Brisket on Nostr: Tariffs would balance the equation of more money in your pay from no income tax. The ...
Tariffs would balance the equation of more money in your pay from no income tax.
The price of everything just went up but my income tax just disappeared.
It's complex. I believe it's often a fairer tax because it's based on consumtion rather than earnings which can be distorted via good accounting. It definitely has better incentives than income tax.
It also penalises low income earners since their increased prices aren't offset. Think really poor people, waitresses, the homeless & retirees.
If you think about it, it's a clever way to tax the asset rich & income poor boomers. You'd also get the soon to be rich Bitcoiners who haven't connected to the circular economy.
The price of everything just went up but my income tax just disappeared.
It's complex. I believe it's often a fairer tax because it's based on consumtion rather than earnings which can be distorted via good accounting. It definitely has better incentives than income tax.
It also penalises low income earners since their increased prices aren't offset. Think really poor people, waitresses, the homeless & retirees.
If you think about it, it's a clever way to tax the asset rich & income poor boomers. You'd also get the soon to be rich Bitcoiners who haven't connected to the circular economy.