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MAGA’s Tariff idea…been wanting a “consumption tax” FOREVER

Posted on 6/15/24 at 8:56 am
Posted by Covingtontiger77
Member since Dec 2015
10792 posts
Posted on 6/15/24 at 8:56 am
Flat tax on goods and services makes sure EVERYONE pays- RICH AND POOR.

NO MORE “cheating” on income taxes.

NO NEED FOR IRS AUDITS


I know he just floated the idea, but a “consumption” tax is fair.



LFG!!
Posted by ragincajun03
Member since Nov 2007
21828 posts
Posted on 6/15/24 at 8:58 am to
This is what Herman Cain wanted to push for when he ran for the GOP nomination in 2012. Instead, Republicans laughed at him and chose Mitt Romney.
Posted by SlowFlowPro
Simple Solutions to Complex Probs
Member since Jan 2004
428222 posts
Posted on 6/15/24 at 8:59 am to
quote:

Flat tax on goods and services makes sure EVERYONE pays- RICH AND POOR.


The rich will celebrate the lower tax rate

The middle and lower classes will be upset at the higher tax rate

quote:

NO MORE “cheating” on income taxes.

NO NEED FOR IRS AUDITS


There will always be a tax authority overseeing the implementation of these taxes.
Posted by BigPerm30
Member since Aug 2011
26563 posts
Posted on 6/15/24 at 8:59 am to
Consider me always paranoid but will they eliminate cash and force the use of a digital currency in order to combat people trying to circumvent the consumption tax?
Posted by SlowFlowPro
Simple Solutions to Complex Probs
Member since Jan 2004
428222 posts
Posted on 6/15/24 at 9:00 am to
quote:

Consider me always paranoid but will they eliminate cash and force the use of a digital currency in order to combat people trying to circumvent the consumption tax?


Very likely.
Posted by TrueTiger
Chicken's most valuable
Member since Sep 2004
69855 posts
Posted on 6/15/24 at 9:03 am to
quote:

The middle and lower classes will be upset at the higher tax rate


But this is offset by them being ecstatic by not having a frick around with any IRS forms every April, or worrying about IRS agents coming to their door with guns.

Posted by SlowFlowPro
Simple Solutions to Complex Probs
Member since Jan 2004
428222 posts
Posted on 6/15/24 at 9:04 am to
quote:

But this is offset by them being ecstatic by not having a frick around with any IRS forms every April,


Instead you have to deal with the new consumption tax monitoring office every day

quote:

or worrying about IRS agents coming to their door with guns.

The 3 letters will be different. I agree.
Posted by TDTOM
Member since Jan 2021
15983 posts
Posted on 6/15/24 at 9:06 am to
Dude, it is 9:00 AM and you have over 40 posts today. Get a life.
Posted by TrueTiger
Chicken's most valuable
Member since Sep 2004
69855 posts
Posted on 6/15/24 at 9:07 am to
quote:

Instead you have to deal with the new consumption tax monitoring office every day


That's a passive non intrusive system.

The taxes built right into the price of whatever I buy IF I choose to buy.
Posted by FightinTigersDammit
Louisiana North
Member since Mar 2006
35451 posts
Posted on 6/15/24 at 9:08 am to
Fewer blacks have credit cards than other races. Digital currency is racist.
Posted by oldskule
Down South
Member since Mar 2016
15981 posts
Posted on 6/15/24 at 9:10 am to
Income tax accounts for about $2.5T, which roughly 1/2 of the government cash flow....
Can you imagine the economic growth if federal income taxes were eliminated.....would it create inflation? Demand for products would skyrocket......I say it's worth a try.
IMO, it would have to be a gradual process, say over a 5-10 year period.

Something has to change, our system is super antiquated, complex, and cumbersome....and too expensive on many fronts.
Posted by SlowFlowPro
Simple Solutions to Complex Probs
Member since Jan 2004
428222 posts
Posted on 6/15/24 at 9:13 am to
quote:

The taxes built right into the price of whatever I buy IF I choose to buy.

At a store? Sure.
Posted by RogerTheShrubber
Juneau, AK
Member since Jan 2009
264005 posts
Posted on 6/15/24 at 9:14 am to
quote:


I know he just floated the idea, but a “consumption” tax is fair.



Tariff =/= fair consumption tax.

Posted by SlowFlowPro
Simple Solutions to Complex Probs
Member since Jan 2004
428222 posts
Posted on 6/15/24 at 9:14 am to
quote:

Can you imagine the economic growth if federal income taxes were eliminated.

The new system would have to take the same amount out of the economy or else

quote:

would it create inflation?


This would happen (which is a tax in of itself)

quote:

Demand for products would skyrocket

Demand would skyrocket after a massive increase in prices?
Posted by POTUS2024
Member since Nov 2022
13112 posts
Posted on 6/15/24 at 9:14 am to
quote:

Consider me always paranoid but will they eliminate cash and force the use of a digital currency in order to combat people trying to circumvent the consumption tax?


There is no distinction among taxation systems when it comes to digital currency. They will go for digital currency regardless.
Posted by TrueTiger
Chicken's most valuable
Member since Sep 2004
69855 posts
Posted on 6/15/24 at 9:15 am to
quote:

At a store?


Well duh, that's where the sale taxes are administered, at the retailer.
Posted by SlowFlowPro
Simple Solutions to Complex Probs
Member since Jan 2004
428222 posts
Posted on 6/15/24 at 9:16 am to
quote:

Well duh, that's where the sale taxes are administered, at the retailer.


And when I buy something not at a store? Like FB Marketplace?

Or when I buy a house?
This post was edited on 6/15/24 at 9:17 am
Posted by Badface
Member since May 2020
1589 posts
Posted on 6/15/24 at 9:18 am to
Remember Neal Boortz’s “Fair Tax” book?

Who did he co write that book with?

EDIT

It was John Linder.

The FairTax Book is a non-fiction book by libertarian radio talk show host Neal Boortz and Congressman John Linder, published on August 2, 2005, as a tool to increase public support and understanding for the FairTax plan.
This post was edited on 6/15/24 at 9:21 am
Posted by Covingtontiger77
Member since Dec 2015
10792 posts
Posted on 6/15/24 at 9:19 am to
quote:

And when I buy something not at a store? Like FB Marketplace?


Or when I buy a house?



Well, if those are electronic payments then they will be taxed just like they added the sales tax to any other online purchases.



Houses: seriously, you can’t figure this out? There will be a set percentage of tax based on sales price that will be collected at closing.


Really not that hard to understand.





Posted by SlowFlowPro
Simple Solutions to Complex Probs
Member since Jan 2004
428222 posts
Posted on 6/15/24 at 9:21 am to
quote:

Well, if those are electronic payments then they will be taxed just like they added the sales tax to any other online purchases.

And what if they're not electronic payments?

quote:

Houses: seriously, you can’t figure this out? There will be a set percentage of tax based on sales price that will be collected at closing.


Oh, you aren't paying attention. We are discussing the monitoring agency for these transactions that will be implemented.

quote:

Instead you have to deal with the new consumption tax monitoring office every day


As a replacement for the IRS.
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