I want this tax!!!

[ihopehefails]

This study demonstrates how the individual and corporate income tax, the capital gains tax, the estate and gift taxes, and non-trust-fund excise taxes all could be replaced with a national sales tax (NST). The NST would exempt low-income Americans from tax and raise the same amount of revenue currently collected. The ideal NST plan would include the following features:

* A 15 percent sales tax on the final purchase of goods and services at the retail level. The NST would be similar to state sales taxes. The rate should decline in future years to 10 to 12 percent as economic growth allows more revenue to be raised at a lower rate and government downsizing continues.
* A universal rebate for every household, exempting all consumption up to the poverty level. That would mean that the first $18,588 of consumption each year for a family of four would be tax-free. The rebate could be provided as a refundable credit against the payroll tax.
* Reimbursement to states and retailers of the cost of collecting the national sales tax.
* Abolition of the Internal Revenue Service. The states should bear the primary responsibility for administering the national sales tax. The IRS would be abolished, and a much smaller, less intrusive federal excise tax bureau would collect trust fund excise taxes such as the gasoline tax. The Social Security Administration would enforce and collect payroll taxes.

For the rest click here.

 

[Baruch Menachem]

I like it too. But only Boortz is talking it up.

In congress, taxes are all about raising money for their political campaigns. A comma here, a phrase there and they can hold the citizens up and shake them down.

 

[Oldandtired]

This study demonstrates how the individual and corporate income tax, the capital gains tax, the estate and gift taxes, and non-trust-fund excise taxes all could be replaced with a national sales tax (NST). The NST would exempt low-income Americans from tax and raise the same amount of revenue currently collected. The ideal NST plan would include the following features:

* A 15 percent sales tax on the final purchase of goods and services at the retail level. The NST would be similar to state sales taxes. The rate should decline in future years to 10 to 12 percent as economic growth allows more revenue to be raised at a lower rate and government downsizing continues.
* A universal rebate for every household, exempting all consumption up to the poverty level. That would mean that the first $18,588 of consumption each year for a family of four would be tax-free. The rebate could be provided as a refundable credit against the payroll tax.
* Reimbursement to states and retailers of the cost of collecting the national sales tax.
* Abolition of the Internal Revenue Service. The states should bear the primary responsibility for administering the national sales tax. The IRS would be abolished, and a much smaller, less intrusive federal excise tax bureau would collect trust fund excise taxes such as the gasoline tax. The Social Security Administration would enforce and collect payroll taxes.

For the rest click here.

And what will be the next black market?
Those that are poor and exempt will be paid 10% of the purchase price to purchase the goods for soemone who is not exempt....a savings of 5% of sales price for the one that has the goods purchased for him and a loss of tax revenue.

 

[Conspiracist]

This study demonstrates how the individual and corporate income tax, the capital gains tax, the estate and gift taxes, and non-trust-fund excise taxes all could be replaced with a national sales tax (NST). The NST would exempt low-income Americans from tax and raise the same amount of revenue currently collected. The ideal NST plan would include the following features:

* A 15 percent sales tax on the final purchase of goods and services at the retail level. The NST would be similar to state sales taxes. The rate should decline in future years to 10 to 12 percent as economic growth allows more revenue to be raised at a lower rate and government downsizing continues.
* A universal rebate for every household, exempting all consumption up to the poverty level. That would mean that the first $18,588 of consumption each year for a family of four would be tax-free. The rebate could be provided as a refundable credit against the payroll tax.
* Reimbursement to states and retailers of the cost of collecting the national sales tax.
* Abolition of the Internal Revenue Service. The states should bear the primary responsibility for administering the national sales tax. The IRS would be abolished, and a much smaller, less intrusive federal excise tax bureau would collect trust fund excise taxes such as the gasoline tax. The Social Security Administration would enforce and collect payroll taxes.

For the rest click here.

And what will be the next black market?
Those that are poor and exempt will be paid 10% of the purchase price to purchase the goods for soemone who is not exempt....a savings of 5% of sales price for the one that has the goods purchased for him and a loss of tax revenue.

They will monitor those that are exempt's spending. That would be worked out shortly I am sure.

 

[uscitizen]

Yeah like congress would ever drop the tax rate.

 

[ihopehefails]

Yeah like congress would ever drop the tax rate.

The good thing about this tax is that instead of taxes being taken out of your paycheck they will be put in so it will become welfare for the working poor. I don't agree with that but it is a nice selling point for people who thinks a earned income tax credit was helping the poor.