Tax the rich, Are YOU the rich?

 ASSET TAXES ARE THE NEW TARGET IN THE WEST

DEBT-RIDDEN GOVERNMENTS EYE NEW REVENUE

We hear the same calls for taxing the rich from Joe Biden and the European union. Tax rates of high earners are already often over 40% in the U.S. and over 50% in the EU, yet they call for more taxes as they claim inequality is growing. Everyone should do an accounting and see what percent of their income they pay in taxes. Add up your federal, state and local income taxes, your real estate taxes, and the long list of sales taxes, fees, registrations, and permits you now pay and you may find you are paying much more than you knew. No matter,  is will never be enough. 

The push for asset taxes by all governments has been growing for years, they use examples of the increase in value of some billionaires stock holdings and claim they are not taxed, as they should not be, as this profit is only realized when an actual sale is made. How would they make provisions when the next year these same assets decrease in value, will there be a refund? Of course, they always state these taxes will only be on the rich, so everyone who believes they are not rich will support taxing someone else. 

In the EU they claim they want to tax millionaires and billionaires. Today, if you were even moderately thrifty, responsible, own a home and saved for old age you are very likely a millionaire. Being a millionaire is not what it used to be, mostly because the government devaluing the buying power of the currency.

When the Income tax was first introduced it was 1 % on the incomes over $3,000 and that sum was a lot of money in 1914. It has always been up ever since with a digest of cut-outs and other ways to manipulate taxpayers.

Asset taxes, are in effect, an annual taking of a piece of your wealth, wealth that you saved, invested and often paid large taxes on before it became your wealth. It will be a never ending drain on your savings and frugality that you thought would be yours, but instead it will be a never ending pocket for the government to pick and pick it they will. You can bet the definition of rich will soon be anyone who has more than the government believes they need and the rate will increase as well.

Then you have the annual declaration of your net wealth, If you underestimate you may be fined. Eventually it would need a army of accountants and assessors by the government and also by taxpayers to decide what your assets are worth. That antique car, grandfathers summer home, maybe even the wifes collection of shoes. A very costly nightmare of accounting, all paid for by you, the now rich.