Boomer Socialism at it again
(twitter.com)
You're viewing a single comment thread. View all comments, or full comment thread.
Comments (214)
sorted by:
Do you mean privatizing the entire infrastructure? That would make the environment into hell on Earth.
Not at all. A decrease in income tax would lead to an increase in economic output which would lead to higher taxes raised from other taxes and a simple reallocation of wasted spending then voila, easy to increase infrastructure spending without raising debt while eliminating income tax.
So what taxes would cover everything without income taxes?
Currently, consumption taxes (including sin taxes), tariffs and other trade taxes, resource taxes (tied to environmental taxes), business profit taxes, capital gains/dividends taxes, payroll taxes, estate taxes and user-fees.
Income taxes only represent 40% of revenues earned by state and federal governments. Over the long-term a reduction of income taxes to 0 is likely only going to reduce total revenues by 25% (due to the improved economic gains leading to higher other taxes).
Not a fan of sales taxes and tariffs but I get what you are saying. There's ways to get tax dollars that will cover all the essential things without punishing poor people and middle class people with income tax.