What type of taxes are considered wealth-based?

Wealth-based taxes are those that are imposed on an individual's wealth or assets rather than their income or consumption patterns. The option describing property taxes on aggregate assets above a certain amount aligns with this definition, as it directly taxes the value of assets owned. This type of tax typically considers the overall value of an individual's property, making it a reflection of wealth rather than cash flow or spending behavior.

While income taxes, sales taxes, and capital gains taxes do have implications for wealth, they are primarily based on income generated, consumption, or profit realized from investment transactions. Income taxes are calculated based on earnings within a specific period, while sales taxes are levied on transactions when purchases are made. Capital gains taxes are assessed only when an asset is sold for a profit, rather than being based on the total value of assets owned.

In contrast, property taxes applied to the aggregate value of assets represent a direct approach to taxing wealth as a whole, making option C the correct answer in this context.