We could replace income tax with an asset tax. Imagine a National Real and Intangiable Property tax of 3% on the assessed value of your home, car, boat, stocks, bonds, CDs, mutual funds, 67 inch LCD TV.
Only if it would be apportioned to the states by population, determined by census.
Would hurt low wealth states. Unclear how state residency would work for corporations—-would Delaware corporations get away with a really low tax since the money would be in Delaware, but not much population?
