Why can we not have a tax system based on net worth modified at retirement age and augmented by an energy tax?
A 3% net worth tax modified to 1% at retirement age would replace all income and sales taxes and business taxes when the business net worth is allocated to shareholders. An energy tax would redirect and discourage energy demand and encourage new energy development.
2007-04-17 14:36:03 · 7 answers · asked by Richard B 1 in Business & Finance ➔ Taxes ➔ United States
wow, not only easy to determine (saracasm here) but also not supported by the constitution (it needs to be = approtioned)
2007-04-17 14:43:58 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Why not? Because the House of Representatives does not like the idea.
A net worth tax is pretty easy to get around - look at how we work around the estate tax (essentially a net worth/transfer tax at death).
I do like the idea of an energy or carbon tax. A simpe way: the Fed Excise tax on gasoline is currently about 60c/gal...we should increase the Fed Excise Tax on gasoline by 5cents/qtr (20c/yr)...in 5 yrs the price of gasoline will be $1/gal more and THAT will reduce consumption.
In about 10 years our gasoline prices will be near those in Europe (they really tax petrol there) and we can use the $$ to fund energy conservation and mass transportation systems.
2007-04-17 15:38:46 · answer #2 · answered by Richard of Fort Bend 5 · 0⤊ 0⤋
The reason we don't have a tax system that is based on net worth is , because the rich people that control the big money would have to pay more money to the Government, and couldn't get most of their money back in taxes, and have tax shelters to keep from paying taxes.
2007-04-17 14:47:52 · answer #3 · answered by Hank 1 · 0⤊ 0⤋
Lets set aside your specific ideas. You are proposing a simplified tax system. That is not likely to happen. So no use going to specifics. Steve Forbes proposed this. John Anderson wanted higher energy taxes and that was his major platform in his running for president. He got a few votes, but nothing major.
Just look at the candidates today. I have not heard one word about simplifed tax systems.
2007-04-17 14:45:09 · answer #4 · answered by Gatsby216 7 · 0⤊ 0⤋
A large part of the tax system is to encourage/discourage certain behavior through incentives. IE charitable deductions, various exemptions, and credits. However, I do not disagree with you, just that is one of the major reasons I see that. Plus, I am not sure you would have ample revenues. In the US, so many people have a negative net worth.
2016-05-17 21:52:11 · answer #5 · answered by ? 3 · 0⤊ 0⤋
If you think the system is complex to enforce now, just try that one!
2007-04-17 14:48:28 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
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2007-04-17 14:42:33 · answer #7 · answered by gordgato 2 · 0⤊ 0⤋