Opinion: House Republicans are right: Consumption taxes are smart — via fpcomment
, estate taxes, gift taxes and payroll taxes and replace them all with a 30 per cent national sales tax. And for good measure, it would also abolish the Internal Revenue Service.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter.
According to the old saying, tax is one of the two certainties in life, the other being death. So taxes can’t be eliminated. But governments should — to the extent feasible — impose taxes that cause the least economic harm. Economists are generally agreed that consumption taxes do less damage to job creation and economic growth than personal income tax. Why? Two main reasons.
One, because consumption is a big part of economic activity, relatively low rates of tax — which cause relatively little interference in economic decision-making — can raise lots of revenue. And, two, to the extent that individuals do not consume all their earnings immediately, more funds are initially available for private saving and business investment.Article content
In Canada, about 20 per cent of the taxes and other levies we pay are consumption taxes, with the GST and the harmonized sales taxes of the five provinces that have opted into GST making up the lion’s share. This compares with an OECD average of 30 per cent.
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Opinion: House Republicans are right: Consumption taxes are smartConsumption taxes do less damage to job creation and economic growth than personal income tax. Read more.
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