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The main problem is that right now we have absolutely no idea of where the wealth is. One of the most important consequences of the universal income tax was the

• fuzzfactor 9y ago
  >More than half of all private wealth has been inherited in most of Europe The only time that wasn't true in the USA was before income started being taxed. If you do the math, the only tax which is not destructive to working people is taxing commerce. That's the way the US federal government was funded when free enterprise was more available to a greaater percentage of citizens. Switching over to income taxes shifted the burden dramatically from the powerful to the relatively powerless. What more effectie way was there at the time to keep down the first freeborn decendandts of slaves after bondage ended? The most prominent feature of taxing income is its huge damping effect on upward mobility. That's OK, the ones who instituted income tax to begin with did so because as far as they were concerned enough citizens had moved up already, especially from the very bottom. That's the most important consequence. This is by design. It's probably best to try and look beyond conventional wisdom when invoking caca del toro.