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bigarrow

Registered: Mar 2005
Posts: 4519

08-12-12 11:44 PM

All taxes will be based on assets, income will be counted as assets also, no exceptions, everybody pays the same percentage based on assets. No tiered system, no long tax code, elimination of inheritance tax, capital gains tax, dividend tax, home owners deduction, all deductions will be eliminated. With assets in the USA apx. 200 trillion an asset tax would be apx. 1.3%. This would be a boom to small business and middle class, upper middle class and the small time wealthy.

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clacy

Registered: Sep 2006
Posts: 2387

08-13-12 12:04 AM

It would be very hard to quantify net worth values. It's much easier to track income, sales, etc.

How much is a private business worth? Often times you can make the look close to worthless.

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bigarrow

Registered: Mar 2005
Posts: 4519

08-13-12 12:12 AM

Quote from clacy:

It would be very hard to quantify net worth values. It's much easier to track income, sales, etc.

How much is a private business worth? Often times you can make the look close to worthless.

Not net worth values. Asset value, period.
It wouldn't be any different than now, there is always a way to cheat and game any system, nothing is fool proof and nothing involving funding of the United States will be easy. Most assets wouldn't be that hard, income is documented, real estate is valued at the county level, stock and bond value is public also. Farm land is easy to value.
For the great majority of Americans cheating wouldn't be worth the effort or risk for such a low tax rate.

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Bob111

Registered: May 2002
Posts: 6422

08-13-12 12:21 AM

how are you going to tax a guy,who just eat and shit(probably 50+% of Us population) and don't have any assets?

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Eight

Registered: Mar 2009
Posts: 3356

08-13-12 12:24 AM

Two things would completely makeover the US of A and get the economy going in a sustainable way: 1) Banks owned by the public and the interest going to the public. North Dakota has that. 40% of the cost of everything is interest! 2) consumption tax only levied on the end user. If voters knew that bloated/ inefficient government was costing them at the checkout line they wouldn't stand for it.

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bigarrow

Registered: Mar 2005
Posts: 4519

08-13-12 12:31 AM

Quote from Bob111:

how are you going to tax a guy,who just eat and shit(probably 50+% of Us population) and don't have any assets?

That poor schmuck still pays his 1.3% of his wages.

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