A wealth tax is a form of taxation that targets the net worth of individuals or households. It is levied on the total value of an individual’s assets, which may include property, investments, and cash, minus any liabilities or debts. Unlike income tax, which is based on earnings over a specific period, a wealth tax requires taxpayers to pay a percentage of their total wealth, often assessed annually. The aim of wealth taxes is to reduce economic inequality and generate revenue for public services and welfare programs. Wealth taxes can vary in rates and thresholds, and they may apply only to the wealth exceeding a certain limit, often focusing on the wealthiest segments of the population.
Democrats Push Their Tax Agenda Harder Than Ever In a recent discussion on "Varney & Co.," host Stuart Varney dove into the contentious issue of wealth taxes, focusing on the…