Tax Consumption Versus Income

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A consumption tax is a tax on the purchase of a good or service. It is known as a tax on the sale of a product or service; hence its commonly used name—a sales tax. There are a number of proponents for taxing based on use rather than income. Webster’s New World Finance and Investment Dictionary defines a consumption tax as “a taxation system in which taxes are assessed on how much the taxpayer spends instead of on the taxpayer’s income.”

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In this discussion, explain whether you believe that the federal government should abolish the current income tax structure and replace it with a consumption tax structure. Explain the pros and cons of the current income tax structure and the consumption tax structure. Support your argument with examples, providing the appropriate citations.

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