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My other big question: What about times when the asset doesn’t pay off? Does the US government cut me a check or did I just get taxed on money that never existed in the first place?
When the asset doesn't pay off you get to write that off on your taxes.
So when something like 2008 rolls around, the US Government just gets 1/8th its income at a time it really needs to pay out?
That puts it pretty simply, but yes. And at least in 2008 it was mostly loans instead of hand outs so it got paid back.
YES! And this is the problem with profit based taxes. You should be taxes on what you have (property taxes) and what you receive (gross receipt taxes). The ebb and flow of commerce does vary, but the overall work and wealth is more stable. It also makes taxes harder to dodge as there are no deductions for expenses or other items. My local business tax is this way - I pay a couple percent in fixed assets tax, plus a (I think it's less than a) percent on my gross receipts - take what your paid, multiply it by 0.012, send that amount in. Simple, effective, and relatively consistent. It also, in a very simple way, reflects that government services are not a bonus the town gets when you make a profit but a cost of doing business. My power company charges me whether I make a profit or not, as does my web service, my copier maintenance plan, etc.
You can write off losses on your taxes. If you have enough losses you might get a tax refund.
So, I paid the government 15% because they thought my underlying asset was worth more than it was actually worth when I actually tried to get the money, then I can only claim and offset $3k per year for the rest of time unless I have a bunch of new capital gains?
That is fundamentally fucked.
Oh... No.
No pay, only tax.