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Non-Tech : Kirk's Market Thoughts
COHR 192.84-0.7%Dec 9 3:59 PM EST
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To: WalterWhite who wrote (25365)8/1/2025 10:34:40 AM
From: Kirk ©  Read Replies (1) of 26746
 
Good stuff!
A consumption tax, on all goods and services, no exceptions (they cost us in terms of higher Gov overheads) is all that is required.

That would create disincentive for the lower income people to vote for higher taxes on the rich who "don't pay their fair share" while paying the majority of taxes.

Can you imagine the outrage if someone converted a several million SEP IRA or 401K to a ROTH by paying the huge taxes now only to find out they would get a much lower tax rate if they had kept the funds in the deferred accounts?

Would you include them on real estate transactions? New autos?

A good buddy who travels to India to visit family and friends and Africa for a safari almost every year says the government he interacts with in India is far, far more efficient now that they charge a 10% transaction tax where everyone uses a cheap mobile phone to pay for everything. It is "small enough" and the security of not having cash to be robbed means most pay the tax rather than avoid it with cash.

Before then, everyone was working under the table or lying about costs to avoid showing profits. After selling one of his US software companies, he invested in a hotel in India with "friends" to run it... he learned the hard way that if you are not there to oversee those handling money, you lose money. I think the workers will take cash and not show the rooms as occupied on the books so the owners and government don't get paid. It is similar to if you own a restaurant or bar in the US and don't properly reward the manager with profit sharing, they will give free drinks and meals in exchange for larger tips.

But the biggest problem is where would AOC and Bernie and Harris get all the money for their social welfare programs that didn't exist when the country was formed? How would the Republicans AND Democrats trade tax incentives for power?
But will never happen in Amerika sadly.

You are 1000% right, it won't happen.

Another reason is many of us spent most of our lives working hard to get where we are using tax strategy to our advantage by legally playing by the rules. My strategy for 60s and early 70s (age) is to spend or convert to ROTH money in deferred accounts to delay SS until age 70 for the max benefit and perhaps get into lower IRMAA brackets if we spend and convert enough.
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