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judicious selection of objects proper for such impositions.” In other words, consumers can practically determine how large their tax bill is by how much they spend, rather than save. Far from being “regressive” in nature, such a tax system would actually penalize the “extravagant” rich who choose to spent their money on luxuries instead of investing it in productive enterprises. The poor, meanwhile, could be protected from any hardship by “a judicious selection” of those things to be taxed (not taking certain basic foods, for example).
The second critical advantage of a consumption tax is its instrinsic barrier against being raised too high. Property and income taxes are easier to keep high for two reasons. First, no matter how high the rates go, citizens are still legally obligated to pay them (enough politicians must be removed or leaned upon to precipitate action). Not so with consumption taxes.
97.7%