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Political Factoid
Sales taxes are very regressive, posing
the heaviest burden on the poor.
The working class bears more than
its share of the load with taxes
on income.
Income and sales taxes should be
eliminated and replaced with taxes
on assets to be paid by the wealthy.
After all, the greater the assets, the greater
the benefit from government services, such
as police, fire, and military protection.
Annual Federal asset taxes on:
- Financial deposit accounts
- Stock and bond portfolios
- Patents and copyrights
- Real estate
- Mineral rights
- Furniture
- Works of art
- Machinery
- Inventories
- Jewelry
- Vehicle and boats
- Contracts
- Insurance policies
- Educational degrees
- Lines of credit
- Clothing (over $5,000)
- Collectibles
- Imported high-tech equipment
- Cash on hand (over $5,000)
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