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Email this8:20 pm
March 15, 2019
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savemoresaveoften said
Maybe it will be some kind of self attestation each year.
There's already a requirement to report certain types of your foreign assets now. I guess the CRA can expand this form to include domestic assets as well.
https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/foreign-reporting/foreign-income-verification-statement.html
6:49 am
November 18, 2017
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I'm not updated on where in the US there are still wealth taxes, but one classic example is (or was) Florida. The state is a retirement haven, and retired people tend to have little earned income and large savings. To keep its government services running, the state imposed a tax on assets.
It's 6am, and my limited patience for searching at this hour has not produced any good current sources. But It has been done before.
I recall that Montana had what they then called an "intangibles" tax on all gross assets over a certain amount, too.
Residential property tax is similarly an asset tax, and while the assessment and collection is complex, it's been done (for better or worse) for generations.
To return to what others have said, virtually all asset taxes have generous exemptions and target the upper few percentages of income.
RetirEd
RetirEd
7:12 am
March 15, 2019
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Be prepared to disclose all your assets to the government(s). For those too young to remember.
https://en.wikipedia.org/wiki/Domesday_Book
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