[img_assist|nid=6205|title=Income tax vs 2pct Wealth tax|desc=Income tax vs Wealth tax |link=node|align=left|width=466|height=258]

Again, thanks for the input. A few things

1) I wish I had not mentioned the oxygen tax, I essentially trolled my own post. It had nothing to do with the topic.

2) robson: “Taxing wealth discourages the incentive to save”.

Alarmclock: The only thing I would mention is that if you buy a refrigerator, you ‘credit’ your cash account and you debit your refrigerator account, so the balance sheet should remain the same — there’s no tax benefit to spending. Of course, this points to the infeasibility of calculating wealth, and it is unreasonable to expect all tax payers to depreciate assets.

3) If I can successfully post an image, then anyone in the “W” section would prefer a wealth tax; anyone in the “I” section would prefer an income tax.

I am done beating this horse. I honestly did not anticipate the uniformly negative responses but that is what makes the interweb great.