The following articles comes from The Hill, written by Jeff Hoopes:
If the U.S. institutes a wealth tax for people with wealth over $50 million, I do not look forward to calculating my personal wealth tax liability and being ready to defend the valuation of my wealth against IRS audit.
Why do I dread such a thing?
I am not the type of super-wealthy person derided by Sens. Warren (D-Mass.) and Sanders (I-Vt.) that one usually imagines being subject to the wealth tax (or, Ultra-Millionaire Tax, as Warren calls it). I teach accounting for a living. I drive a 2010 Toyota I bought used and wear clothes I buy from Walmart. We mow our own lawn and clean our own house. I have never bought first or business class plane tickets. Why would I even think about having to document and defend my wealth valuation if the wealth tax only applies to those with much, much more than me — those with more than $50 million in assets?
Read the full article here.
