Quote:
Originally Posted by MonctonRad
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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Wealth taxes aren't focused on ordinary daily possessions. No one's going to need their normal TV or sofa appraised. Next thing people will be worried they'll need someone to go through their dressers and assess the value of their socks and underwear.
Wealth taxes are focused on just that. Wealth. Things that if a typical person learned that you possessed it, they would assume you must be wealthy. And generally such things would need to be insured unless you were a very careless person. Yes, obviously there would need to be clear guidelines, but the fact that none have been established now before such a tax is even under discussion doesn't mean they can't be created.
But yes, if you think your stamp collection might quality then you probably should have it appraised and potentially insured just in case of fire, flood or theft.
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