a wealth tax which will bringing money from these immense Fortune switch have been accumulated during the low-tax decades when Republicans were in charge of fiscal policy

  • J M
    Lv 7
    1 month ago

    I don't think you know what you are talking about.

  • Anonymous
    1 month ago

    Value added taxes on luxury items.

  • 1 month ago

    Some believe that wealth hoarding isn't good for the economy. Better if the money was being used.

    They double tax gambling winnings as it is.

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  • Sherry
    Lv 6
    1 month ago

    Why should lottery winnings be taxed? That money has already been taxed too. I guess the 'logic' is that since it is unearned, it is undeserved.

    But while my fellow conservatives are whining about this, many are still fine with a 'youth minimum wage'. That's hypocritical.

  • abdul
    Lv 7
    1 month ago

    Because the liberal progressives need that extra tax money to fund all their socialist give away plans to get segment of the population who thinks the govt should provide them with everything they need to vote for them.

  • 1 month ago

    Rich people can MOVE

    You tax the rich too much, they just LEAVE

  • Anonymous
    1 month ago

    Yes it is unfair treatment to wealthy Americans. But apparently it is okay to discriminate against wealthy people, at least according to democrats.

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