...I think that wages should be taxed at a different flat rate than equity investments. There should be a risk premium (reward) for taking the risk of losing one's money... This incentive give tome boost for entrepreneurs and investors to fund new businesses.
F-Geek - see the threads that REWahoo provided. A flat tax or National Sales Tax CAN be made to be 'progressive'. See 'pre-bate'.There's simply no way that a so-called national sales tax would completely replace an income tax in the US. .....
this would wind up being a very regressive system
Those of you who weren't around the Forum prior to 2006 might want to check out some past history on "Flat Tax" threads.
http://www.early-retirement.org/forums/f28/new-national-sales-tax-15380.html
http://www.early-retirement.org/forums/f28/fairtax-gaining-steam-17556.html
I agree, which is why I'm going to try to stay out of this discussion. See the other threads.and is politically impossible.
One of the proposals flying around is the no income tax, 23% tax on everything you buy flat-tax.
Also, remember if you have a flat tax on ALL wages without deductions, you can take it out of the paycheck without someone 'cheating' by claiming a huge number of deductions as there aren't any!!!
What we really need is a small consumption tax combined with a drastic reduction in the size and scope of government.
One of the proposals flying around is the no income tax, 23% tax on everything you buy flat-tax.
Not necessarily.There's simply no way that a so-called national sales tax would completely replace an income tax in the US. Due to the fact that lower to middle income people (who by the way are how you win elections) have little to no "disposable" income, this would wind up being a very regressive system and is politically impossible.
The scary thing to me about talk of a national sales tax is that we'll likely wind up adding it as a new tax and not getting rid of any other taxes.