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Politics : Foreign Affairs Discussion Group
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To: bentway who wrote (255836)2/2/2008 12:06:09 PM
From: Elroy  Read Replies (1) of 281500
 
The French have a wealth tax, something like 0.7% per year. Lots of super wealthy French live across the border in French-peaking Switzerland, to avoid this tax being one reason.

Imagine how Bill Gates would react if he were taxed 0.1% on his wealth each year? It also seems unfair that two people who start with $10k in stock, and one buys a single stock and it is worth $20k at the end of the year, while the other daytrades all day lond (paying commissions, helping the economy), and he has $20k at the end of the year, the first guy owes zero on his $10k gain while the other guy probably owes about $3k on his $10k gain. The trader who has to pay the tax is actually helping the economy more than the buy and hold grandpa who doesn't sell his stock. It makes little sense.
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