Comment Asset taxes in general (Score 1) 243
I think asset taxes do make a bit of sense at the high end, because super-rich people can and do play all sorts of games to make it look like they have a very low income.
I think any assets owned or controlled by a single person should be tax free up to some pretty high amount, let's say $50M. That's certainly high enough to encourage entrepreneurship. And yes, we can index it to inflation so the poor dears are not too disadvantaged.
After that, it's just excessive and I would support an annual asset tax of around 0.1% to 0.2% of the total value of assets above $50M, and this should include any assets effectively controlled by the individual such as assets in trusts, holding companies, etc. If someone with a net worth of $500M gripes about paying $450K in asset taxes per year, too bad. That's not even a first-world problem.