Laughablepolitics @LaughAtDems - Twitter Profile

Pinned Tweet

over 1 year ago

My position on income and sales tax. I would constitutionally ban sales tax, and have a flat income tax, at around 10-15%. I would also eliminate ALL tax deduction and loopholes for income tax on individuals and corporations, yes ALL, no exceptions. 99.9999% of all tax code would be eliminated by this. Many are in favor of eliminating the income tax, but I'm not, I am in favor of eliminating the current income tax system... and the IRS as it is; taxes should be handled at the State level and the Federal Government should have to beg the States for money. The "Internal Revenue Service" should only be auditing the Government, Military and its contractors, and States; never an individual or US corporation (unless one is a government/military contractor). That's what the I in IRS means Internal. I also want to break down the reasoning why I would keep an income tax but eliminate the sales tax. An income tax is a one time tax on every dollar an individual or corporation makes, you make it a flat 10%, no matter how much anyone makes, $10K-$10B everyone pays the same. Sale tax however is a compounding tax on corporation and an additional tax and price increase on end consumers that already paid a tax on their income. Further, everytime money is exchanged for the same goods it is taxed EVERYTIME. The individual components to make a product are bought and sold and taxed each time. These taxes are often passed down the line to the next buyer in the form of increased cost. This means that ~90% of the price of goods you buy at the store is the sales tax others had to pay in order to get it on the store shelf for you to buy. PS. If someone wanted to go after a company for price gouging, the government would be the sole target. It's not profit hungry corporate fat cats that make prices go up, but the taxes that are imposed and steadily increased on corporation. Sales tax has the heaviest burden on corporation and eliminating it would cause prices on anything to fall faster then an IRS agent falling into the pits of hell. Corporate fat cats don't care about the price of their products but the profit margins they make when they sell it. 10% profit on a $10 item is just as good as 10% profit on a $1000 item, they just make up the difference by selling more items. When adding sales tax into a $10 item, it will quickly become a $99 item with the company still trying to make their 10%. Yes, the weight of 10% on a $99 items is greater the $10s but the company cannot sell as many due to the increased cost to end consumers less willing to buy a $99 item then a $10 item. This is where China takes advantage of American consumers by take that $99 item, making it cheaper, avoiding the compounding US sales tax BS and sell that item for $29.98 and make a 100% profit margin. This is why eliminating Sales Tax has a far greater impact to everyday Americans then just eliminate Income Tax. @realDonaldTrump @VivekGRamaswamy @elonmusk @JDVance

0

4

0

296

Laughablepolitics

@LaughAtDems

Who to follow

Last Seen Users on Sotwe

Trends for you

Most Popular Users