Advocates promised the new tax would bring in over $1 billion a year in new revenue. And they quickly saw their predictions surpassed: the state Department of Revenue estimates it will generate over $1.5 billion this fiscal year.
It’s already been taxed, yes, but it’s also passively generating income by investing it. You tax that income with a capital gains tax.
You can further impose a let’s say 1-2% tax on wealth above let’s say 5 million, so you only have to pay 1% on 2M if you are worth 7M.
That should be easily covered by your investing gains if you play at that level. So, in essence, no harm done to personal wealth. You just get richer less fast while urgent social and infrastructure projects receive better funding.
It’s already been taxed, yes, but it’s also passively generating income by investing it. You tax that income with a capital gains tax.
You can further impose a let’s say 1-2% tax on wealth above let’s say 5 million, so you only have to pay 1% on 2M if you are worth 7M.
That should be easily covered by your investing gains if you play at that level. So, in essence, no harm done to personal wealth. You just get richer less fast while urgent social and infrastructure projects receive better funding.