Net Worth Tax

Started Nov 15, 2012 | Discussions thread
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Net Worth Tax
Nov 15, 2012

Sometimes inspiration comes in waves. This is the first wave and I feel another one coming along. But I need to back up. This morning I had my usual corn flakes topped with bananas. This is a time of thought in my life, somewhat like meditation. I was thinking about our country and its problems and out of the blue it occurred to me, what we need is a net worth tax. I know there will be skeptics but hear me out. Here is my proposal. First we will do away with the income tax and all its weird rules and bureaucracy. In its place we will tax everyone in the country at 10% of their net worth including real estate and retirement funds etc at 10% per year. This will include all stock holdings , own a piece of a company and you pay. I know this may seem radical but as George Patton said If everyone is thinking alike, then somebody isn't thinking.   Here is why this will work.

1. It will bring in plenty of revenue

2. It is perfectly fair

3. Warren buffet and all rich folks including Rush Limbaugh and Alec Baldwin would have to pony up.

4. Instead of taking away incentives to work harder like a progressive income tax does. You would have to work hard just to keep pace. The economy would thrive. Quit working and your stash slowly dwindles.

5. It would fund all the programs we so desperately need.

6. It would keep older citizens involved in the work force out of necessity and keep their mind sharp and make them exercise more instead of just wasting away.

What about the poor? I propose an exemption on the first $100,000 that way it would never completely break anyone. If you pay no taxes there will be no tax credit. Programs yes, cash payments no. Obviously I don’t have all the bugs worked out this only took me a few minutes.

Tell me where I am wrong. I have the mind but I think it could work in Canada, UK , Australia as well. No charge my gift to you.

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