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Originally posted by Gattigap - Unfortunately, this wouldn't abolish the IRS, it would just eliminate taxes on investment income. Now, there are some economists who think this is a good idea, and there are lots of wealthy Republican contributors who think this is a great idea, but you'd better check your wallet before you decide you like it too. Investment income is still mostly an artifact of wealth, and if we allow wealthy taxpayers off the hook for paying taxes on their investments we have to make up this revenue somewhere else. That means — surprise! — higher rates on everyone else.
Gattigap
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The only problem with the R proposals is that they fail ever to tax the investment income once spent. If they did, it wold be hard to object on the ground that it's not a consumption tax. If you never spend it, it's never taxed. What's the problem? it's like one big IRA.
