- Pass a law to require 320,000,000 Americans to purchase a banana and duct tape it to a wall.
The market value of each has been established: $120,000. Some will be more, some less; $120K is a representative average of the duct-taped bananas that have cleared the market recently.
- Pass Elizabeth Warren’s tax on assets.
3% would seem to be a fair rate. You just created something worth $120K from a banana and duct tape. What are you, greedy?
- Do the math.
OK, compliance won’t be 100%; we’ll assume 300 million duct-taped bananas. For some reason, not everyone wants a $120K banana duct taped to their wall. 300 millon x $3,600 each = $1.08 Trillion! Even if collecting the tax costs $80 billion, we still have a cool $1 Trillion for the U.S. Treasury.
- And that’s not even counting the economic impact of the sale of 300 million bananas.
Q: How will the average American handle their tax liability?
A: Sell on the open market, naturally.