The problem could be that because this is a plan to end the Federal Reserve sabatoge is a possibility. If rates and prices are driven up high enough public outcry would demand legislation change.

@marcus said:

It obviously works best  if state income taxes are done away with too. I’m unfamiliar with township, city, or county income taxes. However, this concept works best with as few taxes as possible.  

As far as the Dems and their crusade against the rich; I don’t see how they can argue that the wealthy don’t pay more when they purchase more expensive things (cars, clothes, houses, food etc) obviously the more expensive the good or service the more revenue is generated.

    Hi, Marcus ! I don't know much about all this stuff - but I do have a question... if state income taxes are done away with, and goods and services are taxed... does that drive up inflation? I don't have much of any idea...just wondering.

As far as the Dems and their crusade against the rich; I don’t see how they can argue that the wealthy don’t pay more when they purchase more expensive things (cars, clothes, houses, food etc) obviously the more expensive the good or service the more revenue is generated.

@marcus said:

Well they do with an already high income tax. Besides, this settles the rich not paying their “fair share” (whatever that’s supposed to mean) the wealthy in all likelihood should still be able to maintain their lifestyle in most respects and the middle class and below would conceivably be able to afford necessary goods and services as they would have a reduced income tax and eventually no income tax. 

I know that you understand this concept just putting it out there for everyone else.

I don't think it will settle the rich not paying their share argument for one second. First of all the Democrats will never give up that mantra and second how long do you think it will be before they've decided that an excise tax on the middle class puts too much of a burden on them? Already most people don't pay any FICA as it is. Think those people be happy to pay a value-added tax all of a sudden? Just telling you how I would attack that if I were a democratic strategist.

And do the townships the cities the counties and the states all adopt their own vat tax? Or just keep their own versions of the income tax?

WSS

@westside-steve said:

I don't disagree with you necessarily. Just saying that's going to be a hard sell. 

And I don't imagine for one minute that municipalities s and states and counties Etc are going to live within the means of the federal excise.

WSS

Well they do with an already high income tax. Besides, this settles the rich not paying their “fair share” (whatever that’s supposed to mean) the wealthy in all likelihood should still be able to maintain their lifestyle in most respects and the middle class and below would conceivably be able to afford necessary goods and services as they would have a reduced income tax and eventually no income tax. 

I know that you understand this concept just putting it out there for everyone else.

@marcus said:

I don’t see any more of an equatable way of managing our Nation’s finances. A fair or flat tax also all but guarantees everyone in this country for whatever reason pays taxes in some way shape or form.

I don't disagree with you necessarily. Just saying that's going to be a hard sell. 

And I don't imagine for one minute that municipalities s and states and counties Etc are going to live within the means of the federal excise.

WSS

@westside-steve said:

Frankly nothing will stop the next crisis. I understand you would prefer to replace the income tax with an excise tax but good luck with that. These decisions are made by politicians not by business people anyway.

WSS

I don’t see any more of an equatable way of managing our Nation’s finances. A fair or flat tax also all but guarantees everyone in this country for whatever reason pays taxes in some way shape or form.

@marcus said:

Well sure it would. However, I am concerned without some specific regulations or any regulations at all what’s to stop the next crisis at the hands of the fiscally irresponsible?

Frankly nothing will stop the next crisis. I understand you would prefer to replace the income tax with an excise tax but good luck with that. These decisions are made by politicians not by business people anyway.

WSS

@westside-steve said:

You don't think any of the deregulation or the slashing of capital gains makes investors more eager to invest? And sure there will be a correction oh, there always is.

WSS

Well sure it would. However, I am concerned without some specific regulations or any regulations at all what’s to stop the next crisis at the hands of the fiscally irresponsible?

@marcus said:

For me personally I’ll be overjoyed if it works out and will give credit where credit is due. I do however remain cautiously optimistic and it has zero to do with who’s President. 

You don't think any of the deregulation or the slashing of capital gains makes investors more eager to invest? And sure there will be a correction oh, there always is.

WSS

@westside-steve said:

How would you change it if you could?

WSS

Implement a fair tax on all goods and services and over time reduce the income tax until it’s phased out. A percentage of monies gathered from the fair tax would go towards paying down our National Debt to the World Bank. The pay down and remainder of funds would be exclusively managed by the U.S. Treasury. Once we have little to no debt the Federal Reserve will no longer be necessary and we would have the freedom to deal with the rest of the world on a case by case basis.

@marcus said:

I don’t know about all this Wall Street business. I get the sense it’s the calm before the storm. Especially since our National wealth is managed by a private bank and that same bank doesn’t have to tell us through our representatives in the Congress or Senate how they are managing said funds. 

How would you change it if you could?

WSS