Posted on 10/29/2019 5:55:46 AM PDT by TangledUpInBlue
The Committee for a Responsible Federal Budget (CRFB) has done voters a favor by spelling out what kinds of new taxes it would take to come up with that much money. Warren justifies many of her programs by saying all it would take is “two cents” from the wealthy. That’s a reference to her 2% wealth tax on ultra-millionaires. But Medicare for All would be so expensive that if you taxed top earners at 100%—that’s right, if you took all the income of couples earning more than $408,000 per year—you’d still fall far short. And everybody getting taxed at 100% would obviously stop working.
Okay, that won’t do it. So what will? CRFB outlined a variety of options. A 42% national sales tax (known as a valued-added tax) would generate about $3 trillion in revenue. But it would destroy the consumer spending that’s the backbone of the U.S. economy. A tax of that magnitude would be like 42% inflation, wrecking consumer budgets and the many companies that depend on them, from Walmart and Amazon to your local car dealer.
(Excerpt) Read more at yahoo.com ...
I’ve told this to normal liberals that what is driving this is a global shortage of money.
They have run out of sources and the only way out is to invent new taxes.
Global Warming Tax....VAT Tax 2....Rich Guy Tax.
Even the GOP-e wants to secretly go this way.
No it wouldn’t. I would still be buying, but not the way the governments wants me to purchase.... Underground
42% Think of that. Say you spring for that new TV and drop a thousand your you will have to pay an additional $420.00 more in tax. Economy killer.
I just read this article and I don’t think the math is right, with one caveat.
Medicare in 2018 cost $582B, with 44M enrolled. That is over $13k per person. This article says another option is to pay $7500 per person in Medicare taxes. That is far less than 13k
The caveat is that the younger need less medical care. But any “all you can eat” system will have more usage than pay-go.
Will not comply.
I support the FAIR tax which, I think, usually aims at something like a 17% sales tax (not a VAT). Of course, you’d have to get rid of income taxes entirely).
I’m not surprised the Democrats muck up the idea entirely.
I think I remember hearing on Fox that if all of Warren’s proposed programs was funded it would be more than the entire tax receipts of the Federal government in a year (some 3.5+ trillion dollars.)
When it’s so bad, even leftist Yahoo’s have to call you out on it...
Remember that this sales tax would be in addition to the income tax and other taxes that the progressives will dream up. When tax reformers talked about a 15% national sales tax, it was to replace income tax. It would have added substantially to every purchase but as its proponents pointed out, your income would have been gross income, not net of income tax withholding, so it would have evened out somewhat.
Already shut down by SCOTUS as unconstitutional.
just create money out of thin air and blame the resulting inflation on evil capitalists
So is it a sales tax, or a VAT? There is a difference.
“42% Think of that. Say you spring for that new TV and drop a thousand your you will have to pay an additional $420.00 more in tax. Economy killer.”
It’d get worse because that’s just the federal tax. Once the states see the feds do this, they will implement (if it doesn’t exist) or raise (if it does) the state sales tax too.
“I support the FAIR tax which, I think, usually aims at something like a 17% sales tax (not a VAT). Of course, you’d have to get rid of income taxes entirely).”
The dems support the FAIR tax too. They just want it on top of, not in place of, everything else.
Other than food, gas, taxes and building materials, I have largely dropped out of the normal economy. I repair appliances rather than buy new. I have several antique cars and a 15 year old Tundra. I will never own another new car. The concept of store bought furniture was never on my play card. I have three pieces that were purchased new thirty years ago. During the Housing Brouhaha I sold my McMansion for more than twice what I had in it. Without a mortgage, I was able, over the years to purchase nine low end homes with acreage, fix and rent them out. I am now independent and retired. (Having a house mortgage on the house you live in seems good until you look at the opportunity costs. It is better to buy a mobile home on good property, pay it off, rent it, and move to another to fix up. Therein lies one of the paths to financial independence.)
They are destroying California and New York and want to start destroying the economy and make all people except them equally poor.
Just curious...
1) Where you live and
2) Do you have children? (or were they raised in the McMansion?)
Cheers
If it is VAT, not a Sales tax it is worse that that.
Vat works like this:
I buy a barrel of oil for $50.00 and am charged 47% = $74.00 and change
I convert the oil into plastic worth $150.00 so I pay 47% on $100. So the total cost
The guy who buys the plastic turns it into vacuum molded TV cases with a total value of $1000.00 + 47%
The next guy installs the guts of the TV which raises the price again.
47% would end up more than doubling the cost of every item
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