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A value added tax on goods would be good, then we wouldn't have to file taxes at all. Or just get rid of federal income taxes all together like they did around
by spandextwins 3y ago
A value added tax on goods would be good, then we wouldn't have to file taxes at all.
Or just get rid of federal income taxes all together like they did around 100 years ago.
- yohannparis 3y agoConsumption is not the only way to levy taxes.
- MrRadar 3y agoLow income individuals spend a far greater share of their income on goods that would be subject to VAT than high-income individuals. Eliminating income tax would shift the burden of paying for government even more to the people who can least afford it. Ideally, taxation should be a mechanism that redistributes wealth within society to be more equitable which ultimately benefits everyone, even the wealthy, by increasing overall economic growth. Income tax is a very good mechanism to achieve that goal (though definitely not perfect) and I agree with Thomas Piketty that we should add a small wealth tax on the very wealthiest individuals.