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Consumption taxes hit low income people the hardest and also reduce consumption. What you are suggesting is the biggest redestribution of wealth in US history,
by Radle 4y ago
Consumption taxes hit low income people the hardest and also reduce consumption.
What you are suggesting is the biggest redestribution of wealth in US history, putting a lot more money into the super riches pockets.
It might also severly damage the US economy.
- BigCryo 4y agoYeah we cannot damage our sacred economy
- pessimizer 4y agoWhy would we change it to make the rich richer and the poor poorer?
- knodi123 4y ago?? Are you suggesting we should damage the economy? Or that we should be cavalier about risking it?
- BigCryo 4y agoUh huh
- globalreset 4y agoThat's why the plan includes sending a check / refund to every person, to offset the "tax free income amount", IIRC. Also - rich people don't really pay income and capital taxes because they have ways to avoid them altogether. (All these "charity funds" they make are just tax avoidance schemes). Sales tax instead of income tax would be a huge time saver, and effectively work exactly like an income tax, without all the waste. "Taxing the rich" could be achieved via other means if desired. Some wealth tax (let's say over 100M of net worth, .5%/year or something like that).
- charcircuit 4y agoAnd income taxes hit high income people the hardest. It's not fair that I have to pay 6 figures of taxes when other people get away with paying multitudes less than me.
- pigsty 4y agoYou could choose to have less money and pay less taxes. It doesn’t go the other way.
- Jochim 4y agoIt's an unpleasant reality but those 6 figures in taxes are all that stands between you and a hungry mob ripping your throat out.
- UncleMeat 4y agoAnd the rest of us think it is more than fair. I also pay a shitload of taxes. But I'd rather it come from me than from my sister, who makes 10% of what I make.
- refurb 4y agoConsidering Europe has a VAT of over 20% (27% in Hungary, 25% in Sweden), I'm thinking the consequences are more manageable than you think.
- stoolpigeon 4y agoHungary has a VAT of 27% and a flat income tax of 15%. VAT doesn't replace income tax, it complements it. Then there are vehicle taxes, property taxes, and so on.
- refurb 4y agoSure, but is there a reasonable why you couldn't replace a flat 15% income tax with a higher VAT (consumption) tax? I don't see why not.