The Wikipedia article on Wealth Tax claims the rate in Switzerland is progressive up to 1.5%, in various US states it varies from 1% to 4%, and in France the Solidarity Tax on Wealth taxes up to 1.8% for wealth above €750k (but the lowest nonzero marginal rate is .55% and the highest rate is only reached at €15M).
None of this seems "confiscatory". When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
Why were you arguing in the first place? Der Amerikaner ist die Orchidee unter den MenschenVolker Pispers
I believe redistributive taxation played a huge role in creating the middle class, but I don't know my econometric or economic history to be able to back that assertion. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
A proper asset tax will hit at, say, 10 millions euros at a few percents then at 100 millions euros with annual rates of 20%, etc.
The goal is to prevent anyone from amassing enough wealth to interfere by sheer economic power with the institutions.
Berlusconi would simply not exist in this system.
