In a more perfect world, there would be a wealth tax, not an income tax.

[Political Heretic]

Discuss.

[PDJane]

1. That was what it was intended to be;

A tax on accumulated wealth, rather than a tax on the working man.

[bluestateguy]

2. Good idea in theory.

In theory.

In practice, money would just disappear into Swiss bank accounts and other creative hiding places to avoid the taxes.

[customerserviceguy]

3. We have one

it's called real property tax. The nice thing about real estate is that it's pretty hard to hide or take overseas. Come up with something else that represents wealth that cannot be concealed or expatriated, and we'll talk.

[donco6]

4. But then you have the argument that only property owners should vote.

Since no one else would support the government, why should they have a say?

[Orsino]

6. Is there a reason that less wealth must mean zero taxes...

...and that zero taxes means no vote?

Everyone should have a say for the same reason as always--because almost anyone can throw a rock or Molotov. It behooves our government to represent as many people as possible.

[donco6]

8. Or have bigger guns than anyone else.

I mean, if you really WANT a feudal system, by all means. . . .

[Orsino]

9. Who wants feudalism here? n/t

[Political Heretic]

7. Hmm.... interesting.

[TahitiNut]

5. In a "perfect world" the economic system would be FAR more equitable.

The economic system is broken. It DISPROPORTIONATELY distributes wealth (that's created by labor). The working poor enrich the already-rich in a coercive economic system.

[ThomWV]

10. That would be just about the worst idea you could possibly come up with

Not even worthy of a discussin other than to use one word - disincentive.

[NashVegas]

11. Why? So CEOs Making $4 Million a Year Can Put It In Trusts and Claim They Pissed It Away?

Get real.

[muriel_volestrangler]

12. What kind of level would you envision it being set at?

Would it apply to all wealth, or would there be a tax-free allowance, as with income taxes? Do you envisage any problems for people who have retired (ie who are more likely to have a lower income compare to their assets (mainly a house, if they own one) than when they were working)?

The advantage of income tax is that it takes a percentage of money that is already flowing through the economy. A wealth tax could force people to sell some assets to meet their tax obligations, when that's not what actually makes economic sense, for them or the economy.

[Vinca]

13. At the very least more taxes on people who have earned fortunes

sitting around the pool while the criminal stock market fed their bank accounts.

[barbfears]

14. Wealth Tax

Long over due idea.  Really, who needs all that money.  How
much did the Steelers players make last night?  I am sure they
do not need that much money to live.  I say, if you have over
$10 million- $5 million should go to the government.  There we
know it would get spend to help poor people not just buy
another car or swimming pool for someone who does not need it
anyway.

[ThomWV]

15. What they made last night was income - the question is about wealth

Do you tax GM every year for the value their production plants? Production plants are wealth, paychecks are income.

[barbfears]

16. Tax

What about all that money Rush Limbaugh makes? He does not need that much money. How much to baseball players make? Do they really need that much? People who save lives are being laid off (firefighters) and what was the bonus the football players made last night? Something ain't right