The Biden Administration and All Things Politics

[Bucknutz]

Yeah me again…

View: https://twitter.com/unusual_whales/status/1612910366467719169?s=46&t=Fnjpu4hv5OZNZ3vWkrvF0Q


I don’t want to hear left or right talking points. I don’t want to hear Trump. I want to hear what you think of this idea.

Here is a basic overview of a consumption tax.

View: https://youtu.be/C7k39QSdG1g


Would you like to have 0% income tax and use a consumption tax or keep the current system?
Would the consumption tax benefit you personally or would you pay more on taxes?
Would it change your spending habits? What products or services would you like to see exempt?

 

[gandalfe]

Comparing these two things would be like seeing 2 headlines. 1 saying “bucknutz shoots a guy”. The other one saying “fishonjazz shoots a guy”. Now looking at these headlines you would say they are the same or similar.

Then you read the article about bucknutz shooting someone and find that he was hunting pheasants and flushed one and shot at it and missed but some of the bb’s in the shotgun shelled traveled 100 yards and hit another hunter who bucknutz didnt know was there. The bb’s barely pierced the skin and the hunter who was shot didnt even need to be hospitalized.

Then you read the article about fishonjazz and find that he was mad about his neighbors dog pooping on his lawn so fishonjazz broke into the neighbors house and shot him in the head and killed him. (My neighbors don’t even own a dog and this is completely hypothetical btw.)

Ya they both shot someone but to compare the two would be stupid and nonsensical.


Sent from my iPad using JazzFanz mobile app

You're so gangsta.

 

[Deleted member 365]

Comparing these two things would be like seeing 2 headlines. 1 saying “bucknutz shoots a guy”. The other one saying “fishonjazz shoots a guy”. Now looking at these headlines you would say they are the same or similar.

Then you read the article about bucknutz shooting someone and find that he was hunting pheasants and flushed one and shot at it and missed but some of the bb’s in the shotgun shelled traveled 100 yards and hit another hunter who bucknutz didnt know was there. The bb’s barely pierced the skin and the hunter who was shot didnt even need to be hospitalized.

Then you read the article about fishonjazz and find that he was mad about his neighbors dog pooping on his lawn so fishonjazz broke into the neighbors house and shot him in the head and killed him. (My neighbors don’t even own a dog and this is completely hypothetical btw.)

Ya they both shot someone but to compare the two would be stupid and nonsensical.


Sent from my iPad using JazzFanz mobile app

LOL

what kind of dog did Fishon shoot? If it’s a Dachshund or Taco Bell breed? Fine. Those dogs are so annoying. But it better not have been one of those cute golden doodles. I’ve got one and she’s so cute and fun.

 

[gandalfe]

Yeah me again…

View: https://twitter.com/unusual_whales/status/1612910366467719169?s=46&t=Fnjpu4hv5OZNZ3vWkrvF0Q


I don’t want to hear left or right talking points. I don’t want to hear Trump. I want to hear what you think of this idea.

Here is a basic overview of a consumption tax.

View: https://youtu.be/C7k39QSdG1g


Would you like to have 0% income tax and use a consumption tax or keep the current system?
Would the consumption tax benefit you personally or would you pay more on taxes?
Would it change your spending habits? What products or services would you like to see exempt?

How does a consumption tax vary from a sales tax?

 

[Deleted member 365]

Yeah me again…

View: https://twitter.com/unusual_whales/status/1612910366467719169?s=46&t=Fnjpu4hv5OZNZ3vWkrvF0Q


I don’t want to hear left or right talking points. I don’t want to hear Trump. I want to hear what you think of this idea.

Here is a basic overview of a consumption tax.

View: https://youtu.be/C7k39QSdG1g


Would you like to have 0% income tax and use a consumption tax or keep the current system?
Would the consumption tax benefit you personally or would you pay more on taxes?
Would it change your spending habits? What products or services would you like to see exempt?

Consumption taxes always disproportionately impact in the negative lower income people the most. The government also cannot be funded by it. My wife and I would actually benefit from it, because were high age earners with only one dependent. While those making a lot less than us would end up being ravaged with consumer taxes.

Currently, bigger families in Utah making half what my wife and I make get a better deal than my wife and I. Which is fine with me. If anything, I want higher local bonds and taxes because the infrastructure in Lehi and Saratoga is a joke. With taxes I get better roads, more parks, security, schools and libraries.

The last bond our local school district attempted failed. That seems pretty stupid because local schools already don’t have enough classrooms or teachers. Utah has some of the highest class sizes in the nation. Again, pretty stupid. Glad I'm no longer in the K-12 system.

 

[Bucknutz]

How does a consumption tax vary from a sales tax?

It’s essentially a higher sales tax. So there would be a high federal sales tax, let’s say 15%. Then you would still have your state sales tax. In Florida it’s 7%. So when I purchase something I would be paying 22% in taxes.but your paycheck would not be taxed. So you have higher take home pay.

 

[Gameface]

Yeah me again…

View: https://twitter.com/unusual_whales/status/1612910366467719169?s=46&t=Fnjpu4hv5OZNZ3vWkrvF0Q


I don’t want to hear left or right talking points. I don’t want to hear Trump. I want to hear what you think of this idea.

Here is a basic overview of a consumption tax.

View: https://youtu.be/C7k39QSdG1g


Would you like to have 0% income tax and use a consumption tax or keep the current system?
Would the consumption tax benefit you personally or would you pay more on taxes?
Would it change your spending habits? What products or services would you like to see exempt?

Hard pass on a consumption tax in place of income tax.

Would corporations and financial institutions also pay a consumption tax instead of paying based on profits?

 

[Bucknutz]

Hard pass on a consumption tax in place of income tax.

Would corporations and financial institutions also pay a consumption tax instead of paying based on profits?

I can be wrong here, but I believe I read and took it this way; the businesses would pay tax each step of production.

So if I made a pencil, I would pay tax on purchasing the wood, graphite, and the eraser. The producers of the products will collect the tax.

When I wholesale the finished pencil to stores for resale, I will collect the tax from the paying retail store. The retail store will pay the tax.

When the retail store sells the pencil directly to the consumer, the store will collect the tax from the paying consumer. The consumer will pay the tax.

So all businesses will pay taxes.

 

[Bucknutz]

Consumption taxes always disproportionately impact in the negative lower income people the most.

I agree. Would you think removing consumption tax on necessary living expenses fix this issue? Example: don’t charge tax on groceries, medical, utilities, public transportation and other daily usage items.

The government also cannot be funded by it.

See I would think it would generate more revenue, since there would not be loopholes, tax breaks, deductions ect. Also it would depend on the tax rate that was set. I haven’t studied this enough to say this with any certainty. So you can absolutely be correct on this point.

My wife and I would actually benefit from it, because we’re high age earners with only one dependent.

Would it change your spending habits at all?

Currently, bigger families in Utah making half what my wife and I make get a better deal than my wife and I. Which is fine with me.

Agreed

If anything, I want higher local bonds and taxes because the infrastructure in Lehi and Saratoga is a joke. With taxes I get better roads, more parks, security, schools and libraries.

The last bond our local school district attempted failed. That seems pretty stupid because local schools already don’t have enough classrooms or teachers. Utah has some of the highest class sizes in the nation. Again, pretty stupid. Glad I'm no longer in the K-12 system.

In Ohio, we had a municipal income tax. Where you work, they would take on 2-3% from your paycheck. This is on top of property tax. Levy’s would also be voted on to raise money for new schools, parks and other local projects. If you lived in a more affluent location you would have better facilities and infrastructure. Low income areas might be voting to keep an art program alive at schools.

 

[One Brow]

Would you like to have 0% income tax and use a consumption tax or keep the current system?
Would the consumption tax benefit you personally or would you pay more on taxes?
Would it change your spending habits? What products or services would you like to see exempt?

I have trouble believing it would be fairly implemented. For example, do you charge the tax on all rent/mortgages? If yes, that guts the poor. If not, the rich can buy million-dollar mansions untaxed.

 

[Al-O-Meter]

Would corporations and financial institutions also pay a consumption tax instead of paying based on profits?

Yes. That system is how nearly every country on the planet pays for things. The VAT or Value Added Tax is payed by corporations at every step of production or movement in the supply chain. Anyone claiming "the government also cannot be funded by it" is a moron because the entire OECD other than the United States does it that way.

Impose a Tax on Consumption | Congressional Budget Office

Background A consumption tax generally applies to spending on goods and services. There are different forms of such taxes, including value-added taxes (VATs), retail sales taxes, and excise taxes. A VAT is a type of consumption tax levied on the incremental increase in the value of a good or...

www.cbo.gov

 

[Eminence]

I don't mind consumption taxes if they're set up in a progressive manner (which the easiest way to do is to set up a 'refund' for all individuals that essentially covers the tax for lower income folks).

Biggest plus for me would be the simplification of the system.