Is This A Good Tax Reform Plan Or A Bad One?

I call it the 7 7’s Tax Reform where each tax is at 7 percent and maybe could replace the IRS.
7% Income Tax
7% Property Tax
7% Sin Tax
7% Corporate Tax
7% Dividends Tax
7% Capital Gains Tax
7% National Sales Tax
Is this a good plan or a bad one?
Please give me the pros and cons of this? Would this bring in enough revenue? I AM NOT an expert on economics but I just want to know if this is a good plan or a bad plan? Would this help America’s people and economy or hurt it? Pros and Cons please?

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3 Responses to “Is This A Good Tax Reform Plan Or A Bad One?”

  1. Bostonian In MO says:

    Great, if bankrupting the country is your goal, as well as crushing property owners in high tax states like Texas or New Hampshire. It would not raise nearly enough money, less than 1/3 of the current federal income tax. Doubling the average sales tax levy on the typical taxpayer would have a chilling affect on the economy. Many middle income and lower income folks would be crucified with a 7% property tax — mine would go from less than $1,000 per year to over $10,000. Only the wealthy would benefit as many of them would see their total tax bill plunge by well over 1/2.

  2. Max Hoopla says:

    Bad. Just bad.

  3. StephenW says:

    Bad plan.
    Not enough revenue. And a national sales tax would force more of the poor onto food stamps or medicaid, so we would need more revenue than we do now.

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