8.07.2008
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2 comments:
Good points. I'm kinda intrigued by the idea of a consumption tax. It sounds like Huckabee's fair tax plan, where you aren't taxed on your income, but what you spend in a year.
I don't really know all the economic repercussions of this, but it could be interesting.
My assessment: It will never happen.
Gas tax hike or sales/consumption tax will never happen?
My biggest problem with the national sales tax is that it will grind the economy to a halt because nobody will buy anything to avoid taxataion. Plus, it's regressive (typically poor people end up paying a higher percentage of their income under a sales tax than the rich). I read somewhere that 70% of our economy is based on American consumption, which is more than any other country (ie--we have to keep buying shit to keep our economy going). I think there would be a disconnect between no tax on income and the added tax on products. People will just think everything is more expensive and cut back on purchases.
Value Added Tax is something that sounds like an interesting solution, but trying to figure out exactly how it works makes my head hurt.
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