Wealth taxes may become a necessity as AI eliminates opportunities for employment. But it still feels wrong, since it is basically a retroactive tax on what people have worked for and earned already. The rates and thresholds really matter for it to be fair.
> The rate starts at 1.7% for those with net wealth of €3m, rising to 3.5% for fortunes over €10m. It is payable on worldwide assets.
An almost 2% rate on wealth of less than 10M feels wrong to me. These are mostly people who have worked hard to become rich and it is taking away what they deserve IMO, after they already worked for it under one set of rules. I feel like the thresholds should be more like 100M and above. Also it doesn’t seem appropriate to tax worldwide assets. Why should Spain have any claim to someone’s assets in some other location entirely, especially for this type of retroactive wealth tax?
andsoitis · 2h ago
"Wealth taxes are designed to take a percentage of a person’s assets each year."
> The rate starts at 1.7% for those with net wealth of €3m, rising to 3.5% for fortunes over €10m. It is payable on worldwide assets.
An almost 2% rate on wealth of less than 10M feels wrong to me. These are mostly people who have worked hard to become rich and it is taking away what they deserve IMO, after they already worked for it under one set of rules. I feel like the thresholds should be more like 100M and above. Also it doesn’t seem appropriate to tax worldwide assets. Why should Spain have any claim to someone’s assets in some other location entirely, especially for this type of retroactive wealth tax?