Regarding lowering the tax on labor, I wrote a column (Medium will not allow me to put a link in a comment) proposing that income-style taxes (income, gift, inheritance) be replaced with a tax on net wealth calculated at a rate to raise the same total amount of money as the income tax.

It turns out that an annual tax of about 2.5% of net wealth above $50,000 would replace the individual taxes on income. There are problems with applying this tax system to businesses so it would probably only be used to replace personal, not corporate, income tax systems.

One of the major defects of a tax on personal income is that the government is always paid first.

I think a tax on net wealth has many advantages, perhaps the most prominent of which is that the government is paid last, after all human expenses have been covered, instead of first before other bills are paid.

— David Grace

Graduate of Stanford University & U.C. Berkeley Law School. Author of 17 novels and over 200 Medium columns on Economics, Politics, Law, Humor & Satire.

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