A wealth tax is generally conceived of as a levy based on the aggregate value of all household assets, including owner-occupied housing; cash, bank deposits, money funds, and savings in insurance and pension plans; investment in real estate and unincorporated businesses; and corporate stock, financial securities, and personal trusts. A wealth tax is a tax on the accumulated stock of purchasing power, in contrast to income taxes which is a tax on the flow of assets (a change in stock).
Read more about Wealth Tax: Details, Arguments in Favour, Arguments Against, Existing Net Wealth/worth Taxes, Property Tax, Global Tax
Famous quotes containing the words wealth and/or tax:
“When I did first impart my love to you,
I freely told you all the wealth I had
Ran in my veins: I was a gentleman;
And then I told you true.”
—William Shakespeare (1564–1616)
“What is the difference between a taxidermist and a tax collector? The taxidermist takes only your skin.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)