Lifetime income tax
From Wikipedia, the free encyclopedia
Lifetime income tax is a proposal for a new type of income tax that would tax a person based on their cumulative income over their lifetime up until the filing date.[1] This is in contrast to most income tax systems where the previous yearly income is the basis for the tax calculation.[2]
Currently, lifetime income tax has been proposed by a small group of academics and politicians, mainly in Canada and the United States, as an alternative tax formulation.[3][4]
Roger Martin, Dean of the University of Toronto's Rotman School of Management[5] and Herwig Schlunk, Professor of Law at Vanderbilt University Law School[1] both have written articles proposing the idea.