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At some point he'll have made enough money.

JustHanging said:
Thank you for the information. In your opinion, is it an effective and fair taxation system? If not, what are the problems.
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It seems generally fair and I have few complaints. One drawback is that some businesses don't want to be sales tax collectors so they require that their customers to get a special tax ID making them responsible for paying the sales tax.

Property taxation is also easily abused - the assessed value has little relationship to fair market value and is typically set far below it. That allows the taxing authority to increase its revenue with no legislative action (tax rate change) - simply bump up the fictitious assessed value (so long as it does exceed the fair market value) to generate whatever increase they desire and your taxes go up automagically.
 



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