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, 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.