Quote:
Originally Posted by CoachKandSportsguy
https://buddycarter.house.gov/upload..._act_118th.pdf
Replacing all taxes with a consumption tax. . . basically a sales and service tax. . .
not sure how this bill will get implemented, and even if its a good idea. . . switching from income earned to good and services purchased . . .
|
That would be a disaster for fixed income folks like many of us. We could have used that during our peak income years instead of forking over thousands to IRS year after year. The most equitable plan would be to implement a flat tax---period. Say 12%. You earn 1M and pay $120,000 or if you earn $50,000 you pay $6000. No deductions, no credits, no filing, no huge IRS bureaucracy so they can cut staff. Fat cats pay their fair share. This won't happen either because the lawmakers would hugely dis-benefit from that. This bill likely won't get past committee though it's fun to theorize.