The Democratic plan for a 42% national sales tax

The Democratic plan for a 42% national sales tax

[Ed. – Maybe if they cut back on the plan to provide free health care to illegal aliens?…]

A variety of analyses estimate that Medicare for All would require at least $3 trillion in new spending. … Warren justifies many of her programs by saying all it would take is “two cents” from the wealthy. That’s a reference to her 2% wealth tax on ultra-millionaires. But Medicare for All would be so expensive that if you taxed top earners at 100% — that’s right, if you took all the income of couples earning more than $408,000 per year — you’d still fall far short. And everybody getting taxed at 100% would obviously stop working.

Okay, that won’t do it. So what will? CRFB outlined a variety of options. A 42% national sales tax (known as a valued-added tax) would generate about $3 trillion in revenue. But it would destroy the consumer spending that’s the backbone of the U.S. economy.

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