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What do you think about the national sales tax?
Old 01-30-2023, 08:51 AM   #1
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What do you think about the national sales tax?

https://www.politico.com/news/2023/01/29/gop-fair-tax-sales-00079609

I donít think this is a partisan issue - as the article tries to frame it - itís just an alternative approach to taxing. From what I can tell itís pretty much the equivalent of European VAT - not particularly controversial. I think we would benefit with a lot less ďoutrageĒ associated with any changes in tax code in US and with a bit more open minded discussion.
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Old 01-30-2023, 09:40 AM   #2
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One big advantage of a VAT-type tax is it captures revenue from the underground economy, which is said to be 10-12% of GDP. Capturing the underground economy is also an objective for governments pushing towards a cashless economy. Combined, I think these would benefit us "normal" taxpayers by giving the government additional revenue without increasing our taxes. I haven't followed it in detail but IIRC one of the major objections is that it would be regressive and require some kind of rebate or credit program for low income people.
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Old 01-30-2023, 10:00 AM   #3
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The proposal put forward would favor the High Tax cohort.

The proposed 23% flat tax would allegedly cover a supposedly average Income Tax Bracket, plus the 7% Payroll Tax.
https://www.cnbc.com/2023/01/27/the-...can-plan-.html

So the Tax Payer currently in the 22% and higher tax brackets gets a big tax break....and the current 10% or 12% bracket would get clobbered.

Are these onerous taxes to be applied to Food Prices ?? Gas Prices ?? Any of the other basic necessities of living ??
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Old 01-30-2023, 10:18 AM   #4
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My life savings has already been taxed once. While a sales tax might have advantages or not, I'm a no until I know that my currently saved, already taxed, net worth won't be taxed a second time as I spend it.
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Old 01-30-2023, 10:25 AM   #5
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We already had this discussion once (here https://www.early-retirement.org/for...es-116596.html) It was ended, as this one will be, because the forum rule is that we do not discuss legislative proposals until they are reported out of committee.
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