Quote:
Originally Posted by Nouvellecosse
Isn't it safe to assume that most assets of any significant value would already have been appraised for insurance purposes? Who's going to have a $1 million+ piece of art hanging on their wall without it being insured? And I don't see why the taxes couldn't just be based on the most recent appraisal by a 3rd party, accredited entity. A future valuation wouldn't have any bearing on that unless one could prove that said appraisal was done fraudulently.
I think it's true that it's more complex than many other taxes but it doesn't help to overstate the point.
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What about asserts that have not been assessed?
I have a stamp collection from when I was a teenager. I haven’t looked at it in decades, but, there may be some valuable stamps in there ( assets do accrue with age). Does a wealth tax mean I would be forced to have it assessed? It’s a large collection with several thousand stamps. Assessing it would be time consuming and expensive. Is this fair?
What about the old sofa and TV in your basement where you watch hockey games with your friends? Are they taxable assets too?
Wealth taxes are messy.
When is an asset a taxable asset?
What if you don’t know you have a taxable asset?
Is you don’t know, and don’t declare, does this make you a tax cheat?
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