I'm too old to care about hoarding wealth. I live simply and probably not very much longer. I am very concerned for my grandchildren and great-grandchildren though. In my opinion, anyone pushing a tax scheme that raises the price of goods by $30 on $100 and does not expect to see a society damaging criminal black market emerge, is not credible on the other guesses as to what will happen.
More willful blindness.
Yes the tax will raise the price, but competition will also play a huge part IN LOWERING THE PRICE! The tax component of priceing will be GONE!
Can't you understand that?
Next, there is the prebate that covers spending up to the poverty level so people will have more money to spend.
Can't you understand that?
Third, workers will get their WHOLE paycheck. Take home pay will be almost the same as gross pay (State and voluntary deductions will remain) so workers will have more money to spend.
Can't you understand that?
Savings and investments will no longer be taxed. No gift tax. No inheritance tax. No self employment tax. No FICA tax. People will not be losing money to the tax man for doing nothing more than earning and saving their money.
Those who are working will have plenty of work because the economy will flourish once the chains are removed. Investments will be worth more and return on investment will increase as a result.
More world wide companies will open plants here because they will not be taxed.
Good God, man. If you can't see the benefits of a program like this, I don't know what it will take to open your eyes.