You had me until you supported the taxing of assets. For one thing, those assets may have already been taxed in several different ways. For another, it disincentivizes frugality and saving. That's not even delving into the taxing of your house's value, which is already done yearly or semi-yearly in most states. Taxing assets eventually cā¦
You had me until you supported the taxing of assets. For one thing, those assets may have already been taxed in several different ways. For another, it disincentivizes frugality and saving. That's not even delving into the taxing of your house's value, which is already done yearly or semi-yearly in most states. Taxing assets eventually chips them down to nearly zero, a positive incentive for wasteful spending (since you'll be poor no matter what, so why not blow it all on transitory experiences).
You had me until you supported the taxing of assets. For one thing, those assets may have already been taxed in several different ways. For another, it disincentivizes frugality and saving. That's not even delving into the taxing of your house's value, which is already done yearly or semi-yearly in most states. Taxing assets eventually chips them down to nearly zero, a positive incentive for wasteful spending (since you'll be poor no matter what, so why not blow it all on transitory experiences).