What about an asset tax instead?Submitted by 12th on Mon, 07/29/2013 - 00:12
What if we had an asset tax to replace all other taxes?
The total wealth of the US is $300 trillion and a 1% yearly tax on it would cover the current budget of $3 trillion.
There would be no other taxes. No property tax, sales tax, duties, tariffs, nor the most dreaded tax of all: the income tax.
Taxes would be on net worth. If someone is in debt they don't have to pay any taxes which gives them a chance to catch up.
A startup that borrows to buy it's equipment would also pay no taxes since it's net worth would also be zero.
Taxes of course are never ideal but to avoid income tax, this seems like a better plan.
What do you all think?