Should income, wealth, or both be taxed?

Question

If income, should rates be graduated (e.g. the higher the income, the higher the rate)?
If wealth, how often (e.g. annually)?

Answer 1

Income yes except for those that make poverty wages; wealth no, that would be like taxing someones income twice.

Answer 2

Income or consumption, not wealth. Actually, wealth is taxed to an extent -- real estate is taxed, in some places so are cars.

And, yes, in the US at least, the higher the income the higher the rate. That's what is known as progressive tax structure (rather than regressive).

Answer 3

I'd say neither. I would like to see a sales tax to replace the income tax. The rich would spend more and thus pay more, which is fair. Perhaps there should be a cutoff line below which the truly poor pay nothing? But there are so many loopholes that make an income tax unfair that an across-the-board sales tax would seem to level the playing field for all. Think of it - no more April 15 deadline! Burn the tax code, which nobody understands anyway! Why not?

Answer 4

How about neither. Tax consumption over and above the bare necessities.

If you must tax income, it should be at a flat rate. No more than 10%, but tax every form of income, with absolutely no deductions or exemptions of any kind.

Taxing wealth is very unfair. The saved income it represents has already been taxed as income.

Taxing corporations is just asinine. They just pass it through in the form of higher prices.

Answer 5

no that should not happen
its like this
the higher the income the more the tax( at our place its 25% that is 15% GSTand 10 % wealth tax=25%)

and wealth tax it is anually

Answer 6

Neither! Tax consumption only. If I make $10,000, let me keep it. If I buy a $100 radio, I'll pay, say $25 of that in taxes. ($75 radio). But if I desire to spend $1000 on an entertainment center, I would pay $250 in taxes. It would be my choice. The rest would stay in the bank or other investment to help the economy.

Why should anyone, particularly the GOVERNMENT, know my personal income? Or assets?

Answer 7

Yep, income should be taxed after $20 thousand or so,after 500 thousand it should be at more than 50%.Yes wealth should be taxed too.But most importantly Corporations should finally take on THIER share.If U.S. courts recognize them as citizians,they should be held accountable as well.No tax breaks to build here! Pay your fair share corps!!!

Answer 8

just income, u are already sort of taxed for wealth in various ways (ex. property, lottery winnings...)