[azth]

It's always interesting that this issue keeps coming up, whereas Islam solved it over 1400 years ago through the Zakat system.

An extremely reasonable 2.5% would be owed on money sitting in the bank for one lunar year (it's a form of "wealth tax" if you will). It has been documented that in Iraq during the Ummayad period where everyone paid their share of Zakat, there were no more poor people left to accept it.

And that's it, no income tax or messing around with it. It works.

Livestock and produce have a separate calculation, but most of us here are not in that business.