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Yes national sales tax, Federal excess tax on alcohol/cigarettes/marijuana, Federal & State corporation/business/comercial tax, State sales tax, Town/City property/land tax, State gas tax, social security tax, State health care tax, and Federal tariff tax is the way to go.
Exemption of Federal and State sales tax on food, soda, prepackaged food, medical services, medical equipment, pharmaceuticals, veterinary services.
I'm not economist but do you believe it would be better for the country longterm economically. If so, how?
No, it wouldn't be better for the nation than an income tax.
Want to reduce the IRS bureaucracy? Then simplify the income tax code. The payroll tax doesn't incur the same amount of overhead as the income tax code because there are no loopholes in the payroll tax. And loopholes are put into the income tax code by legislators influenced by lobbyists, who are in turn funded by people with money, lots of money, who want to pay less taxes.
The Fair Tax has been kicking around for 15 or 20 years. You've probably already heard about it. I dug into it and found that the proposal keeps getting adjusted every couple of years, but one constant remains - it sticks the heaviest burden of taxation on the middle class while giving high income earners the lightest burden to bear.
I'm not economist but do you believe it would be better for the country longterm economically. If so, how?
This proposal (a/k/a "the fair tax") presumes that businesses will report all of the taxes that they collect. If you're a plumber and charge a homeowner a 30% services tax (which would be the case if the fair tax were implemented), the strong compulsion would be to stick the tax payment in his pocket and not report it. After all, it was collected in the field and whose to know?
I'm not economist but do you believe it would be better for the country longterm economically. If so, how?
It's your post please explain to us how it would work and what would be the benefits?Thanks.
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