This misinformation spree of the last few years is really worrying. A wealth tax would be completely disastrous to the US economy. It would cause shares to be a depreciating asset and cause mass selloffs. The rich would still get around them by shoving all share ownership into another corporation that is off-shored into a tax haven country.
And no "it's only for the rich" is not a valid argument. Once it's in place it will gradually be expanded downward. (It's exactly how the income tax started.) It will act as yet another wall for the middle class getting into share ownership and preventing retail investors from getting into the market.
Politicians and media are also doing things like renaming the wealth tax a "unrealized capital gains tax" to disguise what it really is to mislead the public.
Edit: If anything I want to solve wealth inequality (or at least the perception of wealth inequality) so that draconian politicians don't propose draconian laws that would ruin the economy.
And no "it's only for the rich" is not a valid argument. Once it's in place it will gradually be expanded downward. (It's exactly how the income tax started.) It will act as yet another wall for the middle class getting into share ownership and preventing retail investors from getting into the market.
Politicians and media are also doing things like renaming the wealth tax a "unrealized capital gains tax" to disguise what it really is to mislead the public.
Edit: If anything I want to solve wealth inequality (or at least the perception of wealth inequality) so that draconian politicians don't propose draconian laws that would ruin the economy.