Re: Wrong approach
This is the problem with any form of "income tax". Most people truly don't understand how it works and it is easily manipulated. Politicians scream, "TAX THE RICH" while secretly putting in loopholes for their rich contributors. A tax on the transaction is the only real fair way to go. And to those who claim the is regressive, that is just a straw man, because they do not want their controllable "poor people" voting to keep their sales tax low. It is far easier for them to vote for politician who will raise taxes on "others" and not them. When everyone pays the tax it will be much a harder to raise!
Here is the US we are one the verge of a tipping point, 49% of American pay no federal income tax. Once we are over 50%, we are doomed!
Biting the hand that feeds IT
