I agree that its economically more desirable to tax consumption rather than income.
I am dubious of both the political and economic feasibility of replacing our entire, (both individual and corporate) income tax revenues with a consumption tax. It is certainly financially imprudent to attempt it in a single step. I advocate we transform our major sources of tax revenue incrementally.
Some suggest first eliminating individual income taxes and later attempt eliminating corporate income taxes. Mine is not the most popular opinion but I believe that eliminating individual and retaining corporate income taxes is economically illogical. I also believe that to whatever extent and rates we tax individuals incomes, we should continue to tax corporate incomes. Otherwise too many entrepreneurs will be further enabled to evade paying their fair share of income taxes.
I contend that after the enactment of one of the incremental tax source transferences, it will become obvious that the consumption tax is approaching an unacceptable tax rate. If that should occur, the government should interrupt or halt the transformation process. If Im incorrect, (i.e. a consumption tax can replace all income tax revenue), then incremental tax source transference will accomplish complete replacement of all income taxes.
Those who insist upon passage of an act to accomplish the entire transference in a single step are insisting that an act to accomplish transference never be passed.
Respectfully, Supposn
I am dubious of both the political and economic feasibility of replacing our entire, (both individual and corporate) income tax revenues with a consumption tax. It is certainly financially imprudent to attempt it in a single step. I advocate we transform our major sources of tax revenue incrementally.
Some suggest first eliminating individual income taxes and later attempt eliminating corporate income taxes. Mine is not the most popular opinion but I believe that eliminating individual and retaining corporate income taxes is economically illogical. I also believe that to whatever extent and rates we tax individuals incomes, we should continue to tax corporate incomes. Otherwise too many entrepreneurs will be further enabled to evade paying their fair share of income taxes.
I contend that after the enactment of one of the incremental tax source transferences, it will become obvious that the consumption tax is approaching an unacceptable tax rate. If that should occur, the government should interrupt or halt the transformation process. If Im incorrect, (i.e. a consumption tax can replace all income tax revenue), then incremental tax source transference will accomplish complete replacement of all income taxes.
Those who insist upon passage of an act to accomplish the entire transference in a single step are insisting that an act to accomplish transference never be passed.
Respectfully, Supposn