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Cake day: August 1st, 2026

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  • But property tax is a thing. And property tax is a wealth tax on a specific form of wealth.

    https://en.wikipedia.org/wiki/Property_tax_in_the_United_States

    This tax may be imposed on real estate or personal property. The tax is nearly always computed as the fair market value of the property, multiplied by an assessment ratio, multiplied by a tax rate.

    ok i’m currently reading up on property tax in the US. it’s actually much more interesting topic than i thought. here’s an interesting infographic:

    i’m still interpreting what this means. so the US does have a wealth tax but it mostly affects non-movable property (as i said in my original comment) and that is why billionaires don’t actually pay x% of their total wealth under it.

    to explain the colors in the diagram: yellow + orange + light blue are the taxes that are paid on the state level, i assume? meanwhile dark blue + pink + dark red are the taxes paid on the federal level. green is the stuff you keep.

    most of these taxes seem to be income-based (payroll taxes means wage-based taxes i assume, then state income tax, then payroll taxes again, then federal income taxes). income-based taxes seem to make about 2/3 of the total taxes. meanwhile property taxes (wealth taxes) make 1/4 and sales taxes makes the small remainder. (rough estimate from looking at the diagram).

    so to introduce a “wealth tax” would mean to create a new category (“Federal Wealth Tax”) that taxes all net wealth except real estate (which is already taxed on the state level), am i seeing this correctly?


    also:

    Local officials determine values [of houses] and may be disputed by property owners.

    The question is, how do you assess the total wealth of a person, once they have moved their stuff abroad? How do you even begin to measure it? If there’s no local cooperation from the local government to actually check and estimate the total wealth, is there any way to even find out about it?