Comments by "dlukton" (@dlukton) on "Get Ready for Wealth Taxes" video.

@VitoFrazier 10% flat tax on income (although the social security tax appears to be high); which is pretty good. Also, I would bet that there's a significant "underground economy" in that country. Plus, a person who limits his time in the country to just 25 weeks per year might not have to pay any income tax at all. (Also, the country is supposedly very gun-friendly).
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A the passage and implementation of wealth tax in the US is rather unlikely, at least during the next 5 years. But I do think that there's a realistic possibility... within the next 5-10 years.... of what Biden had proposed about 18 months ago; namely an elimination of the stepped-up basis cost of estates, and so heirs to estates would have to pay taxes on the unrealized capital gains; and, that would likely be coupled with an increase in the capital gains tax RATE. And if this were to get through the Congress, I think the Supreme Court would view it as fully compliant with the US Constitution.
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@mrbushlied7742 You don't pay tax on your FINANCIAL assets.
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@mydadletsmeshootatcats6754 I hate taxes as much as the next person; but I think that... as long as the tax isn't retroactive in effect (or explicitly retroactive).... it isn't "theft" for the reason that almost ANY tax can be avoided; although avoiding a given tax may require a complete reordering of one's life, and a move to another country.
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