Quote Originally Posted by SLP View Post
I am intrigued with the idea of a consumption tax. The rich would pay far more because they of course spend much more. No tax on food of course and don't double tax, so no tax on used items. I think it would give many that need it tax breaks, and give more opportunities for those who want to save and invest the opportunity of doing so because it would encourage saving. That was the one idea I really liked that Huckabee was pushing when he ran for president of few years back. I forget how many billions I think it was said at the time that would not be sucked out of the economy by eliminating the expenses that filing traditional taxes currently cost Americans and American companies. It also would basically eliminate the need for the IRS ( well except that they now are supposed to enforce Obama Care), but that is another topic for discussion.
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I suspect somewhere in the future we will see some form of that... The idea makes more noise every year,Personally I believe it will hurt us as a country and further shift the tax burden to the folks who can least afford it... In the middle part of the last century the top tax rate was 70 or 80 percent I think (not going to look that up), now it is 38% or something like that and it seems the end result is a massive debt we likely will never be able to get out from under.... It seems the more we reduce the taxes on the rich the worse shape we get in.