[Chugalug] Did you hear? The IRS wants your Bitcoins!

Dave Brockman dave at brockmans.com
Wed Mar 26 19:20:14 UTC 2014


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On 3/26/2014 11:49 AM, DaWorm wrote:
> On Wed, Mar 26, 2014 at 10:22 AM, William Roush 
> <william.roush at roushtech.net <mailto:william.roush at roushtech.net>>
> wrote:
> 
> Consumption based taxes are extremely regressive, you take most of 
> the tax burden from the richest in the country and distribute it 
> between the lower and middle class.
> 
> Let's say I make $50,000 and there is a 10% national tax.  I spend
> all of my money every year, so I pay $5,000 a year in taxes.  So
> my effective rate is equal to the nominal rate of 10%.
> 
> Let's say you make $500,000, and only spend $300,000 every year, so
> you only pay $30,000 in taxes.  That would make your effective tax
> rate only 6%.  So this must be regressive, correct?

You just perfectly illustrated his point....

Regards,

dtb

- -- 
"Some things in life can never be fully appreciated nor understood
unless experienced firsthand. Some things in networking can never be
fully understood by someone who neither builds commercial networking
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