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The general sales tax rate for Virginia is 5.3 percent (4.3 percent state tax and 1
percent local tax). There is an additional 0.7 percent state tax imposed in the
localities that make up Northern Virginia and Hampton Roads, making the rate in
these areas 6 percent (5 percent state tax and 1 percent local tax).
0-3000= 2%- 60
3001-5000= 3%-60
5001-17000=5%- 600
17001-36764=5.75%- 1136.43
Total avg tax revenue per worker in SWVA= 60+60+600+1136.43=1856.43
http://www.tax.virginia.gov/income-tax-calculator
http://www.foxbusiness.com/personal-finance/2012/10/11/is-it-time-to-switch-toconsumption-tax/
http://www.econlib.org/cgi-bin/printarticle.pl
http://www.howmoneywalks.com/consumption-tax-vs-income-tax-why-more-statesare-opting-to-collect-consumption-taxes-only/
http://virginialmi.com/report_center/community_profiles/5115000441.pdf
http://www.econlib.org/library/Enc/ConsumptionTax.html
http://object.cato.org/sites/cato.org/files/pubs/pdf/pa416.pdf
http://www.cleveland.com/open/index.ssf/2014/10/the_pros_and_cons_of_the_incom.
html
Thesis: The use of only a consumption tax would benefit southwest Virginias
economy by: increasing each workers take home pay, it would obtain temporal
neutrality, and it would increase the labor supply.
Many Americans avoid income taxes by getting paid under the table cash and not
reporting their income.
Conclusion: William Andrews, a Harvard law professor, makes the argument that
taxing incomewhether from labor or capitaltaxes people on the basis of what
they contribute to society. Taxing consumption, he argues, taxes what they take out.
https://owl.english.purdue.edu/media/pdf/20090212013008_560.pdf
Increase Take home Pay
-
No income tax means workers are taking home everything they earn. It
almost seems like a raise
More spending power. Can now buy things they couldnt before.- More buyers
in the market increases sales tax revenue
Makes it easier for those struggling to get by- Groceries or just necessities
can be tax exempt
Encourage Savings
Goods and services would see a jump in sales and usage. Increasing the
economy all the way around
goods and services (foxbusiness), a lot of them locally owned, which would
create a cyclical effect for them to hire more workers to keep the money flowing
through the economy.