Consumption Tax

H

hedgehog

Registered
Forum Member
Oct 30, 2003
32,883
692
113
50
TX
Lets discuss without getting personal like it has been in here for a long time.

The House is going to propose a bill that abolishes the IRS and we pay no Federal Income Tax, only pay taxes on what you buy.

Pro's/Cons I would like to hear some opinions.
 
H

hedgehog

Registered
Forum Member
Oct 30, 2003
32,883
692
113
50
TX
My question is what is the percentage going to be, along with local taxes which are 8.25% in my county. 6.25% for the state and 2% for my county. I hope it passes and we no longer have to file income taxes at all, that would be amazing. I also wonder if dividends and capital gains are exempt from any taxes?
 
bleedingpurple

bleedingpurple

Registered User
Forum Member
Mar 23, 2008
22,416
242
63
52
Where it is real F ing COLD
Wouldn’t this hurt the middle class and poor more? Are they going to tax bigger ticket items a higher percentage? What’s to stop them from significant tax hikes in the regular? Not to mention; it could really slow the economy. I may save more than spend. Just some thoughts.
 
H

hedgehog

Registered
Forum Member
Oct 30, 2003
32,883
692
113
50
TX
bleedingpurple said:
Wouldn’t this hurt the middle class and poor more? Are they going to tax bigger ticket items a higher percentage? What’s to stop them from significant tax hikes in the regular? Not to mention; it could really slow the economy. I may save more than spend. Just some thoughts.
Click to expand...

I would definitely have more to spend on gambling :lol: I need to see more detail of how it works. If its 15% of anything you buy but you keep all the money you make that would be amazing. If congress has to go up on the rate that would affect everyone, that is the scary part. I do not like the progressive tax system now, the more you make the more you pay in percentages is wrong. Its fun to talk about.
 
THE KOD

THE KOD

Registered
Forum Member
Nov 16, 2001
42,542
294
83
Victory Lane
it will never happen. There is billions tied up in HR Block co , lawyers, cpa

they would be out of jobs.

too much clout
 
WhatsHisNuts

WhatsHisNuts

Woke
Forum Member
Aug 29, 2006
28,264
1,489
113
50
Earth
www.ffrf.org
hedgehog said:
I would definitely have more to spend on gambling :lol: I need to see more detail of how it works. If its 15% of anything you buy but you keep all the money you make that would be amazing. If congress has to go up on the rate that would affect everyone, that is the scary part. I do not like the progressive tax system now, the more you make the more you pay in percentages is wrong. Its fun to talk about.
Click to expand...

The Republican plan is a 30% sales tax. Doesn't include local and state taxes.

Do you think you'd like that better?
 
You must log in or register to reply here.
Bet on MyBookie
Top