Would You Be In Favor Of Doing Away With The Income Tax And Replacing It With A Consumption Tax (economy, money)

[TheGoodTheBadTheUgly]

Do you believe it would be fairer than our current system where everyone pays their “fair share’ as the left likes to say!

[Vlajos]

Yes, it raises tax revenue in a fair and equitable manner. Everyone is treated equally with a consumption tax.

[ukrkoz]

Depends what is taxed as consumption.

[beb0p]

Originally Posted by TheGoodTheBadTheUgly

Do you believe it would be fairer than our current system where everyone pays their “fair share’ as the left likes to say!

I just want to make sure we're on the same page - what this means is we do away with income tax but we raise sales tax and add a services tax to make up the difference. If you hire someone to mow the lawn, now you have to pay a tax. If you buy a product, the sales tax will probably need to be around 30-40% to make up the difference of the missing income tax revenue. Since buying will be very expensive, consumer will delay big purchases or flock to the used market. It'll kill our economy.

Bottom line, it'd be good very good for me.

But it'll ruin the economy.

So I'm torn.

.

[lionsgators]

good luck getting liberals to agree to this. they'll start whining about the poor people they hate. how can liberals levy brutal taxes on the poor if they only tax them on what they buy? the liberal love of brutal taxes on the poor is like peas and carrots.

[eddie gein]

Originally Posted by lionsgators

good luck getting liberals to agree to this. they'll start whining about the poor people they hate. how can liberals levy brutal taxes on the poor if they only tax them on what they buy? the liberal love of brutal taxes on the poor is like peas and carrots.

Spare me....All a consumption tax would do is get conservatives whining about consumption taxes.

[albert648]

Originally Posted by ukrkoz

Depends what is taxed as consumption.

Everything. All goods and services.

And yes, I would very much be in favor of this. Set the rate at 7% and downsize the Federal Government accordingly.

Total consumption in this country was $14.XX trillion last year. That gets us to $1T in revenue, down from $2T in income tax revenue. Cut the Federal Budget by a trillion. This doesn't account for the fact that consumption will likely increase since people take home more money.

[lionsgators]

Originally Posted by eddie gein

Spare me....All a consumption tax would do is get conservatives whining about consumption taxes.

not this one. I will simply stop consuming anything. shouldn't democrats be thinking up the latest sin tax they can brutalize poor people with?

[Frank DeForrest]

Im in favor of defunding govt in the quickest manner possible

[geofra]

Those with low incomes will see a larger percentage of their income go to tax no matter what tax is implemented. One is neither is more or less fair than the other.