Politicians are nickel and diming the income tax thesedays. What they should be talking about is a Wealth Tax for the obscenely rich. The obscenely rich are holding onto money that is enough to feed a billion people everyday for 100 years. After a certain limit of personal wealth, the wealthy needs to be taxed for the wealth they possess, not just their income.

The biggest problem in the world is created by lack of money because a handful are holding more than 70-80% of the wealth. Why does one individual need $50 billion (Bill Gates). Governments need to start the wealth tax so that others have a chance at life on earth too. I mean what are you going to do with let's say anything over $100 million?

THere are pros and cons. I do favor wealth tax but it might require ammendment of 10th ammendment; although some states have done it in the past (intangible tax) so I am guessing it is doable.

Where is the incentive to earn money. If I would get to eat wthout moving my butt I would quit my job tomorrow. Tax the rich, but for the amount they make, not what they already paid taxes for.increase the tax bracket for people making more than 250,000. Impose ss tax on all the money they earn, there are ways but you don't want to kill the incentive.

Taxing for the amount they make is not wealth tax, that's income tax which already exists. The point you made, about where the incentive is and not killing the incentive to make money; is the exact point FOR wealth tax.
Let me explain.
If somebody works hard to make more money and you tax his fruit (income) then you reduce his incentive to make money. Wealth tax is a tax imposed upon the wealth he already owns, including estates, historical stock/dividend holdings etc. Say a rich boy, Casper, inherited his money from his dad. He might be working hard to increase the wealth or he might be sitting idly, doesn’t matter. If you tax this amassed wealth, you aren’t really reducing the incentive to work harder…not as much, anyway, as you would if you were taxing his income.
There are risks to it ofcourse, though not exactly the one you mentioned. People will start hiding more wealth in offshore secret accounts. Countries which do not impose the wealth tax would attract the deposit of such wealth from these rich folks. This could have adverse effect on a Nation’s economy. So these things need to be weighed in before any tax hike of such nature is implemented.
Focus should be on doing it efficiently than collecting it more. Finetune your outbox than enlarging your inbox. I support a temporary wealth tax, but its long term effect might be detrimental…unless this goes along with reduction of income tax.

I think only comparision to wealth tax might be to the calling card fees. You gonna lose little bit by little bit everyday until it has zero balance. And what it has done??? Drive away all the customers who have other options from internet. It still has been around but has been