Re: We've been arguing about the "Fair Tax"...
- From: El Castor <No_One@xxxxxxxx>
- Date: Sat, 12 Jul 2008 10:46:16 -0700
On Sat, 12 Jul 2008 13:50:56 GMT, "JC" <dontbother@xxxxxxxxxxxxxxx>
wrote:
in another ng. I'm against it and income taxes and excise taxes and excise
taxes etc. I say the only fair tax is an asset/property tax collected at the
local level. Our national net worth is almost 60 TRILLION dollars. That
would require a 5% or less asset/property tax to fund our 3 TRILLION a year
budget. That would mean that EVERYBODY paid 5% or less of the value of their
assets/property. So, if you didn't own anything, you don't pay anything. If
you own a million dollars worth of assets/property, you pay 50 thousand
bucks. Tell me what's not fair about that!
I assume this post is some kind of evil joke. I've heard of
pernicious Marxist tax schemes, but this one takes the prize. Out here
in California, prudent home owning retirees own a house or condo worth
more than $500,000. Around here if it has a door and a roof it's worth
$700,000. That means that your hypothetical retirees are going to pay
a $35K asset tax on the house, plus another $5K in property taxes,
plus or minus, depending on how long they've owned it. That's $40K a
year to live in a house or modest condo. On top of that, they have
financial assets. Those financial assets they would prudently expect
to tap at most to the tune of 5% a year (or less), while putting aside
another 2%-3% to cover inflation. So they've got a house they can't
afford, and any income they might have expected to accrue from their
savings is going to the government and inflation, leaving nothing to
live on, and no way to pay the taxes on the house. They could always
stand by the side of the road with a cardboard sign that said, "The
Government Got It All -- Please Help", but no one else would have a
dime to give them.
Of course, this wouldn't happen because in the scenario you propose,
anyone with any common sense would sell everything they owned, put the
proceeds into gold, and sneak across the Mexican border, hoping to
live in a mud hut and wash floors for a living.
.
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