Bichon Frise wrote:
Wait until I rule the world and impose my VAT, with a couple of % going to SS. Means tested. On everyone. Herman Cain was made to look like a cuk, but I did like his tax plan.
I'll show you! I just won't buy anything! Ha! I've already got most of the stuff I need. I'll just catch a few fish, pick a few papayas for breakfast, and maybe buy a bag of rice now and then. But thanks for taxing the young workers who still need to buy stuff and go to work. That's teach them to be born at the wrong time.
Seriously though, I think a VAT makes some sense and that it is inevitable. But it disproportionately taxes younger people who are still "feathering their nest" and lets retirees off the hook to a large extent because their IRA withdrawals are not taxed as highly as they otherwise would need to be. So selfishly I like it. But I don't think it is the best thing for the country.
compared to retirees who don't pay any taxes already? Just a guess, but many in their older years probably pay very little in tax, especially with the 0% LTCG/Div.
Of course, half the country doesn't pay income tax. VAT. No way around it. Until they write a 'VAT refund' for those below a certain income level.