Response to a Question of a Tax on Assets

April 17, 2007, The filing deadline for the 2006 U.S Individual Income Tax Returns.

It is my honest opinion that before the United States will ever tax people for their assets that they will have to simplify and make fairer the income tax regulations. Individual as well as for the corporations, partnerships, and other businesses.

It used to be that a high school student who had a part time job could prepare his own income tax returns. It is no longer that simple. I don't know many high school students that are over 18 years old which happens to be the new age where his income can be charged as a kiddie tax (applying his parents rates to his income).

Did Congress have to stoop so low as to increase a high school students income taxes because the wealthy did not want an increase and congress was able to sell the public the tax package as they "lowered the income taxes - vote for me". They didn't lower the income taxes for that high school student as a matter of fact all Congress did was increase his taxes and they also made the tax laws so complicated that the middle class can no longer prepare their own returns and have to hire professionals that are so busy worrying about getting the returns filled out that they are overlooking whether that amounts that their clients give them are the right amounts.

I once was working at a place that had hired a Master Mason from England to teach some apprentices the art of cutting stone. He asked me to help him with his tax returns over 25 years ago. He lived in Queens NY and had 3 returns to prepare (federal, state of NY and City of NY). As I asked him for the information requested by the forms he said to me: "I don't understand why all this is necessary. In England that take a percentage right off the top and you never see it again but you don't have to file any of this paper either. In England we don't have to pay for separate helath insurance either."

It is for this reason that I don't think any party will start a "Wealth Tax".