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Your thoughts as we approach tax day
This is my first blog so bare with me..............
Some say the current tax system is a complicated failure that hinders the nation’s growth while allowing the politically well-connected to manipulate the system to get special breaks that are not available to average workers and businesses. Do you think we should abolish the tax system as it stands and impose a federal consumption tax? A consumption tax essentially taxes people when they spend money and with our current income tax method you’re taxed when you earn money or when you get interest, dividends, capital gains, and so on. With consumption tax you would be taxed essentially when you actually spent the money whether your income comes from working an honest job, illegally obtained, or from the underground economy. 7 comments from 4 users
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posted by
GregL
on Mar 13, 2007 at 09:59 PM
Well, we essentially have a 'consumption tax' now, it's called 'sales tax'. Many people, including myself, think this is unfair since we are taxed on every dollar when we make it, and then again when we spend it. Doesn't the Constitution say something about no double taxation? Anyway, to have a consumption tax IN PLACE OF income tax sounds like a good idea on the surface, of course it would depend on the rate of the tax. But one thing to remember, when society wants to make sweeping changes to laws or procedures or whatever, there are ALWAYS unforeseen ramifications, and sometimes the situation becomes worse than before the change. But, having said that, I would at least be open to the idea.
posted by
Blaze
on Mar 14, 2007 at 06:35 AM
Katz, I am in favor of a total tax overhaul. Whether that is in the form of a federal sales tax (consumption tax) or a flat tax I have not decided on yet. But I do know that the current system is to complicated and unfair. I think the sales tax would be the most simple because there would be no more "doing" your taxes every year (although I feel like I'm the one that is getting "done" when I see all the taxes I pay). The flat tax makes sense too but it would still require filing a return every year. Their just wouldn't be any deductions and everybody would pay the same percentage. So I guess, all things considered, the federal sales tax would be the best.
posted by
weebles
on Mar 14, 2007 at 09:23 AM
I really like the idea of a consumption tax, at least on the surface. Those who live frugally pay a bit less, while those who indulge in the more high-end, expensive lifestyle pay for the priviledge of luxury. I can go with that.The current system has been broken for longer than it's worked (much like the health care system). posted by
LuvMyKatz
on Mar 14, 2007 at 03:18 PM
Thanks for responding to my blog I agree a change needs to be made. This is a discussion my DH and I have occasionaly and we think it might be a good idea just because it would tax all those folks who make money illegally or are here in our country illegally to pay their fair share too. Yes, I think double taxation stinks and it seems those who make nothing or close to it get these big refunds just because they are low income, while those who are above the middle man ~(me)~ are able to find so many loop-holes and get everything written off. However; I was reading about it on the internet and consumption tax effects businesses and then the cost will drive prices up something I hadn’t thought of. I don’t know what a good solution would be I think we need to throw the tea in the harbor again...... posted by
GregL
on Mar 14, 2007 at 03:30 PM
DH: Designated Hitter?
posted by
LuvMyKatz
on Mar 14, 2007 at 03:33 PM
Not in my house, DH=Dear Husband
posted by
GregL
on Mar 14, 2007 at 03:40 PM
Oh!
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