GOP Rep Buddy Carter asked about the fair tax hitting poor Americans hardest: “If you don't want to pay a tax, don’t buy it. It's as simple as that”

[basquebromance]

New GOP economic plan: Hey America, stop buying food, clothes, tires, or cars!

Republicans worry a national sales tax bill would be a ‘political gift’ for Democrats | Semafor

Kevin McCarthy promised to finally bring a decades old conservative idea to a vote. Not everyone in the party is thrilled about it.

www.semafor.com

 

[SassyIrishLass]

You're confusing sales tax and income tax

Sheesh

 

[martybegan]

New GOP economic plan: Hey America, stop buying food, clothes, tires, or cars!

Republicans worry a national sales tax bill would be a ‘political gift’ for Democrats | Semafor

Kevin McCarthy promised to finally bring a decades old conservative idea to a vote. Not everyone in the party is thrilled about it.

www.semafor.com

Most value added taxes either subsidize or exempt certain life required purchases.

And the added bonus is you guarantee richer people pay far more in taxes than poor people do.

 

[pknopp]

How did this work out for the boat industry?

 

[pknopp]

Most value added taxes either subsidize or exempt certain life required purchases.

And the added bonus is you guarantee richer people pay far more in taxes than poor people do.

There will be exemption after exemption after exemption based upon campaign donations just the same as tax breaks.

 

[martybegan]

There will be exemption after exemption after exemption based upon campaign donations just the same as tax breaks.

But not on luxury items, and that will impact the wealthy the most.

 

[pknopp]

But not on luxury items, and that will impact the wealthy the most.

Of course it will be on luxury items also.

Was the Luxury tax repealed?

 

[martybegan]

Of course it will be on luxury items also.

Was the Luxury tax repealed?

What "luxury tax"?

 

[Marener]

And the added bonus is you guarantee richer people pay far more in taxes than poor people do.

Hell no. As a percentage of income, rich people spend far less on goods and services.

 

[pknopp]

What "luxury tax"?

Luxury tax - Wikipedia.

 

[martybegan]

Hell no. As a percentage of income, rich people spend far less on goods and services.

When you make it a consumption tax income becomes moot. If they want that $100k car, that $5M house, or that $2M yacht, they gotta pay the tax on it.

No more loopholes, you spend X, you pay a percentage of X.

 

[bripat9643]

New GOP economic plan: Hey America, stop buying food, clothes, tires, or cars!

Republicans worry a national sales tax bill would be a ‘political gift’ for Democrats | Semafor

Kevin McCarthy promised to finally bring a decades old conservative idea to a vote. Not everyone in the party is thrilled about it.

www.semafor.com

It doesn't hit the poor the hardest, moron. If you make under a certain amount, you don't pay any tax at all.

 

[martybegan]

Luxury tax - Wikipedia.

Yeah, it was designed to raise $9B over 5 years.

Back then the government was spending %5B to $10B a day.

This would be a value added tax system, look it up for the details. Used in Europe.

 

[bripat9643]

There will be exemption after exemption after exemption based upon campaign donations just the same as tax breaks.

How do they give exemptions to specific people?

 

[pknopp]

How do they give exemptions to specific people?

You can argue honestly or like usual, I will just ignore you.

 

[ColonelAngus]

I blame Trump.

 

[bripat9643]

You can argue honestly or like usual, I will just ignore you.

So you believe you argue honestly? Seriously?

 

[Marener]

When you make it a consumption tax income becomes moot. If they want that $100k car, that $5M house, or that $2M yacht, they gotta pay the tax on it.

No more loopholes, you spend X, you pay a percentage of X.

There’ll be loopholes. Like saying you have an investment property but using it as a home. Business expenses aren’t taxed.

As a whole, the rich will pay far less than they currently do and the poor will pay far more. A 30% sales tax on top of local tax is going to hit hard.

 

[martybegan]

There’ll be loopholes. Like saying you have an investment property but using it as a home. Business expenses aren’t taxed.

As a whole, the rich will pay far less than they currently do and the poor will pay far more. A 30% sales tax on top of local tax is going to hit hard.

A VAT wouldn't allow that as an exemption.

The most exemptions would be at the low end of the scale, food, clothes, household items, all below a given threshold.

There is even concepts involving "refunds" on a quarterly basis for basic items but I find that to be too much like the government giving handouts.

All of these are contingent on eliminating the income tax. A VAT tax would be a replacement, not a supplement.

 

[Billiejeens]

If we are talking about the actual "fair tax" it is the most researched possible tax law in history.
All possible bugs have already been debugged.
It will never pass, it takes power away from Congress