Reply #23: Greenspan thinks there should be a consumption tax [View All]

[Warpy]

which, of course, would eat up the already low wages of people who spend all they get to live on to the tune of about 30%. The rich, who spend far less of a percent of their wealth to live on, would find themselves in fat city, with no income taxes, no capital gains taxes, and only what they go out and spend subject to tax.

It's an idea which is both cruel and moronic, which is why Greenspan loves it.

I doubt anybody has mentioned to him that wages are already below subsistence for too many of us, or that the economy is 2/3 consumer driven and his tax would cripple it while literally starving marginal workers.

What does he care? He's a rich old fuck who apparently thinks he's gonna get to take it all with him when he finally does the decent thing and kicks the bucket.