This is not taxing income, it is a tax on net worth. This is not done because it is completely unworkable. If I own a successful business, who gets to decide what it is worth?
> If I own a successful business, who gets to decide what it is worth?
The market, if its publicly traded. This proposed law is about taxing the Zuckerberg's and Musk's in the State, not worrying about putting a precise value on smaller assets.
The market, if its publicly traded. This proposed law is about taxing the Zuckerberg's and Musk's in the State, not worrying about putting a precise value on smaller assets.