We just had a discussion here bp, about the millions that people made on California real estate. No taxes were paid on those gains, and believe me they are substantial. There are 45 houses on my street, and only 7 houses sold in the last 6 years. All the rest of the people, 80%, are accumulating wealth and paying no taxes on that wealth. All of these folks have an income less than people that work for me, I know that, but their net worth is in the millions.
But lets just use me as an example instead. I worked at Dell last year and part of this year and was paid partially in stock. Well, my corporation was paid in stock. I paid myself very little. How much taxes should I pay? If I were an employee of Dell I would have paid much more in taxes, and I would have earned much less. Plus, I would have had no option to receive pay in the form of stock. To me this seems a little unjust. The point is there are these loopholes to a strict income based tax, in some ways a Vat tax is better. Or maybe, some combination of the two.
Whoops ok, I read Les' post again, he said income + vat/sales tax. |
