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I actually like that idea...I would have to consider it more, find out more, before I'm on board 100%, but I like that idea.
It could be good, it could be a disaster, depending how its implemented and how many special interest rules are built in, I can't imagine it being worse than what we have now however.
Much simpler, effective and perhaps... more fair. It also won't discourage people to work harder as many conservatives claim.
Remember when we found how Sonia Sotomayor was living paycheck to paycheck on 200,000 a year? We would be seeing a lot more of that under such a silly tax scheme. What about retirees living on a nest egg with no income? How would they even be able to amass that nest egg under such a scheme?
Remember when we found how Sonia Sotomayor was living paycheck to paycheck on 200,000 a year? We would be seeing a lot more of that under such a silly tax scheme. What about retirees living on a nest egg with no income? How would they even be able to amass that nest egg under such a scheme?
It's not so different than what we pay today. During their lives, these retirees won't pay any income tax. The proposed tax on wealth won't be high - at the end, they should be equal or less than what most people pay today. On the other hand, billionaires who declare income of $30K a year will feel it.
But it's simpler to collect and more efficient for the entire country.
A transaction tax (of 2%) on all transactions (including financial) and contracts (based on the amount of the contract) even in the absence of an income tax would clear up the national debt in three years.
It would also make too much sense to ever happen. Taxing income and keeping the country in a state of perpetual debt is done for a few reasons: including social engineering and narcissistic control by the political and economic elite.
A transaction tax (of 2%) on all transactions (including financial) and contracts (based on the amount of the contract) even in the absence of an income tax would clear up the national debt in three years.
It would also make too much sense to ever happen. Taxing income and keeping the country in a state of perpetual debt is done for a few reasons: including social engineering and narcissistic control by the political and economic elite.
The idea is intriguing and appealing, but the losers will squeal.
People should be taxed relative to how much they consume-not how much they earn.
Sales tax should be the only legal tax.
Agree.
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