What would this tax code reform entail?
Eliminating any general sales tax because they disproportionately affect poor people.
Excellent. But how do you plan on recouping this lost revenue?
A restructured income tax, as well as basic income tax revenue increases that will come with the jobs created by the freer flow of commerce. Without sales tax, poorer people and everyone else as well, can afford just that much more purchasing power, and jobs will be needed to produce goods to keep up with broader demand.
What would a restructuring entail?
I am still working out those details in the legislation but I am considering raising higher income taxes just a bit, and also expanding the lottery. Nothing is for sure yet though.
Why not eliminate income tax so people are not penalized for working harder and instead raise the sales tax so people pay more if they buy more? Does that just not make it easier, work harder you can keep your money, spend a lot we'll take some of it
Because income taxes aren't penalties for working harder. Lower wages are. Income taxes are only fair way for a government to raise revenue from individuals. Sales taxes hurt commerce, causing job losses, as well as disproportionately affecting poor people, who spend at least as much as they earn, meaning that after income taxes, an additional 7-10% general sales tax is applied to the majority of their expenditures.
Bravo, Hamilton! A great idea. In fact, if time allows this weekend it insipres me for the Mideast Assembly.......
