The Return of an Old Idea—With New Consequences Every few years, the same idea resurfaces—repackaged, rebranded, and reintroduced as “common sense.” Tax the rich. Close the gap. Make the wealthy “pay their fair share.” But here’s the question few are asking: What happens after that line is crossed? Recent proposals from high-profile lawmakers call for annual taxes not on income—but on wealth itself. That means your assets. Your investments. Your accumulated savings. Not what you earn—but what you own. At first glance, it sounds targeted. Billionaires. Ultra-millionaires. The elite. But history tells a very different story. The Slippery Slope of Taxation When the federal income tax was introduced in 1913, it applied to less than 1% of Americans. The rate?…
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