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View Diary: UPDATE: Wealth Tax -- Solve the Piketty Dilemma With Amendment XXVIII Intangible Property Tax (110 comments)

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  •  Oh really? Do you understand (3+ / 0-)

    just what makes up the world of derivatives? There is no limit to the complexity, and there is really no way for the IRS to know who is the beneficial "owner" of the asset (as opposed to the named owner). And what about inventories of stock held by brokers or intermediaries - are you going to tax them for simply owning their inventory on Dec. 31? This has been tried. It does not work.

    •  "Tax at source" is the key. (0+ / 0-)

      A listed "named owner" has every motive including legal compulsion to identify the beneficial owners.

      If the "named owner" fails to do that, tax pops to 2% with that heart felt "Thank you !"

      And no, the American system has never implemented tax-at-source for these instruments. We're kind of backward.

      financial database are quite thorough. And now standardized.

      "Stealing kids' lunch money makes them strong and independent." -- Ryan Paul von Koch

      by waterstreet2013 on Mon Apr 21, 2014 at 06:23:34 AM PDT

      [ Parent ]

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