Comment Re:We need a FLAT TAX, one fair percentage for all (Score 1) 768
The difficulty in choosing something like "net worth" is that it is essentially a self'-reported value, unless you want to give monitoring powers to the IRS or some other third party to vet your claims.
And even then, what constitutes to "net worth"? If we're talking assets held minus liabilities owed, then my student loans should keep me tax free for several years after I graduate next summer. What assets would be counted toward calculating net worth? How would I go about determining the value of my books, or my computer software? I know what I paid for my computer 6 years ago, but how much has it depreciated?
If, by extension, you're suggesting that people start recording and monitoring what they own and at least the aggregate value of it, similar to what businesses do, I'm all for it. Too many people don't know what they own, or if it's worth anything.