Tax-Return Mayhem to Follow

With a wealth tax, would every taxpayer need to report the value of his net worth?

Letter to The WSJ. 

"Your editorial “The Harris Wealth Tax vs. Mark Cuban” (Oct. 26) leaves out one important element of the “billionaire minimum tax,” and it isn’t that $100 million is a bit short of a billion dollars. It’s that every taxpayer might need to report the value of his net worth on his tax return each year, so the IRS will know that the billionaires’ tax doesn’t apply. Will this also require a valuation by an IRS-approved expert for nonpublicly traded assets? The whole idea is ridiculous.

Clark M. Blackman II, C.F.A.

Cypress, Texas"