Obama is in a mess. He has communist aspirations and ties. So what is he likely to do? A wealth tax! What a great way to redistribute the wealth, Comrade. It is also a way to take the public eye off of him not being qualified to hold the office because he is not a natural born citizen.
Wealth Tax – This is a tax not on income but on assets. Taxes on houses, cars, art collections, jewelry, stocks and bonds, bank accounts, pensions, investments, companies owned in whole or in part, etc. The taxpayer submits a form similar to a balance sheet and is taxed on assets minus liabilities (net assets). Sounds crazy. Lets see which countries have a wealth tax now.
French Wealth Tax - They have a sliding scale rate of 0% to 1.8% of net assets. In 2006 this wealth tax yielded 3.6 billion euros.
Switzerland Wealth Tax – They have a progressive net wealth tax going up to 1.5%.
Lichtenstein Wealth Tax– Similar to Netherlands.
Netherlands Wealth Tax - They tax interest income like a wealth tax, fixed at 1.2%. So if one gets 4% interest the taxes comes out to about 30%.
Norway Wealth Tax – Sliding scale up to 1.1% on net asset value of property assets.
India Wealth Tax – The tax is 1% on wealth exceeding RS 15,000,000.