Quote:
Originally posted by Hank Chinaski
2. New question: Say you could start up a whole new tax structure how would balance the burdens between wealthly/poor/inheritance/gains/whatever. Clean slate! Let's go!
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That's easy. All accessions to wealth, be they wages, trade or business income, capital gains, insurance proceeds, gifts, or inheritance are taxable at a rate of say, 12-15%. Each taxpayer receives a single credit for an amount equal to that tax that would be paid on income equal to an index that measures average cost of living, adjusted for inflation and number of persons in the household. Allow for a refundable credit, and you've eliminated the welfare and social security systems and infrastructure as well.
