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by apta
2003 days ago
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The superior model that has proven to work is Islam's Zakat. It's sort-of-but-not-really a wealth tax. 0% income tax, 0% gains tax, and only people who hold commodities over a certain threshold are taxed (meaning the poor are exempted). Gold and silver holdings for example are taxed at 2.5%, with a different percentage for cattle and produce. As to your example, you won't pay a wealth tax on your car if you increase its value under Zakat. Now if you want to use it as a currency (start flipping cars) then it's different. |
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