Morris Pearl, Enterprise Insider:The US ought to copy Argentina and go a brand new tax on the rich to assist take care of the COVID disaster * The US suffers from drastic wealth inequality.
* One well-liked answer is a wealth tax on the nation’s richest residents, very like Argentina has achieved.
* Their one-time 2% tax on the wealthiest residents raised $four billion and helped fund their COVID aid efforts.
* Morris Pearl is the Chair of the Patriotic Millionaires and a former Managing Director at BlackRock, Inc.
Lawmakers in Argentina, a rustic hit onerous by COVID-19, just lately took a daring step to reply to their nation’s pandemic-fueled financial disaster: they determined to tax the wealthy.
The US ought to comply with Argentina’s lead and assist enacting an analogous measure to assist pandemic aid efforts.
Within the nation the place I reside (Canada), my pals within the authorities are telling me that there’s a plan to tax the fairness of individuals’s properties between 1% to three% to take care of the prices of the Covid disaster. So if your private home is value $1 million and you’re mortgage free, be ready to pay a tax between $10,000 to $30,000. And when you do not need the funds, don’t worry, it will likely be organized so as to go to the financial institution to take a particular mortgage sort mortgage. To say that I’m not amused by this particular confiscation tax is an understatement. Additionally it is a tax that might turn out to be everlasting …. after-all …. when do authorities actually drop taxes.