Re:The IRS Tried to Take on the Ultrawealthy – It Didn’t Go ...
by reboog711 on Saturday April 06, 2019 @09:03AM
(#19590506)
Where I live; in northeastern US my assets are taxed. Personal assets such as my home and car are taxed on a yearly basis.
As are business assets, which includes everything from the desk I'm sitting at; the chair I'm sitting on; to the computer I'm using.
Disposable supplies, such as paperclips, are not taxed but once a year I have to fill out paperwork--roughly a 10 page document--to pass onto my local government declaring said assets.
Companies already engage in all sorts of shenanigans to show lower profits when it suits them. [1]
Taxing revenue goes against decades, maybe centuries, of established tax law and tradition, which roughly operates on the principle "The state makes money when you make money."
If you start taxing assets, you're going to need very invasive government bureaucracy that knows everything you own, down to the last paperclip.
Anyone who claims they can make taxes simpler is either lying or doesn't understand the subject.
1. https://en.wikipedia.org/wiki/Hollywood_accounting