Bloomberg`s `tax on the very rich` isn`t actually a wealth tax like the ones Warren and Sanders have proposed. Here`s how they compare.


Bloomberg`s `tax on the very rich` isn`t actually a wealth tax like the ones Warren and Sanders have proposed. Here`s how they compare.
Billionaires have become central to the Democratic primary race — thanks to both their donations and their taxes . A wealth tax, like the ones proposed by presidential candidates Sen. Elizabeth Warren and Sen. Bernie Sanders, would make ultra-wealthy Americans pay the federal government a small percentage of their net worth each year. Former New York City Mayor Mike Bloomberg proposed a `surtax` on ultra-wealthy Americans` income that would leave their net worth alone and would bring in much less revenue, but is more feasible than Warren and Sanders` plans. Despite popular support, any bill for a wealth tax would have to overcome opposition in both Houses of Congress, the White House, and the Supreme Court before becoming law. A majority of the American public, a group of ultra-wealthy Americans, and a handful of presidential candidates agree that the US needs a wealth tax to help close the growing wealth gap. But few people agree on how just how much that tax should be, or how it should be administered... ...more RSK: Wow you need to read this to see the difference. I am not for a wealth tax on assets...too cumbersome and the asset needs to be appraised each year. To me mark up isn`t mark up until it is sold. In other words income would be a better way to tax than assets even though it would bring in less money. Of course I am not a fan of all taxes but of a few.
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Billionaires have become central to the Democratic primary race — thanks to both their donations and their taxes
.
A wealth tax, like the ones proposed by presidential candidates Sen. Elizabeth Warren and Sen. Bernie Sanders, would make ultra-wealthy Americans pay the federal government a small percentage of their net worth each year.
Former New York City Mayor Mike Bloomberg proposed a `surtax` on ultra-wealthy Americans` income that would leave their net worth alone and would bring in much less revenue, but is more feasible than Warren and Sanders` plans.
Despite popular support, any bill for a wealth tax would have to overcome opposition in both Houses of Congress, the White House, and the Supreme Court before becoming law.

A majority of the American public, a group of ultra-wealthy Americans, and a handful of presidential candidates agree that the US needs a wealth tax to help close the growing wealth gap.

But few people agree on how just how much that tax should be, or how it should be administered...

...more

RSK: Wow you need to read this to see the difference. I am not for a wealth tax on assets...too cumbersome and the asset needs to be appraised each year. To me mark up isn`t mark up until it is sold. In other words income would be a better way to tax than assets even though it would bring in less money. Of course I am not a fan of all taxes but of a few.

Bloomberg`s `tax on the very rich` isn`t actually a wealth tax like the ones Warren and Sanders have proposed. Here`s how they compare.

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