Paul Schwartz recently wrote a very reasonable letter that was published in the ADN, which inspired in me a thought. If conservatives prefer a sales tax because it is levied upon “voluntary purchases,” but the liberals oppose it because it places further burdens on the poor, perhaps this suggestion would satisfy all sides of the argument: Let there be a sales tax on financial instruments.
Stock purchases, mutual fund enrollments, life insurance policies, CDs, bank accounts, loans, bonds, etc. could be taxed on a percentage basis. These taxes would be on "voluntary" purchases, and they would hardly affect the poor at all.
Britton W. Johnston
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