How would you go about taxing wealth?

[mick063]

21. My proposals.

Increase capital gains to 25%

A tax on every stock transaction at .05% of the total amount of that transaction.

A streamlined, modern, more automated means for the IRS to audit a larger sampling of tax returns. This would require simplification of our current income tax laws. Build a better infrastructure to collect unpaid income taxes to include an elimination of fines for unpaid income tax, but otherwise, very strict adherence (no forgiveness) for enforcing repayment to include a reasonably small fixed interest rate. This would include automatic deductions from income and/or immediate auction of luxuries. An increasing interest penalty for successive occurrences.

All military "adventures" to be accounted for in a "stand alone" budget (except for immediate, dire, "Pearl Harbor like", emergencies) using a regressive War Sales Tax, to fully fund the war, and to be imposed on all Americans equally so that the politics (positive or negative) of such actions would be impactive and loud. In other words, if all citizens feel the pain directly, they would collectively balance military "adventures" against military "necessity" at the ballot box. All would have a stake in the decision to wage war and finally, the wars would be funded via a majority of willing participants. If the Commander in Chief presents a solid case to the people, he should find solid backing. This wouldn't be a referendum on directly funding the war itself, but a referendum on the Commander that made the decision or proposes the action at the time he seeks election.


Those four things would quickly put us on track toward a balanced budget given the US government eliminates unwarranted expenditures (ie. corporate welfare, etc.).