The Asset Tax system is actually composed of two distinctly accountable fiscally responsible systems. That portion of the United States Government that is responsible for the enforcement of property rights and which will develop physical infrastructure which enhances the value of all assets (roads and bridges and the like), will be funded by a tax on the market value of assets. This will include the cost of all military and law enforcement expenses of the federal government and all expenses that are not social in nature (education is a social expense). That portion of government that is responsible for education and social insurance systems will be funded by broad based excise taxes such as flat rate surcharges on transportation fuels or various taxes associated with social problems (taxes on tobacco for the purpose of funding education, rehab, and possible interdiction to deal with the problems of lung cancer). These two revenue streams will not be intermixed or co mingled and each hemisphere of government must remain accountable in itself.

The best definition of what is considered an asset for tax purposes is provided by describing the method by which the tax is collected. Any item not addressed by the asset tax collection system may well be an asset but it will escape the tax man.

Taxes on raw land value are collected by the county tax assessor collectors just as such taxes are collected today and the federal portion of the tax is forwarded to the treasury.

Taxes on structures are collected primarily by insurance companies, as is the tax on all chattel contents. Taxes on uninsured fixed capital (uninsured structures) will be collected by the county tax assessor collectors. This implies a tax credit system in which one but not both of these agents will levy the tax. Asset taxes on boats, mobile homes, cars, trucks, etc. are addressed through the insurance system. The tax is levied on the face value of the policies and passed to the owners as a part of the insurance premium

Corporate taxes are collected by selling additional shares of corporate stock into the open market on a weekly basis and the proceeds of the sale are transferred to the Treasury. If the tax rate was 2% and the number of corporate shares outstanding was a 1 million shares than the weekly stock offering would be 385 shares per week. Not a major event. The corporation can repurchase the shares at any time so as to pay the tax from current earnings, or not

Closely held corporations and proprietorships will be offered for sale at a price that the owner(s) will be pleased to take. The offering price (as discounted to prevent greenmail and nuisance offers) is the basis of the asset tax as it applies to the business. The tax is collected by the very small IRS that would remain after he income tax system is abandoned. The tax could be paid, monthly, quarterly or whatever and just like land or anything else, continued non payment will result in the forced sale of the business

Taxes on financial instruments such as money, bonds, etc. are collected by insuring at least as much monetary devaluation as the asset tax figure (e.g. 2%).

These are the only vehicles through which federal asset taxes are collected. The tax may be avoided by burying your gold in your back yard. Anybody that stupid deserves the loss he will suffer for it. There is ONE personal tax form in this system and that is the form submitted by persons for tax refunds based on age -- this refund system is meant as a transition mechanism to guard against double taxation of seniors in relation to their domiciles and other assets up to a fixed amount. e.g. A retired individual is eligible for a full refund of all asset taxes on his home and its belongings up to half a million dollars and lesser refunds totally phasing out at one million. Individuals of the age of 50 years are entitled to lesser refunds, and the refunds phase out completely at age 40. These ages bumped along every year. If you are 39 at the time the asset tax takes effect you will NEVER get any refund at all. The 40 year old doesn't get much. The relief from income tax more than offsets the asset tax for home buyers

The excise tax system is employed in support of all social insurance systems of the United States government. Excise taxes are a tax on consumption and such taxes are considered to be regressive. That is not an oversight or unintended side effect. It is inherent part of the design, the "Rob the Rich" left handed mentality is a lot better controlled when the folks that design the insurance systems must pay the premiums. And though the big spenders form the East will be subsidizing the people that live on beans and cornbread, the excise tax system will still collect a very small amount from those with little to give. The excise system is dramatically superior to sales or vat type taxes in that the overhead is minimal. A tax on transportation fuels for example will raise the price of all consumables in a very slightly progressive manner but still remain a regressive tax as it should. The tax is applied to all oil whether it is domestic or foreign and there is no trade barrier problem. The tax is almost impossible to evade.

It seems that the Senate should have the most power in regard to the level (the single flat rate) that will be applied to all assets, and that the House should be more concerned with the shape and level of excise taxes. While the aristocrats in the Senate can prevent excise taxation, the House can also insist on a particular level of asset taxation. Inevitably they will be forced into trade offs just as it should be.