re: Income taxes should be higher.

I get your argument about what "could" happen and it has some merits. The data suggests that in aggregate the people with more money do in fact spend quite a bit of it.

The top 10% of incomes account for 49% of all spending

I think a hybrid system works best. Keep food and medicine exempt from a federal retail sales tax. Keep large purchases like cars and property still exempt. I would keep investments like stock purchases exempt as well.

Have an income tax that doesn't kick in until you're above the median income so you have a durable tax revenue base to offset the risk of this scenario where there are a bunch of high income penny pinchers out there. Leave capital gains taxes unchanged from where they are currently.

This system would allow the lower middle class to get ahead and they would actually be contributing more to the sales tax base.

There should be no income tax whatsoever. No property taxes. No capital gains taxes. Consumption taxes only. That’ll take care of those living off the labor of others.

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It is human nature to not spend a ton of money on frivolous stuff like they normally do if their business is taking a hit.

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That would seem intuitive

The data however does not support this idea

Then lets tax the people that went to college a higher rate so that it would pay for those that want to attend college.

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Flat tax is the best way.

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Not as good as The Fair Tax.

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Consumption tax would need to be 30%+.

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Most studies that I have read say the added consumption tax would be 14-17%, not 30%. Also, the Fair Tax plan includes no consumption taxes added to used houses, not newly constructed houses. Even if prices did increase on goods, wouldn't it be great to eliminate payroll taxes and income taxes?

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I am not saying they don't spend it. I am saying they don't have to spend it. And when times get tough they have the ability to hold on to it and not spend it.

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You have really been taking some deep bong hits lately.

how do you propose that wealthy people don't have to spend money when times are tough, but poorer folks do? You do realize that everyone has to eat, everyone has a mortgage or rent to pay, everyone has utility bills. . .

Are you telling me that wealthy people can just quit eating, quit purchasing clothing, quit spending money any time they feel like it? Do you think they can eat dirt? What kind of reasoning that makes you think wealthy people don't have to spend money?

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The sales tax should be higher on luxury goods and things like junk food and vices and lower on necessities, healthy food, and supplies and equipment for businesses.

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Yes, let's give congress the power to pick & choose what products are taxed. They totally won't be bought out by Sysco & every other large company (because small ones will be fricked) who wants to control the competition.

The World War ‘Covid’ spending increases ($4.5T to $7T) will never be scaled back barring a complete economic collapse(by which case it won’t matter). Any politician talking about fiscal responsibility is officially full of shite. Interest alone is $1T per year (~20% of revenue) and can only increase.

There are no more reasonable ‘confiscatory schemes’ to ever pay the debt, as there will never be a balanced budget in our lifetime. The deficit is presently >$1T year over year and yet there is constant craving of massive discretionary spending.

There is no taxing our way out of this. We can elect 540 new fiscal hawks and it still will not change the trajectory much.

17% across the board.