1. Business

Should rich people be taxed for being rich?

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Wealth: What is it?

Wealth “measures the value of all the assets of worth owned by an individual, community, company, or country,” according to Investopedia.

How do you determine your net worth?

To determine your entire worth, subtract debts like your mortgage, credit card balances, and loans after totalling your money and assets.

Why is that not just?

This is why implementing a wealth tax becomes challenging.

Give us an instance.

Let’s consider Richard Branson as an example. His £3.24 billion net worth is made up of all of his assets and enterprises combined, not just his yearly salary. The following companies have been a part of Branson’s empire for the past 40 years:

What was the wealth tax’s main point of contention?

One of the primary problems was that there wasn’t anything in place to stop the wealthiest citizens of each nation from taking their possessions and money outside.

In America, is there a wealth tax?

Some Democrats in America have discussed the idea of enacting a wealth tax in order to redistribute some of the nation’s riches, but the discussion hasn’t gone any further than that.

What might a wealth tax in the UK entail?

The Guardian claimed that study of the years between 2011 to 2018 revealed that although wealth (produced by rising pensions and property prices) has been taxed at just 3.4%, income has been taxed at 29.4%.

What might happen next?

Although a rigorous wealth tax has not yet been proposed in the UK, certain ideas have been made to mimic one:

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