A Wealth Tax | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

A Wealth Tax

Most Americans pay an annual wealth tax on their largest asset. It’s called property tax. Each year, they pay an amount equal to a small percentage of the estimated value of their house, and a house is by far the most valuable item that most families own.

The very rich are different. While they pay property taxes too, their homes tend to make up a tiny share of their net worth. The bulk of their assets are not taxed.

In past decades, other taxes — like the corporate tax (the burden of which falls on stockholders) and the estate tax — served almost as de facto wealth taxes. But those other taxes have declined, causing the total federal tax rate on the wealthy to plummet:

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