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Some people hold assets they might not be able to afford to keep at 2% load. Also, some people might own something very expensive and would have to liquidate it or the position to afford to pay 2%. Also, value is subjective and market driven. Whats the value of a priceless heirloom or a numismatic coin.
I do think those with massive wealth/power power/wealth need to pay into the system a bit more than currently, but stuff like this is tough.
I would say a consumption tax and a luxury tax is probably the best way to go with exemptions for life staples on the consumption side.
However, our idiot corrupt moron government would just spend the extra revenue and load the system even further.
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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