Quote:
Originally posted by taxwonk
Dissent. Any form of consumption tax removes from the tax base all accretions to wealth which are saved rather than spent. .
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But why do you care about wealth unless it's spent? If John D. Rockefeller has gold bars up the wazoo in Switzerland, what does it matter? When he decides to spend them, go ahead and tax them. The fundamental question is why earning income, generally a sign of productivity, is an event we should be taxing, as opposed to consumption, which by definition consumes resources, taking them away from others, is not such an event.
