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The House of Representatives has introduced a bill to end income tax and replace it with a national sales tax.
I'm in.
The main question is, "what percentage?"
Most states are capable of funding themselves at about 7%.
What will DC want?
One gigantic advantage of going to a sales tax is that everyone will see how much taxes they're paying every-single-time they buy something.
A secondary advantage is the ability to opt out by simply reducing consumption.
I tend to like the idea, but withhold judgement until I see the actual implementation.
The devil is in the details.
whatever it is you can bet we get screwed in the end... panzer guy
ReplyDeleteWrong question, It is not what they want or even "need", it is what we the people permit.
ReplyDeleteMy view is that our whole federal gov is far too big so let's set an initial fixed immutable and never to increase 10%. As the economy enters explosive growth with this change, we the people can reduce that as necessary but never shall it increase past 10%, ever. You know we have been screwed for decades by the fiction called baseline budgeting which fosters the use it or lose it wasteful mentality. Oh. and no more license, permit, tag, use or any other federal "fees", they are all f ing uncontrolled taxes. Want to drill in the sea or Alaska, get state issued contract, feds have no say. SS and all other programs have to come out of that 10 pct, Personal wealth, freedom and opportunity growth will be amazing to behold. Another benefit-all illegals now pay tax and reduces underground economy of tax evasion, We all win. Reality? Don't see repeal of 16th and replacement with flat under present uniparty or cabal in DC,
Most states are capable of funding themselves at about 7%.
ReplyDeleteCould the Feds run things if they took 25%? Ignoring things like shutting down the economy and the country collapsing. Off the top of my head, I don't know where to go to see estimates of how much money gets swapped in retail sales every year so I could figure out how high the tax would have to be.
One of the very nice things about a NatSalesTax is that all the peoples on 'not-legal' supplemental income will finally pay their fair share. Drug sales and prostitution and other currently-not-taxable income sources will enter the tax % back. Simple, send in IRS form stating X number of people live at Y address and are dependent on Z filer(s) and get $BBBB back from der Gov.
ReplyDelete10% on purchases across the board. No luxury tax, value added tax, sin tax, gas tax needed. And it would generate much more money than the current progressive tax system that encourages tax hideouts.