Patrick Douglas

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Patrick Douglas
Posted about 2 years ago
Would you prefer sales tax to income tax?
As for the Fair Tax, I'm not sure, seeing as how I don't know enough about it. I don't think that keeping all of your income makes much difference if you are paying more for everything that you purchase. The Government has to take money out via taxes at some point, so you're not necessarily gaining much. As for the suggestion that you would exempt necessities from taxation - I like the idea. If you can make the system progressive, I'm more likely to support it. As for saving money, you can also make the argument that money saved in banks is good because banks can use it for loans. As a whole, though, I would say that saving money isn't strictly good for the economy like spending money.
Noface
Patrick Douglas
Posted about 2 years ago
Would you prefer sales tax to income tax?
The problem with a sales tax is that it tends to be regressive, meaning that it hits poor people harder. Individuals with less money spend a greater percentage of their income on necessities. On the flip side, taxing luxury items tends to discourage wealthy people from buying them, which means that it isn't nearly as viable of an option if you're trying to create a stream of revenue. Also, you mentioned that a sales tax could be a benefit in that it discourages spending, but may encourage saving or investment. Investment is good for the economy, particularly in the long run, but saving money is typically only good for the individual. There is such a thing as excessive spending and consumption, but consumption ultimately enhances the strength of the economy. One person's consumption is another person's income. I'm not saying that saving money is bad, or that spending money is completely good, but I don't think that you can consider that type of incentive to be an advantage of a sales tax.