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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Peter O'Brien who wrote (542936)	2/19/2004 9:08:07 PM
From: Steve Dietrich	Respond to of 769669

<<There are some practical issues to consider, though. If a wealthy person has a lot of illiquid assets, would they be forced to liquidate them in order to pay the annual "wealth tax"? There is also an issue of how do you obtain a "fair market value" for some illiquid assets.>> Well like any taxes i'm sure there would be problems, and people would do their best to get out of paying them. It may also be unworkable for reasons i haven't thought of since as far as i know no one is doing it. You'd think some country in Europe would try it. I'd imagine you'd need a pretty hefty deduction too to make sure people could own homes and stuff like that. But we do have property taxes so the idea can't be totally unworkable. Steve Dietrich