The problem is it becomes a hidden tax because it is built into the retail price of the item.I think the rate is high, but more fair overall.
Truth be told there already exists such "hidden" federal taxes in just about everything we buy here. Business do not pay taxes. They collect them from employees and customers for the government.The problem is it becomes a hidden tax because it is built into the retail price of the item.
When I'm in the EU or UK you pay the price on the sticker. But here in the US we pay the price + the added sales tax. So we look at the receipt and we see the actual tax amount AND we see the price of the item. Tax is added. When it is hidden and built into the price it is easier for the politicians to increase it and we won't really notice as it creeps up.
So a 15% tax becomes 17% and then 20% and then 30% . . . and all we see is that the retailer is charging us more, and more and more.
But really the politicians are charging us more, and more and more.
it would have to transparent and the rate couldn't change. It is more fair and cost effective overallThe problem is it becomes a hidden tax because it is built into the retail price of the item.
When I'm in the EU or UK you pay the price on the sticker. But here in the US we pay the price + the added sales tax. So we look at the receipt and we see the actual tax amount AND we see the price of the item. Tax is added. When it is hidden and built into the price it is easier for the politicians to increase it and we won't really notice as it creeps up.
So a 15% tax becomes 17% and then 20% and then 30% . . . and all we see is that the retailer is charging us more, and more and more.
But really the politicians are charging us more, and more and more.
At least the King of England named the tax and taxes which brought about the Revolution.No argument from me on your points. But there has been talk, over several recent years, of adopting a VAT style tax on top of all the other hidden taxes. We pay excise tax on luxury goods like automobile tires. There are many points of hidden collection. There are business licenses, that add to the cost of doing business. There are occupational licenses that raise the cost of acquiring jobs. There are regulations installed by unelected bureaucrats on how property is used, worker regulations, commercial driving, etc etc etc, all of which are 'taxes' hidden into the prices of goods. So this would simply make it worse.
I guess that would depend on some appointed bureaucrat's definition of what determines a value added "stage" would it not?"full" VAT is not imposed at every stage. it is imposed on the _added_ value at each stage.
there are many web sites that explain how it is calculated, with examples.
Where did VAT tax get mentioned in the video? Its a national sales tax not a VAT tax. If the national sales tax replaced the current IRS tax system and was set at a realistic percentage that could not be changed, it would be a great thing in my book.
Yep thats the whole trick, is making sure there is not some language in the law that allows a bait and switch situation later on, where it gets supported at a rational rate then a couple years down the road it starts to incrementally increase year over year.In the UK, VAT replaced the national sales tax when the country joined the European Union. It was initially set at 10% but was almost immediately changed to 8% on most items and 12-1/2% on luxury items such as gasoline, tobacco and such. It now stands at 20%.
I don't disagree with you if it was an either-or choice, VAT or income tax, but it is usually not. It is usually VAT/sales tax in addition to income tax.
I think that a VAT/national sales tax replacing income tax could be a VERY good thing if certain restrictions were placed on it.
What would be a "rational rate?"Yep thats the whole trick, is making sure there is not some language in the law that allows a bait and switch situation later on, where it gets supported at a rational rate then a couple years down the road it starts to incrementally increase year over year.
I think if everyone was paying, not just the top 20% it could be done with a flat 10% income tax. Or even less with a national sales tax. Think about how much $$$10% of everything sold in the In the US annually would be with everyone paying. You could only game the system on a very small scale, like a \\barter or trade. It would force illegals, drug dealers etc. to pony up. Its already been said though it would have to be a locked in rate that can not be changed for any reason.What would be a "rational rate?"
Isn't it about time we Americans stop accepting such terminology "logic" with the application of more tax burdens?
Sales tax brings black markets.I think if everyone was paying, not just the top 20% it could be done with a flat 10% income tax. Or even less with a national sales tax. Think about how much $$$10% of everything sold in the In the US annually would be with everyone paying. You could only game the system on a very small scale, like a \\barter or trade. It would force illegals, drug dealers etc. to pony up. Its already been said though it would have to be a locked in rate that can not be changed for any reason.
Im assuming you’re talking about crazy Nancy, her husband is a very successful VC and RE investor.Sales tax brings black markets.
Income tax. Level percentage. It's should never be the rich should pay their fair share. That number is too plastic and illusionary.
No one who earns a living should get off scott free. Not the poor and most certainly not the rich. And there should be no court or Congress exposed tax returns unless all lawmakers publish theirs.
I wanna know how the House Speaker who earns $295k a year can amass $19 million in 20 years.
BTW, I'm selling a car soon for which Ten years ago paid $15K. It is now worth $12 K. Biden swants me to pay income taxes on what I recovered. Worse, it is a collctor car and may be worth as much as $20K. Despite me putting more than $5 K into the car I may still have to pay an income tax.
Like capital gains on real estate that just cost more because of inflation. Totally wrong.
Yes the current tax system sucks. It favors super rich corporations and low income. 50% of folks don't pay any tax and a good portion of those get a pretty good refund without ever paying taxes, its called the earned income tax credit. I did some math and it seems a 20% sales tax would closely match the amount of money collected by the IRS in 2021. It would also encourage saving instead of spending every nickel on stupid shit. It makes it equal.Sales tax brings black markets.
Income tax. Level percentage. It's should never be the rich should pay their fair share. That number is too plastic and illusionary.
No one who earns a living should get off scott free. Not the poor and most certainly not the rich. And there should be no court or Congress exposed tax returns unless all lawmakers publish theirs.
I wanna know how the House Speaker who earns $295k a year can amass $19 million in 20 years.
BTW, I'm selling a car soon for which Ten years ago paid $15K. It is now worth $12 K. Biden swants me to pay income taxes on what I recovered. Worse, it is a collctor car and may be worth as much as $20K. Despite me putting more than $5 K into the car I may still have to pay an income tax.
Like capital gains on real estate that just cost more because of inflation. Totally wrong.
Please share this math with us.Yes the current tax system sucks. It favors super rich corporations and low income. 50% of folks don't pay any tax and a good portion of those get a pretty good refund without ever paying taxes, its called the earned income tax credit. I did some math and it seems a 20% sales tax would closely match the amount of money collected by the IRS in 2021. It would also encourage saving instead of spending every nickel on stupid shit. It makes it equal.
Those are all valid points that need to be addressed or very soon we will resemble Venezuela.The problem is 20% doesn’t work for our government, we continue to see the debt ceiling issues year after year. Obviously if Republicans are successful with ending Social security and Medicare the 20% would be plenty.
You miss my point. My fault as I wasn't clear.Yes the current tax system sucks. It favors super rich corporations and low income. 50% of folks don't pay any tax and a good portion of those get a pretty good refund without ever paying taxes, its called the earned income tax credit. I did some math and it seems a 20% sales tax would closely match the amount of money collected by the IRS in 2021. It would also encourage saving instead of spending every nickel on stupid shit. It makes it equal.
Curiously funny how those numbers led you to Pelosi. Actually, I'm talking about any of our so-called representatives. Many of whom use their insider info to make profitable investments. Self-serving SOB's who were given our trust.Im assuming you’re talking about crazy Nancy, her husband is a very successful VC and RE investor.
Tax has always been due on profits from car sales, nothing changed.