1000% Correct..... There is more and more cut and paste....moreless transferring from Zerohedge and other sites.....to the ET site....as if someone really needs this...eh... Like who needs all this negative nonsense.... Finviz is really a great summary of various news and blogs.... ................................................ However ....I started harping on a consumption tax only.... many moons ago....and it is interesting to see others wake up to the actual state of affairs.... Lot of anger and frustration is vented on ET..... Ventilation....and then some.... This seems like a well done article.....covers a lot of bases....
The income tax should be extended back down to the lower income levels as it was before the mid 90's... I still think that one of the oddest moments in US history was when the Republicans took over in the 90's and they made the income tax system way more progressive on the basis of "family values".. it was supposed to give people with big families a break... I like consumption tax. It hits everybody. We have huge consumption taxes on Alcohol and Cigarettes, which are consumed massively moreso by the poor, I'm all for that to offset the stifling aspect of the progressive taxation system... There are really only two directions to go for more taxes. They can't go for the corporations, they don't pay taxes, net.. they have to go after paychecks because once you have an established paycheck coming in they know where to find you, and consumption, with the point of sale terminals we currently have collecting that is trivial...
I'm all for a national sales tax as long as they abolish the income tax. If they try to institute a VAT like Pelosi wants, we are all doubly-taxed-hosed.
Be careful what you wish for. If we do get a consumption tax it <b>will not</b> replace the income tax, it will be in addition to it. There's no way in hell the IRS is going to give up the power and access to information they have by requiring you file an income tax return.
Its not going to happen...wanna know why? 2 words... Black Market. Plus there will be all sorts of other crap going on that you didnt think about. For instance...it will cost to use the freeways if a comsumption tax comes into play. Just like in mexico where you pay $3-$15 every 50 miles or so.
We are no where near replacing our income tax with a consumption tax. If anything, they might try to backdoor a VAT on top of income tax.
We have sales tax in California. I don't think that generally there is a big black market but what do I know?
Agreed. Still, consumption tax is the way to go. Some 50% of GDP is now "produced" by Government. Except they produce nothing. They TAKE it from the private sector, spend it, then claim the resulting windfall in economic activity was really their doing...