If You Were President How Would You Make America Better

[trouble13]

^This is a blueprint on how to crash the economy, not fix it.

Is this the entirety of your argument?

 

[Mycroft]

For a national sales tax to equal the revenue the current system generates the tax rate would need to be approx 30%. To cover the existing level of spending it would need to be around 55%.

So...a government-imposed inflation rate of 30-55%.

Even with the elimination of the federal income tax, I see this federal sales tax as a cure that is worse than the disease.

 

[Geoist]

Is this the entirety of your argument?

It's my response to your proposal. It would crash the economy.

 

[Geoist]

So...a government-imposed inflation rate of 30-55%.

Even with the elimination of the federal income tax, I see this federal sales tax as a cure that is worse than the disease.

For once, you are correct.

 

[Lovebug]

How would fix the Economy

Any suggestions from you?

 

[Lovebug]

What job would you hire him to do?

Lighthouse keeper in Antarctica.

 

[Lovebug]

This is not exhaustive but just what I could think from the top of my head:

Pragmatic Goals:
1. Bring back Glass-Steagal Act to separate commercial and financial banks.

2. Remove the tax cap on Social Security

3. Lower taxes for the working/middle class. Raise taxes on those making $400K and up. Return max rate of taxation to 90%.


Lofty Goals:
1. Public Banks: I'd introduce legislation to create public banks to provide regular every-day Americans with low interest loans. The interest would be just enough to cover the upkeep of the public banks.

2. Land Value Tax: I strongly believe land speculation plays a major role in the boom-bust cycle of our economy. I'd introduce legislation to tax land values (market value of the land minus the value of buildings/improvments). This would discourage speculators from holding land idle and artificially driving up the cost of real estate.

3. Universal Basic Income: I'd introduce legislation to provide every American either a monthly or annual paycheck. Ideally it would be paid through the land value tax much like how Alaska gives annual checks through the Alaska Permanent Fund.

4. Co-ops: Democracy in the workplace is important and studies have shown that co-ops give workers purpose. I would promote the growth of co-ops, particularly through the public banking system where they would receive special low-interest loans.

Also single payer or something close to it.

 

[trouble13]

So...a government-imposed inflation rate of 30-55%.

Even with the elimination of the federal income tax, I see this federal sales tax as a cure that is worse than the disease.

What are your reasons that you think the cure is worse than the problem? Let's address it.

 

[trouble13]

It's my response to your proposal. It would crash the economy.

It would make the economy boom like it never has before.

 

[FreeStorm84]

How would fix the Economy

I'll let a famous character from a long and distinguished novel answer the question:

“Okay, I’ll tell you. You want me to be the Economic Dictator?”
"Yes!"
“And you’ll obey any order I give?”
“Implicitly!”
“Then start by abolishing all income taxes.”
“Oh, no!” screamed Mr. --------, leaping to his feet. “We couldn’t do that! That’s . . . that’s not the field of production. That’s the field of distribution. How would we pay government employees?”
“Fire your government employees.”
“Oh, no! That’s politics! That’s not economics! You can’t interfere with politics! You can’t have everything!”

....

No??????
....

Well I tried.

 

[Mycroft]

What are your reasons that you think the cure is worse than the problem? Let's address it.

It would seriously erode consumer purchasing power and lead to a reduction in consumer spending. This, in turn, would reduce manufacture's and providers of services' ability to remain in business. The result would be a reduction in the economy...possibly a continuing recession.

It would disproportionately impact lower income consumers. The rich would continue to be rich, they would just have to pay a bit more, relatively. The middle and lower classes would be devastated by having to pay 30-55% more for products and services.

It would destroy the housing market. Imagine having to pay half of the cost of a new home to the government on top of the original purchase price.

That's just three issues off the top of my head. I'm sure there are other areas that would be devastated by a 30-50% sales tax.

 

[Peter]

I'd import a shitload of good British cheese to show Americans what real cheese tastes like.

That'd solve all your problems.

 

[trouble13]

It would seriously erode consumer purchasing power and lead to a reduction in consumer spending. This, in turn, would reduce manufacture's and providers of services' ability to remain in business. The result would be a reduction in the economy...possibly a continuing recession.

It would disproportionately impact lower income consumers. The rich would continue to be rich, they would just have to pay a bit more, relatively. The middle and lower classes would be devastated by having to pay up to 30-55% more for products and services.

It would destroy the housing market. Imagine having to pay half of the cost of a new home to the government on top of the original purchase price.

That's just three issues off the top of my head. I'm sure there are other areas that would be devastated by a 30-50% sales tax.

What you're saying isn't exactly correct.

1. Part of the price of something has embedded taxes in it. Those costs would go away allowing the manufacturer to charge less for the product.

2. The taxpayer now keeps 100% of their wages which increases their spending power.

3. Simplifying the tax system eliminates the need for CPA's and IRS agents. That lowers manufacturing costs, it lowers gov spending, and it eliminates people spending money on having their taxes filled out for them.

4. It ensures that everyone pays their fair share. There isn't any loopholes to exploit.

I'm not dismissing your concerns. They are valid but they are not as bad as it seems when you look at them closer.

 

[bongsaway]

So, is whoever voted for Biden at fault too?

Absolutely.