The elephant in the room is why governments need more money: old age benefits like social security. I fear that taxing wealth will just be a tax on future investment while funnelling that wealth to the elderly. Already, folks are pushing to make the key asset owned by the old - housing - free from property taxes (if you're over 60, naturally)[1] which will only push housing prices up and drive more budget deficits that needs fresh tax revenue.
I don't expect Social Security (or my country's equivalent) to exist in anything like its current form when I'm old enough to retire. This is the last hurrah and it's shocking how we're pulling out all the stops to make it happen.
I don't expect Social Security (or my country's equivalent) to exist in anything like its current form when I'm old enough to retire. This is the last hurrah and it's shocking how we're pulling out all the stops to make it happen.
[1] https://www.sos.ca.gov/administration/news-releases-and-advi...