Quote:
Originally Posted by opendoor
Also absolutely impossible to evade. Wealthy people would never just shift a significant part of their tconsumption abroad. And with no real IRS any more (which is generally part of these proposals), I'm sure it'd be extremely difficult to evade paying it in a bunch of ways.
Seems like a political loser too. The Republicans' base is old people. Imagine working your whole life paying tax on that income and then when you retire and generally have a lower income and tax burden, all of they sudden they introduce a 30% consumption tax on everything you buy.
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It's not like living in a world where capital has become something a rent seeking perpetual motion machine generating more capital, leaving more money in the hands of those who do not consume all of their liquidity on a year to year basis for longer will exacerbate the problem of rent seeking capital creating more capital without actually being productive. I just can't see why it would be a good idea to tax them when the money comes in, rather than waiting for them to never spend their money, until they set up a tax exempt charitable organization that will pay the next 5 generations of their family a 7 figure income to give away the wealth they hoarded.