I completely agree, this is why I've always gotten annoyed at the libertarian proposition of "only have sales tax", I think usually called the "fair" tax, by eliminating all other taxes and setting sales tax to 10%.
A tax like that would disproportionately hurt the poor. Poor people spend roughly 100% of their income, meaning that their effective tax rate would be, you know, about 10%. A billionaire almost certainly does not spend anywhere near their entire income. If they spend 10% of their income, then their effective tax rate would be 1%.
This is also what annoys me about the stupid tariffs that are happening right now. The republicans are saying that the tariff income is going to be used to lower taxes. Since the consumers of the products are the ones who end up paying the tariffs one way or another, this means that these tax cuts are going to be mostly covered by spenders, likely a lot of poor people.
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I completely agree, this is why I've always gotten annoyed at the libertarian proposition of "only have sales tax", I think usually called the "fair" tax, by eliminating all other taxes and setting sales tax to 10%.
A tax like that would disproportionately hurt the poor. Poor people spend roughly 100% of their income, meaning that their effective tax rate would be, you know, about 10%. A billionaire almost certainly does not spend anywhere near their entire income. If they spend 10% of their income, then their effective tax rate would be 1%.
This is also what annoys me about the stupid tariffs that are happening right now. The republicans are saying that the tariff income is going to be used to lower taxes. Since the consumers of the products are the ones who end up paying the tariffs one way or another, this means that these tax cuts are going to be mostly covered by spenders, likely a lot of poor people.