First and most importantly, it's unConfederal. Secondly, it would raise too much revenue for the national government. For another, value of real estate is subjective. Fourth, it could cause capital flight if it's extended to things other than real estate. Fifth, the values of things could be set by the elite (or some of them) and then it would do the opposite of what it intended to do, just as the income tax has done.
I can see that it could potentially raise a little bit more revenue (still, taxing the wealth of the richest 800 Americans at 10% wouldn't even come close to covering the current deficit). I don't see why progressives want to tax income rather than wealth, but I sure as hell don't want to see a wealth tax since I'm anti-progressive, anti-corporatism, and pro-laissez-faire.
I do fear that we will one day see a wealth tax in this country (well, if it survives the looming Iranian War that is). Are my fears warranted?
I can see that it could potentially raise a little bit more revenue (still, taxing the wealth of the richest 800 Americans at 10% wouldn't even come close to covering the current deficit). I don't see why progressives want to tax income rather than wealth, but I sure as hell don't want to see a wealth tax since I'm anti-progressive, anti-corporatism, and pro-laissez-faire.
I do fear that we will one day see a wealth tax in this country (well, if it survives the looming Iranian War that is). Are my fears warranted?