Quote:
Originally Posted by Laker14
2. why do we tax income instead of wealth?
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In addition to the fact that "wealth" is already taxed at least once if not more:
Person A scrimps and saves, makes prudent choices, lives within their means and accumulates some degree of "wealth". Maybe to enjoy retirement, maybe to pass something on to their kids, but in either case have been responsible citizens.
Person B spends every penny they ever earn---has impulse buying, gets sports cars, a house they can't afford, runs up credit cards and saves nothing, relying on social security and the good will of others when they stop working.
So who is rewarded and who is screwed by a "wealth tax"??? Fair???? I don't think so.