This is a terrible idea. I owe you an explanation of course. But i am just too tired right now. So I apologize for not explaining why.
Abolish all taxes, introduce VAT of about 30% (while giving the poor some refunds), same income for government, no loopholes/bureaucracy/tax attorneys.
A very good idea or alternatively tax EVERYTHING at income tax rates, inheritance, property sales gains, investments, everything. Equally losses will create tax credits against future income taxes. Simplify and remove ALL loopholes. Punish any tax cheats harshly and force every DA to NEVER settle any law suits by letting culprits off the hook by never admitting wrongdoing. If someone cheated the proof is there and the person should be criminally convicted, pay restitution, fines and prison terms if the cheated amount exceeds a certain threshold. Only with this we would have a 1000% fairer society and so much tax income that the government would not have to ever borrow a single penny.
oh snap you guys're right, I quoted Biden's tweet in the title instead of the article. How do I change the title?
The filthy rich billionaires are not going to pay more because they have so many tax loopholes. Who makes the laws that makes it to the US tax code? US politicians in Congress and how do they have net worth's of $150 million to $250 million each? How much are their salaries? The obvious answer is their billionaire buddies lining their pockets with campaign cash in the tens of millions of dollars in exchange for tax loopholes. Multiply that with a couple of billionaires and it adds up quickly. That is how it is done. Don't you know the US has the most billionaires in the entire planet? So, why are these billionaires all in the US? What is special with the US?
%% Good question. And why does America + Argentina have so many scenic places/natural resources?? Guess what nations have some of the highest paying CPAs[USA, SWISS/LOL...... cant make this stuff up]
This does not make any sense. In Europe we have VAT. We pay VAt on all consumable goods and services. But we also have income tax, inheritance tax... If 30% VAT should replace all that, the rich will quickly get much richer. Example: Person A has an income of about $75,000 and spends that whole amount on food, water, gas, electricity, clothes, insurance, car, fuel... He cannot save any money. So his taxation level is 30%. Person B has an income of $1,000,000. He has the same expenses, but because he is rich he will spend $200,000 for his more luxurious lifestyle. He will pay 30% on $200,000 and the rest of his income is free of any taxation. He has $800,000 that is not taxed at all. So the poor pay the maximum and the rich pay the minimum. Even these small refunds for the poor will not make a big difference. A second problem is that in retail, business owners can put the 30% VAT in their pocket ( as pure profit) on sales that they don't declare. A huge loophole that is difficult to control. Inventories are manipulated to put them in line with the declared sales. If people would do all their payments with bank cards, it would be easier to control fiscal fraud. A cashless society. The government could control all transactions for each person and see whether the declared income covers all expenses. One of the ways to escape is using crypto's instead of your bank account. That's why governments will sooner or later intervene in the crypto markets. Tax evasion is, after criminality, the most important reason for the existence of crypto's. Creation of a financial circuit beyond control of governments.
I kinda like, but the rich don't spend more than the poor if not less tight bastards so they'd just hord millions in there account away earn some interest maybe at times and pay zero tax ever. 1 method of taxation, would cut down on the cost of monitoring so maybe get rid of VAT and keep only income related tax and increase, but still fair to all, flat rate.