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Old 01-26-2015, 10:30 AM
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Dr Winston O Boogie jr Dr Winston O Boogie jr is offline
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Originally Posted by tuccillo View Post
"Fair share" - I hate that term. Who gets to decide what "fair" is?

In my opinion, the only "fair" thing to do is abolish fed, state, and city taxes, including property taxes, as well as corporate taxes and go to a pure consumption tax with a sliding deduction based on income to reduce/eliminate the regressive aspects. In other words, if you buy something you pay a tax on it. The more stuff/services you buy the more tax you pay. The infrastructure is already in place since most states already collect sales tax. The tax rate on goods and services would go up but other taxes would be eliminated. You would eliminate tax loopholes. If you have a high income, you would not be able to shelter your income, unless you choose to not buy anything, pretty unlikely. If you make most of your income from capital gains it would no longer be taxed at the capital gains rate. You pay taxes when you spend it. The underground economy would be a problem but it is already. I don't have a solution for that.
That's similar to the Fair Tax. The underground economy would be less of a problem because only new good purchased by the ultimate consumer would be taxed. It would eliminate working under the table. It would also tax all illegal income such as that made by drug dealers. Unless, as you say they never purchase anything.

The Fair Tax also gives everyone in the country a rebate equal to the amount of the tax on the poverty level so that people earning the poverty level pay zero taxes.
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