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Following this line of thought - sacrificed alot and you now own a house (shocking in this market I know). Its value goes up 100k in a year due to forces out of your control. You now owe 30k in additional tax.
Should you now be forced to sell your home if you can't pay this tax?
Following it further- you have a bank account. You save 20k. You now have an asset that is increasing in value - do you now owe tax on this?
There is a bloody good reason taxes are paid when gains are realised, or more accurately when money changes hands.
Easily addressable by making an annual wealth tax have a threshold so it largely effects the economy's "winners."
That's the point of progressive taxation. The tax code should force the people that benefit the most from society pay the most back into it, as generating great wealth means you utilized a publically educated, pre literate workforce, tore up our roads and infrastructure more, utilized our commons more, etc.
Hey, here's a great idea, multiply the median American annual income by the current average lifespan in years, tie the lowest net worth wealth tax bracket to that number, and go up from there. I'll bet the .1 percent would be really eager to start raising wages then.
At least the ones that don't flee because they were never on their nation's side to begin with.
Don’t most people already pay property tax and tax on their interest income?
Depends on your definition of tax, and your country.
Interest income yes, taxed at the time the gain is realized.
We pay rates, which is a tax on the house value to the council for infrastructure (not technically a tax), and many places have capital gains tax where you pay at the time you sell (i.e when the gain is realised).
maybe you should not take such risks in the market if you cant afford the consequences.
the point here is the entire stock market is not based in reality. its a game that is managed by the very wealthy. we need to remove/reduce the profit motive.
between the hidden markets, self-governance and millisecond level trading, the entire thing is a casino and peoples lives should not be beholden to it. unfortunately those in charge are forcing everyone to get involved.
cries in shitty 401k
So you're saying don't take the risk and buy your own property to live on... just permanently pay rent to someone else?
And you are right, the stock market can come down to milliseconds trading.... but over the long term gains average. You won't become a millionaire overnight but nothing stopping you from buying and holding.
No. Primary residences are always protected from tax agents. Nobody is going to be made homeless by a wealth tax. Take your fearmongering elsewhere.
Primary residences are absolutely not protected from tax agents. They can and are sold to cover unpaid taxes. While it is true they don't do it often and will sieze every other asset you own first, that commonly leads to loosing your home as well. Good luck paying your mortgage when you don't have a car to drive to work anymore and all the funds in your bank account are frozen.
"if you have unpaid taxes, the IRS has the right to seize your home through a tax levy. If the IRS seizes your home for unpaid taxes, it uses the money from the sale to cover the cost of seizing and selling the property. Then, it applies the remainder to your tax bill. You can apply for a refund if there's any money left. " https://taxcure.com/tax-problems/tax-levy/home-seizure
Huh TIL, however it must be a large enough tax bill, several thousand dollars, and a court has to agree they've exhausted every other avenue. Combined with their settlement offers it's got be rare event that happens to the person who just will not work with them. Same with the car you drive to work. So your "nightmare" scenario is still a distant worry, at best, for anyone who isn't a militant libertarian. Personally I'd be more worried about the going to prison part of not cooperating with the IRS.