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One way to implement a consumption tax is to measure everyone's income and then subtract out whatever they've saved in the bank or otherwise invested. That doe
by mac01021 10y ago
One way to implement a consumption tax is to measure everyone's income and then subtract out whatever they've saved in the bank or otherwise invested.
That doesn't mean such a tax is not ridiculous for other reasons, though.
- jcoffland 10y agoThere are plenty of ways to scam such a system. For example, you could create a phony investment fund which always collapsed at the end of the year creating a loss which hid your expenditures.
- mac01021 10y agoThat might be true. I don't actually know how much more auditing of funds and brokerages than what goes on already would have to happen in order to prevent that sort of thing. I don't think the problem is obviously insurmountable, though.