It'll never happen. First of all, the supreme court has already shot down several tax programs like this at the state level. Second of all, NOONE, will ever actually implement a legit net worth tax, because all of these people who're writing the laws are millionaires and billionaires themselves.
Even the states that have implemented a "wealth tax" of some sort, only did so in name. They're usually just another excise income tax or long term capital gains tax that's tacked onto normal income/capital gains tax, and EVEN then, they're usually subject to deductions, credits, etc. So no one actually pays them.
Wealth taxes are never implemented for this reason. They people writing the law would have to give up all their corrupt, ill gotten gains.
It'll never happen. First of all, the supreme court has already shot down several tax programs like this at the state level. Second of all, NOONE, will ever actually implement a legit net worth tax, because all of these people who're writing the laws are millionaires and billionaires themselves.
Even the states that have implemented a "wealth tax" of some sort, only did so in name. They're usually just another excise income tax or long term capital gains tax that's tacked onto normal income/capital gains tax, and EVEN then, they're usually subject to deductions, credits, etc. So no one actually pays them.
Wealth taxes are never implemented for this reason. They people writing the law would have to give up all their corrupt, ill gotten gains.