House Republicans to vote on bill abolishing IRS, eliminating income tax

Post by bb88 » Thu, Jan 12, 2023, 2:20 AM UTC

bb88 wrote: post #55

hardtke wrote: post #33

Earlier quoted context omitted.

The rate seems to be 23%, and given that this is only a sales tax this would mean the federal government is taxing at maybe 10-15% of GDP. If I remember correctly, federal government expenditures are around 30% of GDP.

So 23% consumption tax? Or would you be talking higher? I'm not sure 23% would be enough to offset the loss of the federal income tax.

I think if you did a Roth IRA/401k and then retired, you'd be angry because you're effectively paying double taxes on consumption.

Same with money that you already took out of a regular 401k and paid taxes on it.

Same with money that was already taxed for the past 5 years.

Etc.

Post by esarbe » Sun, Jan 15, 2023, 1:57 PM UTC

ashwagary wrote: post #99

esarbe wrote: post #91

Earlier quoted context omitted.

Please stop spreading such nonsense. They don't have "a habit of targeting the middle income" people because they are low hanging fruits. They currently target middle income people because the lack the funds to go after the affluent and the wealthy and the obscenely rich. That's what the additional funds is trying to rectify. https://www.bloomberg.com/news/articles/2019-05-20/super-ric...

>They don't have "a habit of targeting the middle income" people because they are low hanging fruits. >They currently target middle income people because the lack the funds to go after the affluent and the wealthy and the obscenely rich. Low-hanging fruit: The obvious or easy things that can be most readily done or dealt with in achieving success or making progress toward an objective. https://www.merriam-webster.com…

"low-hanging fruits" is implying that other fruits would be available for harvest - which they are not - the IRS lacks the funds to go after these other "fruits". So I'm not sure this metaphor is applicable.

> do you really believe US corruption is minor enough that politicians will target the major donor class for tax violations en mass?

Not giving the enforcement agencies the means to do the enforcement is not going to help either. If you are worried about corruption in the US, support efforts that get money out of politics, reversing Citizens United, etc. Not by virtually absolving rich people from paying taxes "because they already bought the politicians".

Re: House Republicans to vote on bill abolishing IRS, eliminating income tax

Re: House Republicans to vote on bill abolishing IRS, eliminating income tax