Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

General Discussion

IphengeniaBlumgarten

(328 posts)

12. How would that work?

Reply to Cleita (Reply #6)

Mon Feb 18, 2013, 02:59 PM

Feb 2013

Suppose someone has 1 million in assets and you tax that at 20% in the first year of your tax plan. So now s/he has assets of $800,000 only. Next year you tax that at 20% again, assets are now $640,000. And so on. In a few years, no more assets left. Well, this is a great equalizer, but did you really intend this to happen?

If you only intend to tax the assets ONCE, then we will need to keep to keep track which assets have already been taxed and which assets are new ones. Newly acquired assets will probably be a related to the amount of income... so maybe we should just stick with taxing income?

Edit history

Please sign in to view edit histories.

18 replies

= new reply since forum marked as read

Highlight:

I guess the flat tax idea is resurfacing again. [View all] Jackpine Radical Feb 2013 OP

Any so-called 'flat tax' is regressive. sinkingfeeling Feb 2013 #1

That is exactly the point I'm trying to make. Jackpine Radical Feb 2013 #3

I think most flat tax proposals are income tax based and remove most deductions el_bryanto Feb 2013 #2

The point remains in both cases: Jackpine Radical Feb 2013 #4

Well - they would file corporate tax returns el_bryanto Feb 2013 #8

Some basic restructuring of the US tax laws are well overdue ProgressiveProfessor Feb 2013 #5

Time to really consider taxing assets instead of income. Cleita Feb 2013 #6

How would that work? IphengeniaBlumgarten Feb 2013 #12

Oh, is that how you would work that? How regressive of you. I suppose you like sales tax too. Cleita Feb 2013 #13

I sense some confusion... IphengeniaBlumgarten Feb 2013 #15

In my post I stated I don't really know how to go about this, however, here is another Cleita Feb 2013 #16

I suppose there is one thing to be said for the flat tax......... OceanEcosystem Feb 2013 #7

Here's the thing... Jeff In Milwaukee Feb 2013 #11

Flat tax rates make the poor pay more and the rich pay less LonePirate Feb 2013 #9

Exactly. Jackpine Radical Feb 2013 #10

That turd floats to the top pretty much any time taxes are discussed. winter is coming Feb 2013 #14

A surprising number of Dems take the bait. KamaAina Feb 2013 #17

It "sounds fair" until you do the math, or unless you have some winter is coming Feb 2013 #18