patrick.net

If the total value of all US assets is about $200 trillion, and the total tax revenue in the US (federal, state, and local combined) is about $4 trillion per year, then it follows that a simple tax of 2% on all US assets would pay all taxes.

So we could eliminate the income tax, the sales tax, the inheritance tax, and the current property tax.

Here's one estimate of all US assets at $188 trillion:
http://rutledgecapital.com/2009/05/24/total-assets-of-the-us-economy-188-trillion-134xgdp/

Here's US federal tax revenue at $2.7 trillion:
http://en.wikipedia.org/wiki/Federal_tax_revenue_by_state

A 2% tax on all assets is simple and fair, and pretty easy to verify for large assets (real estate, stock, bonds). Why not do it?

#housing