Income Tax Was Always Meant To Burden The Common Man
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Taxing asset gains regardless of whether the asset is sold or not is a horrendous idea.
I agree, taxing income should never have occurred. Taxes on purchases were the only rational tax because they were voluntary.
Imagine the extra reporting required to file a brand new WEALTH TAX -
every property would need to be valued every year.
Every bank account would have to be declared.
It could almost double the current (wasted) effort