Sadly, it's not gonna happen. We will be PUNISHED for buying a few hundred shares of HSY, then sitting on it for 35 years and watch the dividends increase yearly and as we get ready for retirement we are hit with a number of Obama 2nd term taxes.
In addition to Obama taxes he is buddy-buddy with the United Nations and some pending treaties may hit the U.S. tax payer.
Something that has never been discussed but is sure to surface is a wealth tax on personal assets.
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.