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Pastimes : THE SLIGHTLY MODERATED BOXING RING
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To: jttmab who wrote (14576)6/10/2002 11:33:02 AM
From: TimF  Read Replies (1) of 21057
 
What I was tryint to argue was that wealth acquired through tax deferred mechanisms should eventually be taxed. I believe that the tax deferred status should not pass beyond the life of the person having those tax deferred benefits that they rightly used during their lifetime.

Until the house, or stock, or land, or whatever is actually sold there is no actual realized profit. I don't think phantom paper profits should be taxed. I don't even consider it "wealth acquired through tax deferred mechanisms". The wealth was acquired through the normal operation of the stock or housing or whatever markets and since wealth is not taxed there is no deferral. A deferral would be when an actual realized profit is made but for some reason the tax consequences are delayed.

Taxes will never be completely fair if for no other reason then the fact that there is no solid consensus on what a fair tax system would look like. But a flatter simpler tax system would be fairer in my opinion and would be more efficient at raising revenue with less distortion of the economy and less intrusiveness in to people's lives. It would also probably result in lower compliance costs. I think that a flatter simpler tax system would fit both criteria you listed. It would be more equitable and it would create a greater possibility of more people accumulating wealth.

I think the problem of lower income people not being able to afford to pay an equal tax rate could be covered by the combination of a larger personal exemption, and a reduction in the size of government which would enable lower tax rates.

Tim
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