Walk a Kb or Two in my Moccasins- Nobody 'splained it to me like that!

Simple answers to Complex Questions and Complex Answers to Simple Questions. In real life, I'm a Greater-Toronto (Canada) Realtor with RE/MAX Hallmark Realty Ltd, Brokerage. I first joined RE/MAX in 1983 and was first Registered to Trade in Real Estate in Ontario in 1974. Formerly known as "Two-Finger Ramblings of a Forensic Acuitant turned Community Synthesizer"

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- Realtor (2nd or 3rd best you'll likely run into)
- Philosopher King of Real Estate Business in Ontario (self-assessed)
- Likes Public Policy & Governance Discussions
- Likes discussion on being an "Attestant" and First-Century Ecclesias(aka 'primitive congregations)

Sunday, June 13, 2010

Income Tax? or Switch to Consumption & Annual Asset tax?

Canadians for a saner future - particularly if we're going to soon possess a world Reserve-currency.

In the middle of my doggie-walk I was prompted to consider:

Should we continue to tax "income" ?

or

switch to a 20-30% Consumption tax ( like the GST/HST with input credits) PLUS assess an annual tax of say 0.1%-0.5% on the value of a "persons" assets?

N.B. - Switzerland has an annual asset tax .... it might be worth examining as a model

Instead of trying to hide or offset taxable income, "persons" would be encouraged to earn the most they could with the "time" they have available each year.... wouldn't they?

Instead of holding onto old/underperforming assets (to shield the assets from Cap Gains ...for the time being) they would freely sell whatever they wanted.

Instead of hiding assets in foreign countries or with shrewd trust & corporate shielding arrangements .... person wouldn't be so afraid of "dying" - tax-wise.

Instead of maximizing their deductible "expense" budget (to lower their taxable net income) wouldn't small businesses spend more wisely?

Instead of hiding income to avoid tax ... wouldn't people just "save" their money to avoid taxation?

Is it worth "running the numbers" to calculate the % consumption tax & % annual asset tax necessary to replace the current net, net (of gov't expenses to administer and collect), net income tax?

Oh yes, the Crown & Municipal assets would also have to be valuated and THOSE assets (forests, mining lands, rivers, lakes, off-shore resouces) would have to generate fees, stumpage, user-revenue etc equal to the same annual % "return-on-investment" as "everyone else's" assets were providing to the common (ie Crown) Treasury.

rce

PS
Check the ConFederal "Statement of Assets & Liabilities"
- pls observe that the above-mentioned assets are NOT on this Balance Sheet
- hence these Crown (?your?) assets are not given a "value" and hence no "return" is expected
because the assets is carried at "zero" value.

-Fiscal Monitor -monthly - subscribe free Table 6

-Annual Financial Report Table 9

--
Demand Effective Stewardship of the Crown's Assets!
The current Stewards have forgotten their Mandate ..... since the "Master" is not paing close attention.
A.K.A The inmates are running the asylum.
A.K.A Four Legs good, two legs better.

Let's finish the 1982 Job!!
Canada - patriate ownership of our Crown!

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