Tax all assets at 1.5%, and you can eliminate all other federal taxes (including payroll).
Let the billionaires pay.
Remember- you will be taxing your Granny in her house which she long ago paid for & is living on the railroad pension Grandpa left her.
IF assets are going to be taxed, then you are back to ASSESSORS on everything.
Do I just have an old dresser set or do I now have an ANTIQUE that they can inflate the value of? Do I have a valuable ring or do I have a small seed pearl/opal ring that belonged to my grandmother?
Will local property tax values be used for such taxing or what?
My dad died in 1980. His Soc Sec was $252 a month. I paid for lots of his living expenses...including his property taxes. He obviously did not have any income taxes under the current tax codes.
Under this plan, he would have to pay $1500 a year for income taxes just on the assessed value of his house. His 11 year old car, his furniture, his watch & jewelry would add to that assessment. He had very little when he died. Bad enough I had to pay inheritance taxes.
This kind of a tax could put elderly people OUT of their homes, no matter how meager such homes might be.
There would have to be some sort of minimum asset value test.
Remember-—when your Granny dies—a tax on everything she & Grandpa accumulated in their lifetimes will be taxed & YOU will get to fork over the funds.