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Journal WilliamSChips's Journal: A new tax idea 4

So far, the fairest tax system we've found is the income tax. It has one drawback though--it slightly decreases certain incentives which is not optimal.

"What we tax, we get less of, and what we subsidize, we get more of. Currently we tax work and subsidize the depletion of natural resources."-Al Gore

I've had this idea in my head now, and I figure that telling it to people is a good idea. What we do is, instead of taxing income, we tax accumulated wealth. The biggest problem with this idea, of course, is the calculation of the number(also a problem with the income tax system). For this system, though, I think we could make a lot of the forms one-time-use only or something.

Comments? Questions? Suggestions for improvement?

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A new tax idea

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  • by nizo ( 81281 ) *
    Would it discourage people from saving? And all the loopholes (they are unavoidable) might not be so good.Though as someone who has no accumulated wealth, it sounds good :-)
    • Would it discourage people from saving?

      Even if true, that might not be a bad thing. A healthy economy depends on regular flow of money, not the hoarding of it.
  • Is the idea of optimizing taxation. I believe that the government should be happy with what they get and make better use of it. In fact, I think we should drop the income tax and have our primary source of federal tax income be based on the taxation of boose like it was before prohibition. If they can't make do with that too bad. Imagine the new patriotic slogans: "Drink, for America!"

    Ok, sarcasm aside I do think the government is uber bloated. Primarily of course the "military industrial complex." ~

  • Let's recognize the Austrian economists for being a bunch of Nazis. Let's admit that the tax scheme has no effect on the business cycle. Let's admit that someone who makes a million dollars a year isn't going to work any less harder if they pay 50% of their income in taxes. Let's admit that rich people benefit from and use the machinery of society more than poor people, and they should pay for what they use.

    Hell, Even at 50% tax I'm richer than most of you, and that's enough satisfaction for me. There's onl

God help those who do not help themselves. -- Wilson Mizner