A fair amount of taxes

>I say everyone should pay the same tax rate on all electronic transactions - and do away with all other taxes - period. That tax rate should not exceede 1/2 of 1 %

Nice to agree with Salty every year or so. .5% might be a little low. Paper cash should be eliminated. I suggest eliminating pennies and have coins up to $25 value. Enough to buy lunch but to small a value to bribe a senator without using a hand truck.

But then we should also have a healthy death tax, say the first 50 million exempt and then a 50% tax over that.

 

I really like the idea of a consumption tax but I seriously doubt it could raise enough money to fund the government. (Hey, that might not be too bad of an idea in and of itself...)

The transition over to this system would be quite shocking. Imagine paying a $10,000 tax on a new vehicle. Consider the psychological implications of adding 25% to 30% onto all prices in the stores. People might be reluctant to buy big ticket items and hold out as long as they could. Recessions would be long and deep because when people don't spend money no tax is collected.

It would put the burden of all tax collections on retail establishments.

It would be the biggest tax cut in history for the wealthy.

The barter system would become a major industry.

Also, the percentage tax you pay on purchases could just continue to rise as Congress saw fit until you reach a point where people would simply stop spending, except on the exempted essential items.

I like the idea in theory, but it presents a whole new batch of problems.

 

None. Income tax is immoral. And it's NOT off topic.

 

The idea of a flat tax is appealing on one level, but is actually a regressive tax on the poor and lower income. Let's say we have a 20% flat tax. The poor and lower income folk can least afford such a tax.

Taxes will never go away and a progressive tax is fairer than a flat tax.

Someone mentioned pork. Yes, much could be cut out, but politics come into what is cut. For instance is the GOP really willing to cut pork from the red states? Just asking primarily because the agriculture subsidies are aimed almost exclusive to pay agri-business and not the small farmer.

 

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http://www.youtube.com/watch?v=QMXw0xnUqs0

 

Hey, I want to know:

Why does a government who can print money at will (for which we would go to jail)
need to take ANY from "we the people"?

HankD

 

OK, spinning the issue aside, I'll answer my own question.

Money that is printed with nothing of intrinsic value to back it up (fiat money with imputed value) is in reality a kind of governmental loan that ultimately has to be repaid by someone e.g. the taxpayer and their descendants, or there will be the weakening of the currency's face value, inflation, failure and collapse of the monetary system.

HankD

 

Money is backed with the full faith and credit of the USofA. If you don't trust the USofA then why are you hanging around?

90% of the US money in circulation is electronic transfer, numbers on the books. You all should be praying for the bank's back-up storage.

Why does money have to be associated with some kind of relatively useless metal mostly good for jewelry and capping bad teeth?

Did you, any of you, ever work on a job where you accumulated sick leave and vacation time? Did any of you ever lose sleep because your sick leave wasn't backed by gold? If not, why not?