Reply to Wages, Inflation, the Fed, and my sad takeaway

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]If Republicans get their way and pass the 30% consumer tax to eliminate income tax, things will get a lot uglier for the working class.  Because, it's not just 30% - there will be rate hikes on top of that to cover medicare and social security.  Meanwhile, businesses are tax exempt, meaning workers will pay ALL of it.

Business owners and the rich, meanwhile, will set up shell companies, and will buy their real estate, their boats, planes, vehicles and everyday goods through the company, and will avoid all of the taxation.  And, there will be nobody to go after them for it, because their plan is "so simple that we can eliminate the IRS."[/quote]

Not just the working class. We've recently moved back here from overseas (DH is military) and we've had to buy new cars, furniture and home goods. A 30% consumer tax would definitely have affected our spending. For example, instead of spending $$$ on our new, US-made couch, we would either have bought a cheaper made in China (or elsewhere) couch or kept hold of our 17-year-old one.

I can't see how this consumer tax would be beneficial to the US economy. People always mention VAT in Europe, but people in Europe typically live in smaller houses, buy smaller cars, and have access to public transportation. We definitely spent less on consumer goods when we lived there, because we did not buy as much. [/quote]

It would be instead of, not in addition to[/quote]

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