Automatic tax

Discussion in 'Politics' started by Salty, Dec 8, 2009.

  1. Salty

    Salty
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    I am starting this thread, as I do not want to hijack the thread on "Why people hate the IRS" (post # 77)


    I advocate the Automatic Tax. Saturn asked "Would you base it on income or consumption? If income, would you start taxing from a zero amount? If consumption, would you exclude things like food, housing etc.?"

    My answer is everything that is electronic - checks, ATM, credit cards is taxed. An yes, it would start with a zero amount. But the tax rate would be extremely low - thus it would not be a burden on anyone. And that would include business, churches, schools, non-profits ect.
     
  2. saturneptune

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    Would those who use cash to pay for almost everything be able to avoid most tax under this system? I realize there are not many that budget like that anymore, but it is still possible.
     
  3. Salty

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    You are exactly correct.

    but as you stated most transactions are done electronically. Including million dollar transfers between banks and ect.
     
  4. billwald

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    Do away with folding money. Even now, try paying your phone bill with cash. The amount that people buy with coins is less than rounding error in national money accounts.
     
  5. Salty

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    I am not giving up on the auto tax
     
  6. billwald

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    Unless your proposed system does away with folding cash it will be even easier to buy congress.
     
  7. Salty

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  8. InTheLight

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    A 5% tax on all bank deposits is not "low".
     
  9. Salty

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    It would be when ALL other taxes are done away with.
     
  10. InTheLight

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    So any and every economic transaction would be taxed? Is that correct? Plus a tax on savings.

    So what you have is a tax on the very engine of economic activity. That doesn't sound like a very smart way of promoting business and savings.
     
  11. rbell

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    So, we're not just talking double-taxation...but rather triple, quadruple, and all other iterations...
     
  12. StefanM

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    All it would do is push business overseas. Why store money in an American bank and do commerce in the American market when you get avoid all the transaction fees by keeping money off shore?
     
  13. billwald

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    The concept of storing money in a bank no longer applies because the purpose of "money" is no longer for use as a store of assets. Money is now only a medium of exchange.
     
  14. StefanM

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    In order to transfer funds, they must be "based" somewhere.
     
  15. billwald

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    True but the transit time can be very short. We just sold some stocks and made a large purchase. My assets were in "money" form for maybe 3 days or less.
     
  16. Salty

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    No - single tax - for everyone - including GE who evidently paid no tax this time around

    All transactions are tax at a very low rate

    and all other taxes would be eliminated!

    Take a look at this list of about 100 taxes

    and in case we missed any, here is another list
     
  17. billwald

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    I don't object to user fees even if they are called taxes. For example a bridge toll is a user fee that would be charged if the bridge was private property. If the taxpayers of a state finance a bridge and the tolls are used to pay off the bond issue . . . this is reasonable.
     

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