The United States could introduce a carefully-crafted small tax on wealth exceeding a large amount. The United States may well benefit by adding tax revenues from an annual net wealth tax. A wealth tax might be based on household assets such as property, stocks, bonds, net worth of unincorporated businesses, trusts, and yachts. Aside from moral or fairness concerns, the large and growing wealth inequality has severe damaging effects on American society. If adopted, the Republican tax and budget plans will exacerbate many social problems in the United States.

Source: Huffington Post November 27, 2017 03:16 UTC