Everyday we pay sales tax, value added tax (VAT) when we buy food and products. We pay tax on factory sales, custom duty, toll tax which are added to final selling price. Indirectly we pay many taxes. The more a person consumes the more tax the person pays indirectly. Why should we pay tax on personal income (personal tax)? I am saying that there should be consumption tax only. No personal tax. Consumption tax = Sales tax + value added tax (VAT) + factory sales tax + custom duty + toll tax This will reduced excess and wasteful consumption since the more a person consumes the more consumption tax the person will pay. Income and private property are good things and are essential to a free society, therefore it makes no sense what so ever to tax those two items. A sales tax and user tax is the way to go. It's fair because you only pay a tax if you choice to buy an item or freely spend your own money. No taxes means no army. Somebody will build a strong army and attack the country. Tax evasion or tax cheating will be eliminated completely when there is consumption tax only since everybody will pay tax immediately when they buy goods and services. I think Charted accountants (CA) are responsible for majority of tax evasion because they give suggestions to minimize and hide taxes and CA certifies the financial statements and accounts. No need for certifying your income from Charted accountants (CA) when there is consumption tax only. Tax on profit from silver, gold and other investments, property tax gets included in consumption tax. No need for any other tax. If a billionaire earns $5 Billion in a year, why should he pay 30% tax or $1.5 billion tax for that year. Understandably he will not spend $1.5 Billion in a year. If he is speanding $500 million in a year he should pay consumption tax for $500 million. Every person, every business, every entity pays taxes at exactly the same rate. A consumption tax with no exemptions, no exception. Plus the people that consume more (the corporations) are kept in check. This would also reduce hatred over taxes. The envy factor is reduced. and most importantly EVERYONE poor, middle, and rich pay taxes into the system. I am saying why should we (rich and poor) pay tax twice. Indirect tax and direct tax. Indirect tax = Sales tax + value added tax (VAT) + factory sales tax + custom duty + toll tax Direct tax = Personal income tax. Just pay consumption tax as per your consumption. People who are paid less or meager salaries they should be paid 3 times more salaries and..... people who are paid high salaries their salaries should be reduced by 50% because these high paid professionals such as CEO, managers, MBA, CA and others are responsible for present never ending financial crisis. So consumption tax will benefit everybody. If world leaders would have thought of "consumption tax only" 100 years back, then today world resources would not have been in serious trouble and world money would not have been exhausted/finished due to tax evasion and cheating (one of the main reasons). If a billionaire earns $1 billion then he is risking $10 billion as investment. If his decisions go wrong he will be bankrupt. A "job person" does not invest any money so his investment risk is 0. Majority of Tax evasion is from rich people. Tax evasion or tax cheating will be eliminated completely when there is consumption tax only since everybody will pay tax immediately when they buy goods and services.
Consumption tax is the best. There would be way less tax evasion and ways to evade taxes and way more taxpayers. Criminals with big spending habits would pay consumption tax even...
Value added tax or VAT should be eliminated completely. There is no need for VAT when we pay Sales tax. You will have 25% more money to spend since you will not pay personal tax. Eliminate government greed once and for all.
you are evil from gvt and fed point of view. because the more you spend-the better economy is. that's their motto..and it always was.it might be a true,when companies and products are located and produced in US. but that was long time ago...savers and rational people are not welcome in US. then what about IRS workers?complex tax code(use to be 600 pages, now -over 60000),lawmakers,lawyers,army of accountants(gvt and private). if you simplify the tax-they all will be unemployed. and they not going to like this. dunno how many people are feed themselves from US taxes, but i think -it's a lot.10% or probably more...
"Consumption tax only" will reduced excess and wasteful consumption since the more a person consumes the more consumption tax the person will pay
Think about you and your family who will have 25% to 40% more money to spend. Forget the world. If your company is having less sales you will be fired immediately. Nobody will think of your family. IRS, lawmakers,lawyers,army of accountants can always start farming. They are rich from 100 years of their professional income. Also you will not have to save thousands of bills every year to show to the accountants and IRS when there is "consumption tax only". You will not be slaves to anybody.
Of course consumption tax is the best. A tax on income is just evil! One other tax I think is a waste is corporate income. I wonder if it would be better to goto a revenue neutral gross receipts tax. That way successful profitable companies would get a break, while unprofitable zombies and shell companies would be hit.
Paying taxes goes to service debt to Federal Reserve YOU can NOT fix the system System has to be burned and crashed and new one built
No other tax. Only consumption tax. If you do not spend then no tax for you. You will be taxed only when you spend.