Wealth Tax

Wealth tax is a tax imposed on individuals based on the value of their assets, rather than their income. This includes properties, investments, and savings. Typically, it targets high-net-worth individuals, requiring them to pay a percentage of their total wealth over a certain threshold. The idea is to reduce economic inequality by redistributing wealth, as the funds collected can be used for public services like education and healthcare. Unlike income tax, which is based on earnings, wealth tax focuses on an individual's financial holdings and their overall economic status.