If necessary, yes. Whatever form is necessary to effectuate the target outcome. We tax real estate, real estate is just another form of asset and wealth (with a similar liquidity profile to private equity). We can do the same with securities, equity (public or private), etc.
We don’t really tax real estate. That’s why all the old farts pay $1000/year in property taxes on a home that’s worth millions. Do you propose taxing them on the actual value of their homes?
This is not a serious argument based on total property tax collected across all 50 states on an annual basis (~$2T) [1]. Federal government spends ~$7T/year against $2.4T in personal income tax, $1.7T in payroll tax, and $530B in corporate income tax (~$4.9T in revenue) [2].
Could we tax real estate more? I’m sure, not opposed based on fair valuations and implementation details. We should start with securities first imho, as we already tax real estate today. Conveniently, the top 10% of households own 93% of US equities. US GDP is ~$32T annually.
What? Your numbers are way off. You didn’t read your source, the $2T is total local/state tax revenue, not property taxes.
Also, no we shouldn’t tax securities in a wealth tax scheme. We already tax them when you actually realize a profit or loss. Should we tax the value of your 401k?
