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Should we only pay a flat 'Asset Tax'?
A flat "Asset Tax" is all the tax we should ever pay.
An asset tax is the most fair system of taxing citizens.
Simplifying the tax code to a single flat rate would redirect the time and energy required for compliance to other, more productive, work.
An asset tax would incentivize consumption and investment, two things that are beneficial to the economy. Consumption because it reduces the value of your assets to be taxed. Investment because it allows you to increase your wealth rather than have it decrease due to inflation and the tax.
A flat tax provides certainty to all tax payers.
Taxing all return-generating assets the same would better equalize the tax paid by active (job) and passive (money) work.
An "Asset Tax" is inflexible to the changing class structures and financial needs of society.
It would be incredibly difficult to accurately value all assets for all individuals. Especially since individuals can hide assets off shore.
Simplifying the tax code would threaten the incomes of many accountants and lawyers which in turn generates lots of tax revenue.
An asset tax would dissuade citizens from saving money. E.g. for retirement.
A flat tax would mean that wealthy people would pay more than they do now since they generally pay proportionally less than regular people in terms of an overall tax rate number. This means they would fight this idea and fighting an idea war with wealthy people is too hard.
Tax incentives are a key way the government can direct the behavior of people and businesses.
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