I think the whole tax system will need to be rethought. The tax system we have now was designed for 20th century economic models, where it was easy to follow the money and tax individuals/corporations accordingly.
Automation and robotics are already starting to erode the income tax base and this will accelerate in the coming years making it less ineffective. We are also seeing that that existing tax models do not work for blockchains and crypto money. Unlike before, everything is becoming decentralised and individuals have control of their money, not a centralised entity which can easily be audited. The fact that this money is created by the internet - which is everywhere - and not in a sovereign nation just adds to the complexities. All governments are struggling with this because they are trying to retrofit old tax laws to a new asset class and we're seeing that it doesn't work properly.
Also, don't forget, income tax has only been around for about 100 years. This is not a tax that existed for a long time historically. Perhaps it's time it's time it was scrapped it altogether since it is becoming less fit for purpose.
"Perhaps it's time it's scrapped altogether since it is becoming less fit for purpose"
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