Reply #9: To answer your questions. [View All]

[daylan b]

Is being rich a measure of net worth or a measure of income? Or some combination of the two?

A combination of the two and both should be taxed but taxing net worth is not constitutional at the federal level.

Why should these folks be taxed on their assets?

The same reason everyone one of us pays our fair share. As mentioned, taxing assets at the federal level is unconstitutional. Capital gains doesn't kick in until you sell the asset and even then it's only the net.

Why should someone who sacrifices and saves throughout their lifetime have the product of their efforts (their savings and investments) taxed?

The same reason somebody who busts their ass going to work every day and makes a penny more than $34,000 is taxed at a higher rate than the billionaire who inherited his fortune and only checks in with his investment banker from his yacht.

Why should an estate be taxed and then the proceeds of that be estate taxed when traded?

Because the person who earned the income is no longer alive and when it is transferred it is income for the person who receives it.