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5 Types of Taxes

In this video, I discuss the five types of taxes: taxes on what you buy, taxes on what you earn, taxes on what you own, taxes on what you do, and general taxes. I give examples for each type of tax, such as the sales tax, value-added tax (VAT), stamp tax, import tax or tariff, and payroll tax (on employers) for taxes on what you buy, the income tax, corporate tax, dividend tax, and capital gains tax for taxes on what you earn, the property tax, death tax or inheritance tax or estate tax, and wealth tax for taxes on what you own, the Pigouvian tax for taxes on what you do, and the poll tax or head tax for general taxes. I put forward the case that we should only have taxes on what you buy, with some exceptions on taxes on certain activities that should be discouraged but that are not bad enough to be made illegal. The other types of taxes I think should be abolished. I discuss why taxes on what you earn are unnecessary (because your earnings come from others paying you money and there can just be taxes on those payments), inefficient (because of the complicated paperwork and compliance work involved), and disincentivizes productivity. I discuss how taxes on what you own such as property taxes, death taxes / inheritance taxes / estate taxes, and wealth taxes are absolutely evil and should be abolished. I discuss how general taxes like poll taxes and head taxes are outdated and do not need to be implemented anymore when we have more advanced tax collection systems, and also how general taxes are not great for those who cannot afford to pay a general tax, for example those who are bankrupt. 🗞 Read my articles on Medium Sign up for membership and get access to all my articles:   / membership   Subscribe:   / subscribe   📖 Useful for reading/learning: Kindle Unlimited: https://amzn.to/2uN36RC Audible Gift Membership: https://amzn.to/2u8DTR1 📲 Follow me on: Odysee (@justinzhuoyanhe): https://odysee.com/@justinzhuoyanhe:8 Telegram (@justinzhuoyanhe): https://t.me/justinzhuoyanhe Instagram (@justinzhuoyanhe):   / justinzhuoyanhe   Medium:   / membership   Substack: https://justinzhuoyanhe.substack.com/ TikTok (@justinzhuoyanhe):   / justinzhuoyanhe   LinkedIn:   / justin-zhuo-yan-he-%e4%bd%95%e5%8d%93%e8%a...   Website: https://www.justinzhuoyanhe.com/ As an Amazon Associate I earn from qualifying purchases. Some of the links in this description are affiliate links, meaning that I may receive a commission when you sign up for these services. Disclaimer: I am not a financial adviser nor a CPA. These videos are for educational and entertainment purposes only.