this post was submitted on 10 Jan 2024
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I understand the sentiment but there should be limits to how much you can spend befor having to pay taxes. As an individual I pay taxes on 100% of my income, regardless of what i spend. wft!
It's an interesting idea and I agree, but at the same time how would you oversee it?
The only way I could come up with was to have all your earnings going into a government held account, and they tax you as you withdraw from that. Maybe even let you invest money into stocks and shares and so on, with no tax owed until you actually withdraw it.
You could pay in $100k a year for a bit, live a frugal lifestyle, then retire early and live on the account, paying barely any tax.
Similar to a pension, I guess, only you'd be able to take money out at any time.
Yeah I'm sure there could be a bunch of possible viable ways to implement this. It's already implemented for the common man, I don't see why it couldn't be done for companies. Using companies and boards of directors as a shield from taxes and responsibilities must end.