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All the more reason for a national value added tax to replace or significantly replace income tax
Some are not feeling good because they cannot purchase gifts or waltz through a mall seeking discretionary (read: unnecessary) item. But others are concerned about becessities such as food from the grocery, utility bills, child care, healthcare, and housing — that’s what many families grapple with.
Another tax cut for big business (read: corporate welfare) will not produce the trickle down effect to aid families and people in need, those not in the 10% group responsible for purchases and fine dining. Nor will it result in massive goog paying jobs — it did not do so from 2016 to 2020. Big business and those with comfy stock portfolios will benefit.
But what is the real plan for the average guy. A repeat of big business tax cuts is not the answer. Maybe a 2025 WPA could be established to provide jobs and rebuild the pathetic US infrastructure.
Derek, low income folks spend close to 100% of what they earn, and high income earners spend maybe 75-80% and save or invest the rest. So a consumption tax (sales tax or VAT, doesn’t matter what you call it) is regressive, taking a higher share of income from low earners than high earners.