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Posted on 9/23/24 at 8:49 pm to cbree88
Obviously it would be beneficial to me, however sales taxes are pretty regressive.
Unless we removed them on things like groceries
Unless we removed them on things like groceries
Posted on 9/23/24 at 8:49 pm to cbree88
Yes, the tax code should be simplified.
Basic necessities no tax.
Tax based on consumption. Savers rejoice.
Basic necessities no tax.
Tax based on consumption. Savers rejoice.
Posted on 9/23/24 at 8:50 pm to cbree88
quote:#1 reason why this will never come close to happening.
It could discourage frivolous spending by individuals and encourage them to save.
Posted on 9/23/24 at 9:03 pm to Grinder
quote:
Consumption tax
That’s the term I was trying to think of earlier. Thank you!
I totally agree. Consumption taxes are the fairest ones, and they reach the most people. It would allow us to tax illegals like you pointed out.
This post was edited on 9/23/24 at 9:05 pm
Posted on 9/23/24 at 9:38 pm to cbree88
Yes, I have been in favor of a consumption tax for at least 25 years but not due solely to $$ savings - my primary issue is that it's none of the government's business how much money I make or how & where I make it - period.
As is, the tax code is used for social engineering, favoring certain groups and individuals over others - bullshite - exempt groceries and prescription drugs (see FL tax code) and establish a single digit (5-7%) consumption tax on everything else, except transactions between private citizens.
And for the pinheads wailing that collected tax revenue would decrease, increasing the deficits - bullshite - the additional $$ available to the public in the form of disposable income would stir the economy and INCREASE collected tax revenue.
As is, the tax code is used for social engineering, favoring certain groups and individuals over others - bullshite - exempt groceries and prescription drugs (see FL tax code) and establish a single digit (5-7%) consumption tax on everything else, except transactions between private citizens.
And for the pinheads wailing that collected tax revenue would decrease, increasing the deficits - bullshite - the additional $$ available to the public in the form of disposable income would stir the economy and INCREASE collected tax revenue.
Posted on 9/23/24 at 10:17 pm to TejasHorn
quote:
sales tax is a huge weight on small businesses
How do you come to this conclusion? I have to file anywhere from 6-10 sales tax returns every month based on which customers are buying products in that one particular month. May take about an hour for the month. One more return would not add any significant additional time to the process.
At the same time, I would spend less time submitting records to my CPA for my quarterly filings, my mid-year tax planning review, and preparing my annual reports for tax purposes the having the back & forth trying to clarify line items.
A big downside for me is I would lose my tax exempt status as a manufacturer, but depending on the rate I would probably end up ahead in the long run
This post was edited on 9/23/24 at 10:20 pm
Posted on 9/23/24 at 10:17 pm to cbree88
Yep!
It’s the most fair way of taxation
I’d go a bit further though and tax all forms of consumption
Also, there’d be no limit on the savings that you can put away.
Penalties for black market sales would have to be stiff
It’s the most fair way of taxation
I’d go a bit further though and tax all forms of consumption
Also, there’d be no limit on the savings that you can put away.
Penalties for black market sales would have to be stiff
This post was edited on 9/23/24 at 10:19 pm
Posted on 9/24/24 at 8:02 am to rpg37
quote:
No, this kind of tax system would adversely negatively affect low-income the most since their primary tax is on consumer purchases. This would increase homelessness overall and lead to additional taxes on the ones who can pay.
People are going to DV on this board but this is 100% why one side of the political aisle would never support a national sales tax. If you put a 20% national sales tax on everything, people who pay little to no taxes right now would feel it the most by far and push them further into poverty.
The only way they might even be able to get on board is make basic necessities either exempt from a national sales tax or have a severely reduced amount on them like groceries so it wouldnt disproportionately affect the poorest of the population so badly. I'd be fine with that to know it could have a chance of passing ultimately, because a consumption tax really is awesome overall...but to the people who think that national sales tax would only be like 5-15% are living in a pipe dream. To fund our government it would easily be 20%+, especially if you have little to no tax on things like groceries, utilities, childcare, etc...I think even the FairTax people themselves claim 23-30% would be needed.
The fact is eliminating the IRS barely puts any dent on the federal budget. They have a budget of like $12-$13 BILLION on the federal governments like $6 TRILLION budget
If you want to see a true lower national sales tax than something like 23-30%, you better start cutting the military WAY WAY down, and get the government to balance their own budget at that so we arent paying a trillion of interest each year.
Consumers spent $17.5T in 2022, we collect about $4.5T in taxes each year right now. Do the math, 5-15% aint going to cut it
This post was edited on 9/24/24 at 8:15 am
Posted on 9/24/24 at 8:04 am to Bard
quote:
I would want to see it passed with an Amendment that stipulates a specific percentage as well as states that it covers all sales
Housing market would collapse overnight.
Posted on 9/24/24 at 8:06 am to ynlvr
quote:
It would go a long way toward curtailing Congress from playing God with their lobbyist sycophants by doling out tax preferences to favored patrons.
Not in the least.
Anyone who believe that moving to a sales tax would prevent the government from picking winners and losers is naive as frick.
Would also be a massive gift to Canada and Mexico. The amount of new spending within 20 miles of the boarder would be insane.
This post was edited on 9/24/24 at 8:14 am
Posted on 9/24/24 at 8:17 am to TigerTatorTots
People will spend money regardless.
Posted on 9/24/24 at 8:39 am to cbree88
quote:
Many economists have suggested that this would be a superior taxation system. People would be taxed only when spending. It could discourage frivolous spending by individuals and encourage them to save.
We have a debt-based economy. For it to work, people must spend/consume. Anything you do to stifle consumption is a move in the wrong direction unless you're trying to cut inflation. Tack on another 20% for groceries? The poor that buy food now will be hurt. Then what? Allow more on EBT cards? Eliminate the tax on food? Utilities? Where would the exceptions end?
Posted on 9/24/24 at 8:39 am to cbree88
Right now half the country pays no income tax and gets back in refunds more than they have withheld. Even if we kept income tax at $200,000 and up, a sales tax would at least make people have skin in the budgetary game and eliminate a complicated system for many people.
Posted on 9/24/24 at 8:58 am to cbree88
I like the idea of an NRST, but ultimately it is a poison pill. It would certainly be regressive, and likely to increase poverty unless it is coupled with a UBI. The Fair Tax attempts to do that with its prebates for consumption up to the poverty level.
I don't like the idea of government starting a UBI program.
I don't like the idea of government starting a UBI program.
Posted on 9/24/24 at 9:00 am to ynlvr
quote:
It would go a long way toward curtailing Congress from playing God with their lobbyist sycophants by doling out tax preferences to favored patrons.
They’d still try to manipulate things by giving lower income tax free items or provide credits through some agency they create.
Actually, I have no problem with providing a system like the current SNAP system whereby those that qualify can buy with little or no sales tax on a pre qualified card.
The income tax was intended to be temporary but once you give the government that sort of control, they’ll never cede it back.
Posted on 9/24/24 at 9:04 am to thunderbird1100
quote:
People are going to DV on this board but this is 100% why one side of the political aisle would never support a national sales tax. If you put a 20% national sales tax on everything, people who pay little to no taxes right now would feel it the most by far and push them further into poverty.
It’s about fairness and an income tax is unfair. Full stop.
A consumption based system could be designed to be less impactful on lower income people very easily through a SNAP type system.
Question- if you were starting a new country right now and trying to attract citizens- what sort of tax system would you create?
Posted on 9/24/24 at 9:09 am to thunderbird1100
quote:
but to the people who think that national sales tax would only be like 5-15% are living in a pipe dream. To fund our government it would easily be 20%+, especially if you have little to no tax on things like groceries, utilities, childcare, etc...I think even the FairTax people themselves claim 23-30% would be needed.
Think bigger. Consumption is Everything. Land, real estate, utilities, investments, cars, appliances….
Posted on 9/24/24 at 9:11 am to SlidellCajun
quote:
It’s about fairness and an income tax is unfair. Full stop. A consumption based system could be designed to be less impactful on lower income people very easily through a SNAP type system.
Well that’s not fair.
The fairest and most distributed tax is a property tax. Everyone pays those. Owners, renters, consumers, locals, foreigners. Everyone.
Posted on 9/24/24 at 9:13 am to SlidellCajun
quote:
Think bigger. Consumption is Everything. Land, real estate, utilities, investments, cars, appliances….
Economy gets nuked the day this is implemented.
And if you start making exceptions you will quickly make the tax code more complex than it is already.
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