In the US at the national level and with rare exceptions, we tax only income (transactional flow.)

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In the US at the national level and with rare exceptions, we tax only income (transactional flow.) Our federal government does not tax wealth in terms of property or funds invested or in banks.

Why do you suppose this is the case? Has it had the desired reinvestment effects? If so, then why do we still have the largest income gap in our history with the very wealthy top percent of citizens receiving the lion's share of income and holding the vast majority of personal wealth? How do other capitalist countries address this issue of taxing wealth and not just income? (Please mention at least one.) How does their system provide more parity? How has this affected their economy, if it has?

Posted Date: Dec 04, 2021 01:00 PM

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In the US at the national level and with rare exceptions, we tax only income (transactional flow.)

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Expert Answer:

A wealth tax is a tax based on the market value of assets owned by the taxpayer Some developed count... View the full answer

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