Economist.com | Economics focus

A revolutionary idea might be to end the income tax and have a progressive asset tax. Taxing people's property has been the foundation of state and local taxes, but why not the Feds? It would encourage spending, but not too much (taxes on cars and other property would discourage too much consumption). It would encourage work and income. At the same time it would eliminate taxes on those who could least afford to pay. Set a limit at say $300,000 and over that you are taxed 10 percent and make it progressive. Anyone who has had property longer would get taxed on it more.