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re: What would you exempt under a national sales tax?
Posted on 12/20/24 at 9:40 am to StanSmith
Posted on 12/20/24 at 9:40 am to StanSmith
quote:
Wouldn’t be all groceries. Prepared food, junk food, sugary drinks…should not be tax free.
quote:
I agree but good luck getting most politicians to vote for that. Big cola and the junk food cartel would shovel millions of dollars in the politicians pockets to prevent that from happening. You would actually hear certain politicians claim it would be racist to do this since it would be unfair to their poor constituents who can only afford to eat fudge rounds and drink Pepsi cola
What you’re responding to is pretty much exactly how it works today
0
Posted on 12/20/24 at 9:49 am to Mingo Was His NameO
In your hypothetical if a family makes 200k per year, they currently pay about 26k in federal income tax.
They'd have to spend roughly 11k per month on purchases in order to equal that.
Is this correct, or is this calculator that I'm using wrong?
They'd have to spend roughly 11k per month on purchases in order to equal that.
Is this correct, or is this calculator that I'm using wrong?
This post was edited on 12/20/24 at 9:50 am
Posted on 12/20/24 at 9:50 am to Mingo Was His NameO
Tigerdroppings membership fees.
Posted on 12/20/24 at 9:57 am to Epic Cajun
quote:
In your hypothetical if a family makes 200k per year, they currently pay about 26k in federal income tax. They'd have to spend roughly 11k per month on purchases in order to equal that. Is this correct, or is this calculator that I'm using wrong?
That’s roughly correct, but remember now goods and services are subject to tax so everything you buy is taxable. In months/years where there are no big purchases, you could definitely come out ahead, but purchases such as vehicles you’ll owe thousands upon receipt.
And the part that is much more complicated is the price of goods, like has been mentioned, is likely going way up to cover low margin businesses. If a 20% surcharge makes many businesses unviable without dramatic prices increases.
Posted on 12/20/24 at 9:59 am to Mingo Was His NameO
Unprepared food. It was great in vegas
Posted on 12/20/24 at 10:04 am to Mingo Was His NameO
quote:
services
NO EXEMPTIONS ON ANYTHING. GOVERNMENT SHOULDN'T PICK WINNERS AND LOSERS
Now before you can leave the hospital after you got into a horrific car accident and lifesaving surgery, we will need 30,000 dollars for sales tax.
And for all you first time homebuyers, I know it's tough getting that downpayment together, but we're gonna need another 20% of the purchase price in cash at the closing to send to DC.
This post was edited on 12/20/24 at 10:14 am
Posted on 12/20/24 at 10:17 am to Mingo Was His NameO
Posted on 12/20/24 at 10:20 am to Mingo Was His NameO
Tampons
Posted on 12/20/24 at 10:20 am to Mingo Was His NameO
Groceries and clothing should not be taxed.
Everything else is fair game.
Everything else is fair game.
Posted on 12/20/24 at 10:21 am to lockthevaught
quote:
Groceries and clothing should not be taxed.
What are groceries and why shouldn’t we tax $500 sneakers?
Posted on 12/20/24 at 10:24 am to Mingo Was His NameO
Unprepared food at grocery store, and necessity clothing(Like if you live in a place with regular subzero temps)
At a certain point costly things like expensive shoes should have a cutoff and be considered a luxury item.
Everyday necessity items that keep people alive should not be taxed
At a certain point costly things like expensive shoes should have a cutoff and be considered a luxury item.
Everyday necessity items that keep people alive should not be taxed
This post was edited on 12/20/24 at 10:26 am
Posted on 12/20/24 at 10:24 am to Mingo Was His NameO
Only used items.
Posted on 12/20/24 at 10:24 am to lockthevaught
quote:
Everything else is fair game.
Cancer treatments? Diabetes medication? Heart surgery?
Posted on 12/20/24 at 10:25 am to lockthevaught
quote:
Unprepared food at grocery store, and necessity clothing. At a certain point costly things like expensive shoes should have a cutoff and be considered a luxury item.
So you’ve now complicated the tax code. Which I’m fine with, but one of the points of a consumption tax is simplicity
Posted on 12/20/24 at 10:27 am to JohnnyKilroy
quote:
Cancer treatments? Diabetes medication? Heart surgery?
I'm referring to things you buy at the store dipshit. Sorry I didn't clarify.
Posted on 12/20/24 at 10:27 am to lockthevaught
quote:
I'm referring to things you buy at the store dipshit.
Well we’re talking about the whole thing…. Dipshit
Posted on 12/20/24 at 10:29 am to JohnnyKilroy
quote:
Just imagine all the industries that currently operate on less than 10% margin.
You just added 20-30% onto the cost of that item. All of those items are now economically unviable.
ETA: Also a gigantic number of homeowners are now underwater overnight because sellers will be eating that tax.
Congrats on the birth of your new child. It was a little touch and go there because they decided to come 5 or 6 weeks early, but they got amazing care in the NICU. Now before you go and tend to your wife and new baby, will you be paying the $10,000 tax bill by check, card or cash?
Is this where I point out the insaneness of our current system?
"Congrats on the refundable credit, you are literally able to receive more cash back than you actually paid in taxes!'
Or
"Congrats on doing well! Your side gigs are now taxed at the same level you're regular w2 income is, because marginal rates!'
Or
"Corps either outsource tax to large groups or have large internal tax groups, because taxes have become so complicated even experts have massive issues trying to get it right!"
Ect ect. No system is perfect, and obviously there needs to be some sort of tweaking occurring, but our current system on how it is set up now is also asinine.
Posted on 12/20/24 at 10:30 am to bad93ex
Agree.
Candy, soft drinks,… are not necessities
Candy, soft drinks,… are not necessities
Posted on 12/20/24 at 10:30 am to lockthevaught
quote:
I'm referring to things you buy at the store dipshit. Sorry I didn't clarify.
Why are you limiting it to that?
Posted on 12/20/24 at 10:31 am to Mingo Was His NameO
One thing to consider in this hypothetical is that most people who favor a consumption tax also think government spending should be eviscerated and be a fraction of what it currently is, thus a need for far less tax revenue.
Not sure you can have pure consumption tax without income tax without that government spending adjustment.
Under the current system of absurd government spending, I don’t favor zero income tax, the model doesn’t pencil. I do believe in a reduction on pure income tax, however, and that reduction be re-allocated to consumption tax. There would be rebates for a variety of things and reasons and putting together a comprehensive list requires more time than I can give it right now.
There are a lot of things in the tax code that are just nonsensical to me. I would love to start over, although I know that is completely unrealistic.
Not sure you can have pure consumption tax without income tax without that government spending adjustment.
Under the current system of absurd government spending, I don’t favor zero income tax, the model doesn’t pencil. I do believe in a reduction on pure income tax, however, and that reduction be re-allocated to consumption tax. There would be rebates for a variety of things and reasons and putting together a comprehensive list requires more time than I can give it right now.
There are a lot of things in the tax code that are just nonsensical to me. I would love to start over, although I know that is completely unrealistic.
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