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MichMan

(17,059 posts)

6. Total wealth includes things like homes, investment accounts, personal property, and a myriad of other holdings

Reply to Uncle Joe (Reply #5)

Sat Mar 7, 2026, 11:35 PM

Saturday

How would the IRS determine every year what all those things are worth? They would have to assess the current value of things like homes, aircraft, cars, artwork, precious metals, stocks, bonds & other investments and every other single thing that someone owned. How?

Currently, the IRS taxes me only on income. They might know what my retirement accounts are worth, but have no idea what my home and all my personal property is valued at.

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Highlight:

How 938 billionaires could fund $3,000 payments for millions of Americans [View all] Uncle Joe Saturday OP

Thank you Bernie and Ro Bread and Circuses Saturday #1

With all the talk about wealth taxes, I never understood exactly how they would determine who owed it and how much? MichMan Saturday #2

Apparently they've already determined by net worth that the U.S. has a little over 900 billionaires out Uncle Joe Saturday #3

Says it is estimated by Forbes in a wiki article MichMan Saturday #4

I imagine the IRS can handle such a process. n/t Uncle Joe Saturday #5

Total wealth includes things like homes, investment accounts, personal property, and a myriad of other holdings MichMan Saturday #6

How difficult is that information to compile? We sell everything based on worth. n/t Uncle Joe Saturday #7