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July 5th, 2010 at 4:25 pm
of course, the tax code should be an annual net worth assessment and NOT an income assessment:
0-100K no tax
100-500k, 2%
500-2000k, 5%
2000k + 10%
example: you are worth 3.3M, tax = (2% * 400k + 5%*1.5M + 10% * 1.3M) = $213,000
Some other examples: net worth of $150k = $1,000 in tax
$50 billion = $5B (10%) in tax, $100MM = $9,883,000.
I call this the "erosion tax" because eventually it all goes to the house. This allows the complete eradication of income tax AND estate/death tax. Problem solved!!! Corporations are people too — sorry! no exemption for you! Now everyone must buy Quickbooks though and learn about depreciation. Probably good for them anyways…. Even better, a net worth <$0 the gov’t pays you $5k! Boy that would piss off those hard working inheritance earners — seeing their hard earned inheritance go to the very same wage-laborers they have somehow managed to convince for so long to support a tax structure that doesn’t benefit them…
somebody do the math for me, tell me how much the gov’t makes in 2011 ……