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.
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.
how are you going to tax a guy,who just eat and shit(probably 50+% of Us population) and don't have any assets?
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.
nah..US lawmakers not going to like that..1.3? common! we are paying 8% in sales tax alone in phlily! gvt like to keep their options open
you will have the government seizing assets from anyone who is unemployed or disabled or elderly with no means of income. do you really want to give anyone that kind of power? its immoral. the fairest tax is the income tax. no one ever has to come up with money they dont have to save their house or other assets. you have a good income year you share that in the form of an income tax. you have a bad year or two with no income you owe no tax and the assets you spent your whole life accumulating are safe. i am all for eliminating most deductions to make it more fair. i also think all income should be taxed the same.
If grandmas house is worth 200 thousand the gov. can collect the $2600 per year at death. Hell the gov can grab assets now. Now if grandma is living is living on her inherited 5 million dollar ranch, then she better raise some cattle or sell the south forty.
Your granny will be busy with several thousand head of cattle. I'm sure you will help out. Your simple tax will put most farmers out of business.