That’s a pretty rough ad,” Norquist said. “The ads you can run are that so-and-so wants to add a 30 percent sales tax on top of, which will be devastating to middle-income people. They also worry that the sticker shock of a 30 percent sales tax encountered by voters on a daily basis will overshadow the discussion of canceling an annually levied income tax. “Everybody gets a check, and so you’ve got the basis for the modern definition of European socialism, which is that everybody gets a basic income and work is an option.” “This creates a universal basic income, and luckily the left has not figured this out yet,” low-tax advocate Grover Norquist said in an interview. On the other hand, if you’re making $1 million a year and you’re saving a portion of that, not all of that income is going to end up being taxed as a sales tax,” Frank Clemente, director of tax advocacy organization Americans for Tax Fairness, said in an interview. Under this proposal, every dollar of that income is going to be taxed. You need at least $50,000 a year to live before you can save a dime.
That’s because those with lower incomes tend to spend more of what they make while richer people tend to save more of their incomes, investing in retirement accounts, securities and other types of assets.
Having a sales tax as the only source of public revenue would put a higher tax burden on people making less money. Here are four major things to know about the GOP proposal: The plan would increase the tax burden on the middle class tax code, the pages of which numbers in the tens of thousands. But it also means that buying everything from groceries to automobiles would be hugely more expensive.Ĭritics of the proposal say it’s impractical and unfairly benefits the rich, while its proponents say it would provide a much-needed simplification of the U.S.
That means workers would get to keep the entirety of their paychecks without having to pay out anything to the government. Buddy Carter (R-Ga.) and supported by 30 other Republicans would institute a massive 30 percent sales tax on all purchases in exchange for doing away with income, Social Security and Medicare taxes.
0 kommentar(er)
