* The US suffers from drastic wealth inequality.
* One popular solution is a wealth tax on the country's richest citizens, much like Argentina has done.
* Their one-time 2% tax on the wealthiest citizens raised $4 billion and helped fund their COVID relief efforts.
* Morris Pearl is the Chair of the Patriotic Millionaires and a former Managing Director at BlackRock, Inc.
Lawmakers in Argentina, a country hit hard by COVID-19, recently took a bold step to respond to their country's pandemic-fueled economic crisis: they decided to tax the rich.
The United States should follow Argentina's lead and support enacting a similar measure to support pandemic relief efforts.
Read more ....
WNU Editor: Argentina has already implemented such a tax .... Covid: Argentina imposes new tax on wealthiest (BBC).
In the country where I live (Canada), my friends in the government are telling me that there is a plan to tax the equity of people's homes between 1% to 3% to deal with the costs of the Covid crisis. So if your home is worth $1 million and you are mortgage free, be prepared to pay a tax between $10,000 to $30,000. And if you do not have the funds, do not worry, it will be arranged so that you can go to the bank to take a special mortgage type loan. To say that I am not amused by this special confiscation tax is an understatement. It is also a tax that could become permanent .... after-all .... when do government really drop taxes.
As to the question .... "is this good policy to tax the wealthy and those who worked hard and saved money for a better life in the future"? European governments have already tried this "tax the wealthy" scheme, and killed it when they realized that those who were wealthy simply left the country or curtailed their business activity .... If a Wealth Tax is Such a Good Idea, Why Did Europe Kill Theirs? (NPR).
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