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Reply #68: A tax on assets takes no account of ability to pay [View All]

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starroute Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-10-03 02:37 PM
Response to Reply #54
68. A tax on assets takes no account of ability to pay
Consider someone who is unemployed but still has a house, a car, and money in the bank. Should that person be paying any taxes at all? Should they be paying the same as their fellow-worker who has the same assets but still has the job?

Or consider someone who makes $100,000 but spends wildly on wine, women, and song and has nothing left to show for it at the end of the year. Should they be tax-exempt?

The trouble with taxing assets is that they reflect past events and have very little to do with current earnings or future earning potential. The inheritance tax probably is (or was) the only kind of tax on assets that does not create obvious injustices.
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