I believe an income tax should be the only tax, since it covers any and all economic transactions, and it's the only progressive tax.
- There's only a single loophole: People who use their business to pay for personal expenses. They are easy to catch, and the simplicity of the tax scheme allows collectors to focus on this one loophole.
- It's simple to collect: Ask all the banks for everyone's statement, and apply a percentage to their calendar year's income. You could even deduct tax when people deposit money.
- It's simple to forecast and calculate: Everyone knows how much tax they owe, and knows how much tax they will owe.
- It's progressive: The more people make the more they pay. Property tax, sales tax, gas tax, etc. all disproportionately affect people with less money.
Property tax can easily be made progressive. The only barrier is that some state Constitutions ban progressive property tax due to "originalist constructionist" misinterpretations.
- There's only a single loophole: People who use their business to pay for personal expenses. They are easy to catch, and the simplicity of the tax scheme allows collectors to focus on this one loophole.
- It's simple to collect: Ask all the banks for everyone's statement, and apply a percentage to their calendar year's income. You could even deduct tax when people deposit money.
- It's simple to forecast and calculate: Everyone knows how much tax they owe, and knows how much tax they will owe.
- It's progressive: The more people make the more they pay. Property tax, sales tax, gas tax, etc. all disproportionately affect people with less money.