I’m inclined towards a universal sales tax, and elimination of income tax. That cuts out loopholes for billionaires who run around buying property, buildings, and yachts - a 10 or 12% tax would fix that (of course, every solution provides its own set of problems)
The other solution is having my employer “tip” me every two weeks.
Edit: Some very good points below, which I’d never considered.
Income tax can be set up as a progressive taxation system, but sales tax, even with an added luxury tax is inherently regressive because poor people spend more of their money as a proportion of their income.
I’m inclined towards a universal sales tax, and elimination of income tax. That cuts out loopholes for billionaires who run around buying property, buildings, and yachts - a 10 or 12% tax would fix that (of course, every solution provides its own set of problems) The other solution is having my employer “tip” me every two weeks.
Edit: Some very good points below, which I’d never considered.
Income tax can be set up as a progressive taxation system, but sales tax, even with an added luxury tax is inherently regressive because poor people spend more of their money as a proportion of their income.
Why are you for a regressive tax that will hit the poor much harder than the rich?