But it may have broad public support, according to a Reuters/Ipsos poll that found nearly two-thirds of respondents agree that the very rich should pay more.
Among the 4,441 respondents to the poll, 64% strongly or somewhat agreed that “the very rich should contribute an extra share of their total wealth each year to support public programs” – the essence of a wealth tax. Results were similar across gender, race and household income. While support among Democrats was stronger, at 77%, a majority of Republicans, 53%, also agreed with the idea.
A wealth tax is levied on an individual’s net worth, such as stocks, bonds and real estate, as well as cash holdings, similar in concept to property taxes. It is separate from an income tax, which applies to wages, interest and dividends, among other sources.
The Property Tax started out as a tax only on wealthy landowners. The Income Tax started out as a tax on the very wealthy. If the U.S. imposes a wealth tax on the wealthy, it will reach into the pockets and savings of the middle class within a generation.
Furthermore, a wealth tax is pure redistributionism. It is using the violent power of government to take from some people to give to other people. It is the not just wrong. It is immoral.