This is a fascinating proposal, at least for federal taxation, from a professor at the University of Wisconsin. (Note: sales and use taxes are state taxes.)
Under the APT Tax:
- all other federal taxation goes away
- the tax is imposed on the movement of money
at the institutional level
- revenue occurs in real time
- privacy remains intact
- criminals and tax cheats have no recourse
except NOT to participate in the economy
- no forms, no exceptions, no exemptions, and
no paperwork
- process is self-auditing; IRS could easily
manage with much fewer people
- entire revenue-side lobbying goes away
- individual and corporate cost of compliance
goes away
- all electronic using existing technology
In short, everything the FairTax proponents want is achieved with but a fraction of the effort and complexity of the idiotic (and hopelessly naive) FairTax.
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