30% sales tax?

[davew]

Originally Posted by Bustin Stones

One problem is managing the transition. You have folks who have paid into the social security and medicare system who are retired and have fully funded their benefit. Now that payroll tax is reduced or absent for them, you are asking them to pay again into that system with purchases. Or you have folks who have funded the system for decades and not yet retired, but when they do, previous payments into the system won't be acknowledged as they pay the 30% on purchases. There's no way to charge some people 30% and others something less. Or the federal government could refund everything paid in and we all start from scratch. Good luck coming up with that money.

How can anything be 'fully funded' with a government sponsored ponzi scheme?

[JustRalph]

Originally Posted by davew

How can anything be 'fully funded' with a government sponsored ponzi scheme?

Ding!

[Tom]

Forget sales taxes, CUT OFF UKRAINE HANDOUTS.

[davew]

Originally Posted by Tom

Forget sales taxes, CUT OFF UKRAINE HANDOUTS.

they promised 31 tanks that they don't even have, need to pay General Dynamics to make them

[PaceAdvantage]

Originally Posted by davew

they promised 31 tanks that they don't even have, need to pay General Dynamics to make them

I'm sure there are officials in the US Gov't who were part of the decision making to order those 31 tanks who hope to one day be sitting pretty in a cushy job at General Dynamics...

[Bustin Stones]

Originally Posted by davew

How can anything be 'fully funded' with a government sponsored ponzi scheme?

I get the tenor of your comment. Ponzi schemes leave victims without their contribution. Imagine the US welching on the agreement to fund SS and Medicare. In this culture of hyperbole, it has become fashionable to label things as more extreme than they are. We are not going to discuss anything of use if that's the extent of our thinking. The federal govt realizes that failure to pay on its obligations is a road to nowhere and does not answer the question of how we'd manage a transition to a 30% sales tax.

[AndyC]

Originally Posted by Bustin Stones

..... The federal govt realizes that failure to pay on its obligations is a road to nowhere and does not answer the question of how we'd manage a transition to a 30% sales tax.

No doubt there would be areas that need to addressed in a transition from income tax to sales tax. The upside of getting rid of a complex set of rules and regulations known as the Internal Revenue Code would vastly outweigh the effort that would be required to implement a sales tax.

[davew]

Originally Posted by Bustin Stones

I get the tenor of your comment. Ponzi schemes leave victims without their contribution. Imagine the US welching on the agreement to fund SS and Medicare. In this culture of hyperbole, it has become fashionable to label things as more extreme than they are. We are not going to discuss anything of use if that's the extent of our thinking. The federal govt realizes that failure to pay on its obligations is a road to nowhere and does not answer the question of how we'd manage a transition to a 30% sales tax.

No ponzi schemes DO NOT. Some people do well and some do not.

The contributions you make today, do NOT go into your fund, but pay out to those collecting today (hence a ponzi scheme). Those that die early lose out and those that live forever do well, as long as there are people working today to keep the money coming in.

[Actor]

https://www.amazon.com/Fair-Tax-Book...ks%2C82&sr=1-1

[Actor]

Originally Posted by boxcar

Nice in theory, bu how practical is it?

First put every man, woman and child on food stamps.