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View Diary: Buffett's fiscal plan: A millionaire's tax (96 comments)

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  •  Sounds reasonable...any downsides? (0+ / 0-)

    Or are there any loopholes?  

    You get back what you put in and people get what they deserve - Kid Rock

    by Devil Without A Cause on Mon Aug 15, 2011 at 09:54:47 AM PDT

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    •  that is basically a VAT tax .. why do this? (0+ / 0-)

      If you focus the tax on the end consumer - who, in reality pays it all anyway -- it is far more transparent. Everyone knows what it is on any product.

      The VAT tax is open to the same problems as the income tax. Think of all the accounting needed to determine the 'added value' at each step.... and industries lobbying that 'their' value should be taxed at a different rate... and for what reason???

      If you tax it one time at the end point of sale - you eliminate all of that.  I know people hate corporations - but they do not really pay taxes...they simply collect them from the end consumer in the form of higher prices.... do away with all of it... an simplify everything.

      The liver is evil - It must be destroyed

      by somewhere in ohio on Mon Aug 15, 2011 at 10:06:10 AM PDT

      [ Parent ]

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