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Politics : Piffer Thread on Political Rantings and Ravings
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To: Lane3 who wrote (4812)11/29/2001 8:27:43 PM
From: HG  Read Replies (2) of 14610
 
<<<What happens to the economy when everyone gets sticker shock and stops consuming? >>>

Same as what happens when people lose their jobs ? Here in Silicon Valley, it used to take me upto 3 hours in rush hours to drop my kids at the daycare. It now takes me 20 minutes. The reason ? Traffic is gone. People have disappeared. Income tax payers have vamoosed.

Under consumption tax people use roads, they will 'consume' those. People use gas, they will still 'consume' gas, people eat, they will still eat.....the essentials will still be taxed.

Budgeting is a stickler. How about budgeting based on last years earnings ?

Flat tax is cheaper to collect. But its not a progressive taxation system. I mean, expecting 15% to be paid up by a guy earning 20K and another one earning 2million is not really a progressive taxation system. Implemtation runs the risk of widening the divide between the haves and the have nots.

Hong Kong uses flat 15%. But its a different kind of economy. The demographics is different. Expat population is a dominant force there. Ageing is not a concern. Here it is. The expat package provide for housing and children's education and a lot of other things. So a guy earning 20K can still afford a decent standard of living.....

But i haven't really thought this thru as much as you may have...so i may be all wrong...
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