She didn’t die from stupidity, she died WITH stupidity.
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https://twitter.com/unusual_whales/status/1612910366467719169?s=46&t=3qYvvdmdZdk0nY032w-hXQ
This seems pretty dumb.
Well it fucks over the poor so it does what they want. I’m sure there will be easy loopholes for houses, private jets and anything rich people actually consume.
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And they’re just getting started. Wait until they impeach Biden for those classified documents he had.
well it’s not going to do shit because it’s not going to become law
it’s just something for them to say OMG THE WOKE LIBRUL SOCIALISTS are STOPPING US from eliminating your income tax
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The tax cuts will pay for themselves, IMO.
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I, for one, am excited about this new and innovative approach to downsizing the US War Machine.
Has anyone done calculations how high the consumption tax has to be
to make up for the loss of revenue from the income tax?
Lots of people have, and the numbers depend a lot on how you set up the system (do you exempt certain types of spending? Try to make it progressive? Eliminate corporate taxes or just individual?)
As one example, these folks from Brookings came up with a ~ 60% tax to generate the same revenue.
That seems high to me, but they have the advantage of actually running numbers while I just thought about it for a few seconds.
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You could get a really rough ballpark by looking at the sources of revenue they’re trying to replace, and comparing that total personal consumption expenditures:
Of course, if you try to fully fund government spending, that percentage is going to be higher:
But like @Bigoldnit said, it really depends on what exactly you’re taxing and what kind of allowances you give.
But I feel like these numbers put you somewhere in the right ballpark.
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What are the odds this thing even passes the House? Sounds like allowing the vote to happen was one of the concessions McCarthy had to make to get the gavel so I’d imagine it’s going to go over like a lead balloon.
We all know bUt hOw wIlL tHeY pAy fOr iT only applies to stupid woke liberal ideas that might benefit society.
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Rich people just don’t spend that much of their income on consumption. Seems like it would be really easy to buy boats and jets and watches offshore?
So once again only people like NBA players who make huge salaries and buy a lot of expensive shit will get nabbed.
I was just interested in whether it was even remotely possible. EU countries already have up to 25% VAT and still need considerable income tax revenue.
They just write it off!
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If you start with the premise that a tax system should be based on some kind of utility maximizing function then seems clear that wealth tax >>> income tax >>> consumption tax.
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