Last week, the Darien News-Review published "Two Kinds of Rich," an article I wrote describing how the Asset Rich are at an advantage over the Income Rich when it comes to paying taxes. You can find it here.
As the article points out, the Income Rich are facing the prospect of dramatically higher taxes. At the same time, the Asset Rich are poised to escape much of this additional tax burden thanks to many loopholes and other benefits at their disposal.
The Hedge Tax addresses this unfairness with the introduction of a small Asset Tax. The purpose of this tax, like the Hedge Tax proposal overall, is not to "soak the rich" with excess taxes. Rather, it is to ensure that they pay taxes like everyone else, that they feel the tax burden like ordinary citizens do.
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