Instead of paying income taxes the way we do now ...

[ringwise]

Originally Posted by Skydive Outlaw

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.

Why not a breathing tax? A walking tax? It's about time this government stops thinking that all the money is theirs, and they are just allowing its citizens to use it, for a fee of course.

If we spent within our means, the national debt would also be cleared up. The treasury is taking in record money in taxes. But in typical "big government" fashion, they spend as much as they bring in, instead of doing what's fiscally responsible.

[Driller1]

Originally Posted by ringwise

Sales tax has nothing to do with "consumption". You know that, right? It's a "sales" tax. Your sale is more, you are taxed more.

And that might be OK.......if I buy hair care products or, a TV.

But, what will happen to businesses????

Would they still write off costs???

If not........none of you could afford it..........I know I could not.

[HiFi]

Originally Posted by oberon_1

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.

Huh? It's entirely different, the whole process of saving money would have a huge drag applied to it. The plan of saving money during your life and living on it at the end would no longer make sense. the larger your savings gets the more you are taxed on it every year. There would be a huge incentive to not save and spend as much as possible before tax time. A millionaire would not feel it at all if hes living like a playboy and spending it all. Corporations would all be into financial speculation because you can have big profits with no assets, tax free corps. Your idea is literally idiotic, don't you realize that?