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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Night Trader who wrote (50872)6/16/2004 2:19:23 PM
From: Tommaso  Read Replies (1) of 74559
 
>>>Personally though I’d like to see all income and corporate taxes scrapped in favor of a much more efficient national tax on consumption, not just on goods as it is now but also services such as travel, housing etc.<<<

I can certainly agree with that, though actually in an indirect way that situation already exists. People who opt out of the cash nexus (wonderful jargon, ins't it) by raising a vegetable garden or doing their own plumbing avoid paying taxes that are factored into the price of what they buy. Not just income taxes but social security taxes, state taxes, and sales taxes. To buy tomatoes at $1.00 a pound, you have to earn $1.50, even if you are not in a very high tax bracket. Fix your own toilet for $10.00--or pay a plumber $150, for which you have had to earn $225.

Of course, when I had to pay $900 for a washing machine in France because of the VAT, a machine that would have cost maybe $500 in the United States, I did not like it very much, either.
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