Monday Debate

Hello readers!

Welcome to my blog. I’m excited to share my thoughts and analysis with you that I can’t fit into 140 characters on Twitter. I hope you enjoy the content and remember that keeping a sense of humor is good for everyone.

Since its Monday, I thought I’d start off by asking you all to debate the following topic:

Do you think personal income tax should be abolished?
If so, with what (if anything) would you replace it?
It not, why?

We at PolitiSphere enjoy respectful, civil discussions. Keep it clean, folks.

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9 thoughts on “Monday Debate

  1. A consumption tax would be my 1st choice. Everyone pays a percentage on what they buy. The more you are able to buy, the more you pay. There are provisions for the “poor” so no one would be left out in the cold. It would do away with the IRS (that, alone, would save the country over $70 million!!) Employees would make more $, there would be more incentive to work and, in turn, less $ spent on “entitlements”…. The economy would ultimately correct itself! A flat tax would basically produce the same results. Seems such a simple solution. Boggles my mind why this isn’t in place already!!

  2. I like the idea of a small, simple consumption tax. It would encompass every single transaction made by anyone, rich, poor, young, old, legal and illegal. As far as what to set the number at, I would have to defer to economists to crunch the figures as that’s out of my league but I would certainly like to see what the estimated revenue could be from such a tax. One more thing, abolish the IRS and the income tax.

    1. I wonder who would be responsible for the implementation? What about a garage sale or private sale? What about trades? I like the general concept but it seems like there would be many loopholes and the IRS would still be a necessary evil.

    1. You’re killing the poor with that Dwayne. A flat tax wouldn’t need to be nearly that big though if it was an income tax. I think estimates place the number in the teens. I like that a flat tax shifts the focus off of the fraudulent GDP and puts it on the income of workers.

  3. This all sounds a little ‘pie in the sky’ but I think that in order to be truly ‘fair’ that you have to consider the repercussions of every decision. That said, I was a proponent of a flat tax but when you factor in marginal utility then it is really a regressive tax. I like Rick’s idea of a consumptive tax based on all items that are calculated in GDP. That would eliminate volatile items like food and energy costs. It would likely be a progressive tax but not to the point of being detrimentally progressive.

    My base idea has always been that there shouldn’t be a need for the IRS in its current form. A simple ‘no loop-holes’ approach to business and personal taxes would solve so many issues.A small, flat income tax and flat business tax would require so little effort that it wouldn’t be worth cheating to avoid. I think the tax collection averages a little under 20% of GDP no matter what the marginal tax rates are.If you use that as the barometer, you combine flat personal and business taxes and a consumption based federal sales tax to achieve that amount. All of these measures can be implemented when the money changes hands. Simple right?

    The consumption tax would help balance out the tax burden on people with greater income but still require others to pay their fair share. The predictable taxation would be a huge enhancement to the economy and many brilliant financial minds could stop focusing on tax loop holes and start producing real tangible products and services. This would add to the GDP, increasing tax revenue through real economic growth.

  4. Yes, it must go, its just a tool of demagoguery for leftist politicians… 90% of the Federal Gov needs to go, so a small tax consumption tax on final sales only, VAT not allowed, that must be paid separately with every purchase, not hidden, would do the trick!

  5. Welcome to the blogosphere. Looking forward to reading your posts.

    The way I see it, it would be much better to replace the personal income tax with a consumptive tax of some kind. Taxing income has created a system that promotes theft and deceit for political purposes. If people have more money to spend, they will spend more money. What better way than to put the taxation at the consumptive end.

    But tax only the non-essentials of life. A good gauge, for example, is, if I can buy it with food stamps/WIC, then it probably shouldn’t be taxed.

    Liberalism loves the power of the tax, because they supposedly hit back at the so-called greedy corporate fat-cats, but in the end, they just become corrupt themselves.

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