Hacker News Reader

So 23% consumption tax? Or would you be talking higher?

I'm not sure 23% would be enough to offset the loss of the federal income tax.

I think if you did a Roth IRA/401k and then retired, you'd be angry because you're effectively paying double taxes on consumption.

Same with money that you already took out of a regular 401k and paid taxes on it.

Same with money that was already taxed for the past 5 years.

Etc.

23% is what is in the bill as the initial starting rate.

If that’s across the board and there’s no relief for lower income or retirees it’s going to suck hard. My income tax rate is lower than that…. And I asked about state/local taxes as removing state revenue from source a will replace it with source b. Remove existing taxes, and the national vat will sit on top of state or provincial vats as in Canada and I assume elsewhere.

Reply on news.ycombinator.com