4 ms·
Wow, thats a change! "In the 118th Congress, H.R. 25 would implement a NST. This proposal would replace the current federal income, payroll, and estate and gif
by idiocrat 4y ago
Wow, thats a change!
"In the 118th Congress, H.R. 25 would implement a NST. This proposal would replace the current federal income, payroll, and estate and gift tax system with a 23% tax-inclusive sales tax rate in 2025 (30% tax-exclusive rate), with adjustments to the rate moving forward."
- idiocrat 4y agoBookmark for reference. https://www.congress.gov/bill/118th-congress/house-bill/25 https://www.congress.gov/bill/118th-congress/house-bill/25
- amalgamated_inc 4y agoPretty awesome! Why not tax consumption instead of production? If you tax something, you get less of it, after all.
- BizarroLand 4y agoHopefully there will be exemptions for things like medical bills, mortgages or rent, and student or federal loan repayments, although if they were added to student loans in lieu of interest I would be okay with that as that would limit the maximum amount of repayment required.
- amalgamated_inc 4y agoWhy? You don't get an exemption on income tax for many of these.
- BizarroLand 4y agoYou get insurance taken out of your paycheck pre-tax. You get a tax rebate for the interest you pay on mortgages and student loans. That's why I would want them to be exempt from any federal VAT.
- amalgamated_inc 4y agoUnfortunately, no exemption for rent :( And health care is only the insurance payment or if you have an FSA/HSA.
- BizarroLand 4y agoExactly. Which is why I would want all healthcare expenses VAT free, and rent should be treated the same as mortgages.
- amalgamated_inc 4y agoI mean then you're at "everything exemption" pretty quickly. Shelter is the biggest cost for many people by far, often 30% or more. If you add all health, car payments, and maybe food, you're at what, 80%? I'm all for it just saying :)