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People think its good because what we have now is worse. That isn't a good reason. Income taxes have nothing to say about cost of living, the invasion of privacy, and how many ways can it be expensed out before it even becomes income and on and on and on.....
Its the worst of all taxes, even worse than VAT taxes.
You tax natural assets and luxuries before anything else.
Can anyone explain to me why you need to tax goods and services at all?
10% for all non-food sales, no loopholes/credits/blah blah.
Most of the nation would support it, the political class? That's whole another topic.
As an involuntary renter, I would not support it until everyone was allowed to buy a home they can afford, i.e. until there were no involuntary renters.
I'd rather see a 15% VAT (food and medical excluded only) with NO income tax and the repeal of the 16th Amendment of the US Constitution. Those with more disposable income will generally make more purchases and thus pay more than those with lesser incomes.
Then you're unfairly taxing rent slaves because they will have to pay more than homeowners under equal consumption.
No, because then homeowners would get to consume (housing) without paying tax, while renters necessarily would have to pay tax on their inflated rents.
If we're going to tax consumption, all consumption should be taxed.
Location: Just transplanted to FL from the N GA mountains
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Quote:
Originally Posted by freemkt
No, because then homeowners would get to consume (housing) without paying tax, while renters necessarily would have to pay tax on their inflated rents.
If we're going to tax consumption, all consumption should be taxed.
If however, the mortgage deduction was abolished, those folks are going to be paying a heck of a lot more in taxes also. The home mortgage deduction is the largest exemption most folks have. So while your rent might go up... their tax will go up as well if the tax were instituted on gross income without that deduction.... Food for thought....
If however, the mortgage deduction was abolished, those folks are going to be paying a heck of a lot more in taxes also. The home mortgage deduction is the largest exemption most folks have. So while your rent might go up... their tax will go up as well if the tax were instituted on gross income without that deduction.... Food for thought....
The mortgage interest deduction and a tax on spending are two different things. Also, homeowners without a mortgage would not be affected.
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