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Consumed-Income Tax |
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Consumed-Income Tax A tax only on income that one spends on goods and services. A common example of a consumed-income tax is a sales tax. Most countries have consumed-income taxes at some level and proposals exist in the United States to shift from a mainly progressive tax system to a system that utilizes consumed income taxes predominantly or exclusively. Proponents of a consumed-income tax argue that it encourages saving and makes the economy more efficient, while opponents maintain that it adversely affects the poor, who must by necessity spend more of their income. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| In comparing Dick Armey's flat consumed-income tax and Bill Archer's national sales tax/VAT, it is important to begin by outlining just what criteria determine the "best" or least destructive tax. The movement toward a consumed-income tax eventually may meet these criteria, or tax reform may go in another direction entirely. While theoreticians can debate the proper treatment of charitable contributions under a consumed-income tax system, the political reality is that any tax system is likely to retain preferential treatment for charity. |
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