Stephen Moore's genius idea: Replace the income tax with a national sales tax (1 Viewer)

< Previous | Next >
  • Thread starter
  • Banned
  • #1

RushRoom

Well-known member
Joined
Jul 23, 2020
Messages
57
Reaction score
97
Age
65
Location
floridas
Offline
https://www.foxnews.com/politics/st...eplace-the-income-tax-with-national-sales-tax

Stephen Moore’s Big Idea: Replace federal income tax with national sales tax


Stephen Moore, a member of President Trump’s economic recovery task force and an economist at FreedomWorks, has a bold idea for how to reinvigorate the economy: abolish the federal income tax, and replace it with a national sales tax.

On the face of it, it may seem like a radical notion especially since essentially all Americans nowadays have grown up having a chunk of their income pulled out by the IRS every year. But Moore notes that the income tax is a relatively new invention in the U.S. -- having only been introduced in the early 20th century.

On the state level, having a sales tax and no income tax is hardly novel, with a number of states having exactly this set-up. But doing so nationally would mark a radical upheaval of the current tax system, and at a time when the U.S. is spending trillions of dollars on stimulus -- although Moore maintains it could raise more revenue than the current system.

Whether such an idea would find bipartisan support is uncertain -- presumptive Democratic nominee Joe Biden has called for increasing income taxes on high earners -- but Moore believes that, at a time when the economy needs stimulating, his plan would be “rocket fuel.”

Genius idea, on many fronts.

1. EVERYONE pays fair share, no questions asked. ONE percentage of EVERY income group. A homeless stewbum buys a bottle of cheap hooch for $3.00, he pays 30 cents in taxes. A doctor buys a $200,000 Mercedes S Class sedan, he pays $20,000. Poor, 30 cents. Rich $20,000. See the difference.

2. Jobs would FLOW like a river. Companies from overseas would FLOOD our shores with factories, not having to worry about the tax code? Hell, we'd NEED to give amnesty even to MS13 animals, just to have enough workers for the high paying jobs.

3. Revenues would SOAR, since they would be indexed to the economy, rather than Congress's power to use the tax code to buy favors.
 

V Chip

Truth Addict
Joined
May 17, 2019
Messages
673
Reaction score
1,053
Age
52
Location
Outside Atlanta
Offline
Perhaps double dipping is the wrong adjective....instead how about unfair tax code where the uber wealthy and corporations pays less in taxes on capital gains than the average person (due to loopholes and such that favor the uber wealthy and corporations)....and leave it at that....

Because guess what might happen if they (uber wealthy and corporations) pay their fair share? It could mean lower/fairer tax rates for those that actually deserve a break.....

Dave brings up another great example of this above....
Well on that you are correct -- investment income should be taxed the same as normal income. Except for the profits on selling a primary residence, I cannot think of any capital gains that shouldn't be paid at the same rate as any income. All income should be taxed the same -- labor, investment, stock options, gifts, any other type that I can't think of that generally favor those at the top of the scale. Additionally, our tax system needs MANY more tax brackets at the top of the income scale. If there are only a a tiny percent of people making above 20M a year, they should have a tax bracket that treats them completely differently than those making 150-300K. And the very few making in the hundreds of millions should have a special tax bracket for them that is a good deal above 50%.
 

SFIDC3

Well-known member
Joined
Jan 23, 2020
Messages
97
Reaction score
94
Age
56
Location
Maryland
Offline
Well on that you are correct -- investment income should be taxed the same as normal income. Except for the profits on selling a primary residence, I cannot think of any capital gains that shouldn't be paid at the same rate as any income. All income should be taxed the same -- labor, investment, stock options, gifts, any other type that I can't think of that generally favor those at the top of the scale. Additionally, our tax system needs MANY more tax brackets at the top of the income scale. If there are only a a tiny percent of people making above 20M a year, they should have a tax bracket that treats them completely differently than those making 150-300K. And the very few making in the hundreds of millions should have a special tax bracket for them that is a good deal above 50%.
Agreed but as someone suggested earlier, without eliminating the loopholes, fairer tax brackets don't really matter....
 

DaveXA

Active member
Joined
Oct 6, 2018
Messages
66
Reaction score
40
Location
Vienna, VA (via Lafayette)
Offline
Agreed but as someone suggested earlier, without eliminating the loopholes, fairer tax brackets don't really matter....
It's really this. And those who need those breaks and loopholes the least are the ones who benefits from them the most. It's just bass ackwards. The progressive nature of our tax system really isn't as progressive as it should be.
 

V Chip

Truth Addict
Joined
May 17, 2019
Messages
673
Reaction score
1,053
Age
52
Location
Outside Atlanta
Offline
Agreed but as someone suggested earlier, without eliminating the loopholes, fairer tax brackets don't really matter....
That's why the loopholes and special credits/deductions for the wealthy need to be eliminated. Anything over a certain income level doesn't need credits or deductions. The key is deciding the limit -- and it shouldn't be too much higher than a small multiple of the median income.
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

< Previous | Next >

Users Who Are Viewing This Thread (Users: 0, Guests: 1)

Fact Checkers News Feed

General News Feed

Top Bottom