You can certainly exempt things like a primary residence and allow grace periods to sell off inheritance to pay the taxes.
Taxing anything over $10 million of worth at an effective 100% puts a cap on your total worth. This is completely possible, but obviously would be extremely unpopular amongst all wealthy people.
Everyone would still pay other taxes, but I have a feeling that it would no longer be necessary considering how much money a policy like this thought exercise would generate.
I have a feeling there would still be a lot of ways for the rich to dodge the taxes, while regular people would somehow bear the brunt of it.
But, yeah, exempting anything below a couple million worth AND the primary residence might be a way out. Although, you’d probably need to define what a “residence” is, as well as put a cap on that, because otherwise those bastards would start building whole city-scale complexes and calling them their “primary residence”.
You can certainly exempt things like a primary residence and allow grace periods to sell off inheritance to pay the taxes.
Taxing anything over $10 million of worth at an effective 100% puts a cap on your total worth. This is completely possible, but obviously would be extremely unpopular amongst all wealthy people.
Everyone would still pay other taxes, but I have a feeling that it would no longer be necessary considering how much money a policy like this thought exercise would generate.
I have a feeling there would still be a lot of ways for the rich to dodge the taxes, while regular people would somehow bear the brunt of it.
But, yeah, exempting anything below a couple million worth AND the primary residence might be a way out. Although, you’d probably need to define what a “residence” is, as well as put a cap on that, because otherwise those bastards would start building whole city-scale complexes and calling them their “primary residence”.