My only concern is the unintended consequences of taxing consumption so highly.
Stability can also be achieved by saving money in good times for lean ones... but it's difficult to manage those sorts of funds perfectly. King County Metro (Seattle's bus agency) did that and managed to avoid drastic service cuts during the recession like the ones Pierce and Snohomish Counties had to make... until just now, and it's currently scrounging around to avoid severe cuts as a result (obligatory plug, if any King County residents that haven't voted yet are reading, vote yes on Prop 1 -- car tabs are actually historically/nationally low here, KCM is actually doing a pretty good job with what it has, and the cuts it would have to make would be seriously damaging to our ability to accommodate Seattle's future growth sustainably). On the other side of things, someone I know watched a small-town school district in Wyoming insist on growing its reserves during the last recession. They must have been convinced that things were about to get even worse. That's always a possibility -- though unlikely given the general growth trends and relatively shallow recession in mineral-rich Wyoming... in retrospect they'd have been wiser to dip into the fund to avoid temporary cuts. Anyway, if there's a group that truly can't manage this sort of fund, it's the US Congress.
As for the fairness of FairTax, the idea of taxing consumption above poverty has its merits, though of course some kind of IRS still has to be there to figure out who's living in and has expenses in the US, crack down on businesses flaunting sales taxes, etc. Also it would be better to tax carbon emissions (including footprint of imported goods) than simple value or value-add, simply on the basis that climate change is the greatest challenge facing humanity, not the size/shape of the IRS.
Jan/Feb SPY 181 timespread. Profit: $839, return on margin: 109%, adjusting timeframe to year gives 1424% return on margin.
Now if I could get a few more of those :)
- Product Manager, 2010 - present
- MicrosoftSenior Program Manager, 2001 - 2010
- Super food
- Rhodes UniversityBSc. Computer Science, 1997 - 2000
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