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Why do wealth taxes keep failing? (finshots.in)

5 points by vismit2000 6h ago | 2 comments

K2h 5h ago

I like this part:

A good example is when Michael Jackson passed away. His estate told the IRS his name and likeness were worth $2,105. But the IRS said it’s worth $434 million. The Tax Court eventually settled on roughly $4.15 million. Now picture that argument repeating every single year for every wealthy person in the country.

Arnt 1h ago

$434M means something like "you can make a profit of $50m/year selling t-shirts etc, decreasing with time" which... wow. That seems wildly optimistic.