Not necessarily. Just tax things that are not needed for daily life with a VAT that grows progressive in proportion to how far removed from "life support" it is.
For example, tax yacht's and private jets, and fancy cars with some really insane rates, while tax something that is a limited resource but necessary to live with a very low tax rate or none at all. Tax first homes lower, second homes much higher, and third+ homes at insane rates. ASF.
I.e., I really see no need of keeping track of actual spending beyond what we are doing already. Plus, after removing income tax, the IRS only needs to keep track of your capital gains, not your income. So the savings from that in and of itself should bring a boost to the economy.
For example, tax yacht's and private jets, and fancy cars with some really insane rates, while tax something that is a limited resource but necessary to live with a very low tax rate or none at all. Tax first homes lower, second homes much higher, and third+ homes at insane rates. ASF.
I.e., I really see no need of keeping track of actual spending beyond what we are doing already. Plus, after removing income tax, the IRS only needs to keep track of your capital gains, not your income. So the savings from that in and of itself should bring a boost to the economy.