MORE TAX REFORMS IN AN ERA OF SAVAGE INEQUALITY: Revenues from state and local taxes are 40 percent of all government revenues, and most come from sales taxes. Yet sales taxes are regressive, taking a bigger chunk out of the incomes of the poor than the rich. In addition, even though the rich spend far more on professional services than do the poor (services of lawyers, accountants, investment advisers, wealth managers, and so on), professional services aren’t subject to any sales tax at all. My view is if they must have a sales tax, state and local governments should also apply it to professional services. A better alternative would be to get rid of sales taxes altogether and rely entirely on income and wealth taxes with progressively higher rates on wealthier taxpayers. What do you think?
Posted on: Thu, 05 Jun 2014 14:29:53 +0000
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