Who sees our present economic situation as a real opportunity to abandon property and income taxes altogether?

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and go to a 100% consumption based tax system?

With a consumption based system everyone pays taxes according to what they buy instead of what they make. Thrifty savers are rewarded and people who spend, spend, spend pay more.

Illegals and criminals will pay taxes on their ill-gotten gains if they want to spend it.

No more 1040s to file.

You pay taxes when you buy a stock, not when you sell it. If you make money, good for you! It’s yours! If you lose money, nice try. Better luck next time. Smart investors are rewarded instead of stupid investors.

Right now, even when you pay off your mortgage, you never really own your house. If you don’t pay your property taxes, your house belongs to the government. With a consumption tax, you pay your taxes when you buy your house and then you’re done. It’s yours. REALLY yours.

And does supporting something like this make me a liberal or a conservative? I know my social views put me squarely on Team Liberal, but my financial views don’t seem to fit with anyone’s agenda.

So what do you think of a consumption tax?

2 Comments
  1. Reply
    Matthew D
    November 10, 2011 at 2:17 pm

    Its regressive. The rich DO NOT spend more. Add up the number of rich, then add up the number of poor. The poor would be sharing more of the tax burden. And the rich don’t get that way by spending a lot of money anyway. Its so regressive.

  2. Reply
    lil' autarch
    November 10, 2011 at 3:08 pm

    I completely agree. Well said.

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    It makes you a thinker.

    With a fairly administered flat rate consumption tax we could retain all of our income and we get to decide how to use it. After we decide how best to use it, the government takes a cut at the time of purchase. The same percentage (say 1% as an arbitrary number) would be applied to a 99 cent candy bar and a billion-dollar credit default swap. Or a gigantic yacht. Or the new tower in New York City. The rich would pay proportionately far, far more.

    With income “tax”, the government takes some of our wealth before we ever get to decide how to use it. It is fundamentally against human self-determination and plus, makes no sense economically, because wealth is removed from the private sector *before* it can be used to *grow* the private sector.

    I wish more people would think about this. It’s “outside the box”, but not really.

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