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).
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Famous quotes containing the words wealth and/or tax:
“When a lady of wealth, is seen roaming about in search of cheaper articles, or trying to beat down a shopkeeper, or making a close bargain with those she employs, the impropriety is glaring to all minds. A person of wealth has no occasion to spend time in looking for extra cheap articles; her time could be more profitably employed in distributing to the wants of others. And the practice of beating down tradespeople, is vulgar and degrading, in any one.”
—Catherine E. Beecher (1800–1878)
“I come into the peace of wild things
who do not tax their lives with forethought
of grief.”
—Wendell Berry (b. 1934)