Comment Re:Taxing consumption is archaic. (Score 1) 839
It's very difficult for me to see how you could make a consumption tax progressive enough to result in overall progressive taxation when there are people with 10s of billions in financial assets walking around.
Their personal consumption rates are in the fractions of a percent of their income, not say 80% like an upper middle class person.
Ultimately I think the current taxation system is reasonable IF some of the egregious loopholes are closed - particularly the carried interest and in the area of estate taxation.