What is counted as taxable income?What is counted as taxable assets?None of the above.A better question is whether we should be taxing earning or spending. The accumulation of wealth is not necessarily a bad thing for society at large. The spending of all available income causes a drain on community resources (Medicare, SS, welfare, etc.)It would be far better to tax spending than income OR assets. That brings us to:What is counted as valid deductions (if any)?If we are taxing consumption rather than creation, I would think we should allow quite a few deductions to make sure that necessary spending was not taxed - unprepared foods, basic clothing, up to 33% of income for housing (tax additional), insurance (life, health, homeowners), charitable giving.Those who are making just enough to live would not be paying taxes on their necessities, only their luxuries.Jim
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