I’m inclined towards a universal sales tax, and elimination of income tax. That cuts out loopholes for billionaires who run around buying property, buildings, and yachts - a 10 or 12% tax would fix that (of course, every solution provides its own set of problems)
The other solution is having my employer “tip” me every two weeks.
Income tax can be set up as a progressive taxation system, but sales tax, even with an added luxury tax is inherently regressive because poor people spend more of their money as a proportion of their income.
I’m inclined towards a universal sales tax, and elimination of income tax. That cuts out loopholes for billionaires who run around buying property, buildings, and yachts - a 10 or 12% tax would fix that (of course, every solution provides its own set of problems) The other solution is having my employer “tip” me every two weeks.
Income tax can be set up as a progressive taxation system, but sales tax, even with an added luxury tax is inherently regressive because poor people spend more of their money as a proportion of their income.
Why are you for a regressive tax that will hit the poor much harder than the rich?