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26 sats \ 4 replies \ @Aardvark 1 Mar \ on: A Few Thoughts About Replacing the IRS with Excise Taxes and Tariffs econ
A consumption tax would only work in America if the elderly didn't have to pay it. They don't pay income tax on SS so it eould negatively impact them. Regardless of how you feel about SS old people vote hard, you can't screw with their money.
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42 sats \ 3 replies \ @Undisciplined OP 1 Mar
The proposal has a rebate that covers the amount of taxes on basic necessities. That should work out to about break even for those folks.
The group that would fight it vehemently are Boomers like my parents, who have no more taxable income, but spend like drunken sailors.
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23 sats \ 2 replies \ @Aardvark 1 Mar
Most boomers pay income tax on their 401k i believe. Unless they did a Roth.
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42 sats \ 1 reply \ @Undisciplined OP 1 Mar
True, but only if they're selling enough to get into a non-zero tax bracket.
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21 sats \ 0 replies \ @Aardvark 1 Mar
I didn't really consider that. Either way, I'd love to see income tax done away with.
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