Disproportionate effect on seniors[edit]
A 2013 Forbes article addressed the issue of wealth taxes upon seniors, "The acquisition of wealth is a function of the ‘life cycle’ – our usual point of maximum wealth in our lifetime is just as we retire: we’ve paid off the mortgage and have housing equity, our pension plan is as full as it’s ever going to be.”[25] Thus, for the largest segment of people subject to the wealth tax, it means taxing the accumulated savings and houses of those on the verge of retiring. Wealth taxes would impact their pension plans, 401K, IRA, and other deferred and retirement-related accounts ... as well as the accumulated value of their real estate. In addition, there may be the possibility that the tax value of life insurance policies and charitable remainder trusts could be included in these wealth calculations.[30] Wealth taxes would have maximum impact just as retirees are shifting and adjusting to fixed-income living. Others have pointed out that a progressive wealth tax would only affect those with a net worth in excess of ten million dollars, thus making it less important at what stage of the taxpayer's life the obligation was incurred.[31][32]