A Consumption Tax? There's A Better Way To Foster Savings
In your article "A consumption tax: Now, that's tax reform" (Top of the News, Mar. 14), the inherent disparity between the savings rates of the upper 2% and the remaining 98% of the population speaks volumes against the adoption of a consumption tax in place of the personal income tax. While the top 2% can and will shelter much of their income from taxes, the rest of the population spends a much higher proportion of their incomes simply because they have to. They are thus left with much less of an opportunity to avoid taxation by saving and investing.
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