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.