▲ 0 r/whatif
What if the U.S. taxed consumption instead of income?
The common gripe is that the rich don’t pay their fair share of income taxes. Also that they don’t pay taxes on their assets, such as stocks or bonds or real estate or whatever. How about instead of an income tax or capital gains tax, we just tax sales of everything? Wanna buy food? Sales tax. Wanna buy a house? Sales tax. Want to buy a stock? Sales tax.
True for business as well. Need to buy supplies for your company? Sales tax. Want to buy real estate for your company? Sales tax.
However, your income will not be taxed, and no other tax deductions allowed.
Thoughts?
u/LuckyRub233 — 5 days ago