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Progressive income tax = rich pay more
Regressive sales tax = poor pay more
Whiskey Tango Foxtrot Missouri, are you all billionaires or just idiots.
There is a basic illiteracy about economic matters that makes me despair for democracy.
Sales taxes are inherently regressive taxes. They take more money from the poor than they do from the rich. This is harmful to the velocity of money, ie, bad for the economy.
Income taxes, when implemented with multiple tax brackets as we normally see it, is inherently a progressive tax. It takes more money from the rich than from the poor.
If you're putting something like this to the vote it should be an absolute no-brainer. But "no-brainer" really does seem to describe the electorate most of the time, so it's a tossup I guess. Depends whose slogans get more advertiser time.
My thing is lower it but apply it to all transactions like stock trades.
Should we discourage people from working or from buying?
“¿Porque no los dos?” — economists.
Everyone's already complaining about things costing too much, but I'm sure it'll pass anyway...
Yeah, this sounds like the kind of stupid thing they'd agree to. Sales taxes are a fine "tool" for governments to leverage but only sparingly. Some people can easily avoid them (i.e. buying out of state) and some can't. The ones that can't are probably going to pay more under this plan. Income tax returns are annoying (and they don't have to be) but at least your bill is more closely based on your ability to pay.
If this passes, people are going to buy from places that don't charge as much for sales tax, like physical stores over the border or ignorant online stores. The Missouri government will be shooting Missourians in the foot.
Nah this is great for the wealthy. Whose expenses are a far smaller proportion of their income.
The Missouri government will be shooting Missourians in the foot.
this is republican playbook 101. convince constituents to vote against their own best interests for reasons... usually f.u.d.
Am misorian, can confirm. They're motherfucking crabs in a bucket. Holding back everyone, but especially all of us in the two urban blue cores. Purely out of spite.
Yep, which happens in other no-income tax states without high tourist or property taxes. It has gotten to the point in some of those states that they are trying to put wealth tax in for to make up for losses.
We have a property tax and income tax here, but no sales tax.
Every now and then they come to us with "Ok, ok, ok, how about we add a sales tax and reduce your income tax?"
Every time we tell them to fuck right off.
"Sales Tax, Income Tax, Property Tax - CHOOSE TWO."
I have a stupid question — if you don’t have a state income tax, doesn’t that mean the money just goes to the Feds instead of the state? When you pay state income tax, it’s deductible from your federal return. There’s a much smaller deduction for sales tax, but it’s negligible in comparison — right? So you end up paying more in federal taxes?
That only depends on how much you have to pay in state taxes and how much you pay in sales tax. If your state taxes plus other deductions are higher than the standard deductible, then yes you would be lowering your federal deductible. If you weren't making enough money to itemize, then this won't change anything.
The real question is whether people who pay more state income tax than the maximum federal deductible also pay more sales tax. I sure don't, even in a high sales tax state; so this would lower my federal deduction. For higher income people who buy more expensive stuff, this might not change their federal deduction. I think the number is $10,000, so you would have to pay more than $10,000 in sales tax in a single year to NOT lower your federal deduction. I guess a very rich person might buy a new $100,000 car every other year plus tax on a lot of luxury goods to get to that amount.
How exactly do you end up paying more in federal taxes if you don't have to also pay state taxes?
When you itemize federal taxes, you can deduct up to $10,000 in state taxes (either income or sales, but not both). Since it is difficult to get up to $10,000 in sales taxes but not that difficult to reach $10,000 in income taxes, then most people who itemize will end up paying higher in federal taxes.
Wealth tax or property taxes.
There's a reason why this sort of works in Florida - massive tourism.
Who the fuck wants to visit Missouri?
Hey now let's be fair here Missouri is part of the drug road, same as Arkansas. But yeah even the cryptid hunters avoid Missouri, at least West Virginia had a kickass song about it and too many monsters.