No. of Recommendations: 10
That’s quite interesting re: Canada. You might be able to do something similar in the US and it might actually be politically palatable dare I say even popular?
Start with premise: 48% of US taxpayers presently have a Federal tax liability of $0. But polling on replacing the income tax—like national sales tax, VAT, etc show pretty strong support. I know, crazy, right? IOW, millions of Americans don’t really know the great deal they HAVE. And like the idea of replacing their $0 bill with something else. That’s the opportunity!
Find that approximate income cut off where Americans go from $0 tax to maybe a few hundred bucks liability and say all family incomes below whatever that is (families under $65k, singles under $37k or whatever it is) pay no income tax. You institute a national 5% sales tax exclusive of grocery food and clothing under $100–as a populist effort to DITCH the INCOME TAX for MOST AMERICANS.
I think this would be palatable on the basis the 48% don’t know they’re getting a present free ride. I know what you’re saying: preying on the ignorant.
How did we get lotteries, scratch tickets, DraftKings,
Registered Investment Advisors, Money markets with 42 bass point expense ratios? Similar thinking. All successful revenue raising schemes.
