Rich people consume a lot more, so a consumption tax would be ideal if you eased other tax categories like income tax and/or capital gains. It's easy to administer and would boost investment across the economy IMO.
Well, government spending could go down along with that too. Obviously, that ain't happening with Republicans (see: the OBBB and failed DOGE project) but in theory you could do major reform and craft coherent policy while not triple dipping tax-wise. I think you could implement quite a high consumption tax model and be okay -- you'd have the added benefit of very simple collection and enforcement since it's all at the tail end.
From 1991-1993 there was a luxury tax on yachts, private jets...
https://en.wikipedia.org/wiki/Luxury_tax#United_States
Rich people consume a lot more, so a consumption tax would be ideal if you eased other tax categories like income tax and/or capital gains. It's easy to administer and would boost investment across the economy IMO.
"Rich people consume a lot more…"
Working class often live paycheck to paycheck. Unless rich are also living paycheck to paycheck I'm not sure I the two really compare.
That's of course the idea behind a progressive tax: it scales to what an individual "can afford".
I wouldn't ease any taxes - we simply can't afford lower taxes. Debt is nearly $40T (125% of GDP)!
Well, government spending could go down along with that too. Obviously, that ain't happening with Republicans (see: the OBBB and failed DOGE project) but in theory you could do major reform and craft coherent policy while not triple dipping tax-wise. I think you could implement quite a high consumption tax model and be okay -- you'd have the added benefit of very simple collection and enforcement since it's all at the tail end.
I'd go for a more progressive tax if it was on offer. But there is so much debt that I'm pretty worried that taxes are simply unsustainably low.