Time for a Consumption Tax?

[W]hile it’s basically impossible to imagine the circumstances that would allow such a change to take place, a move to eliminate income taxes and replace them with a progressive consumption tax would probably be very healthy for American society, as well as economically efficient.

That’s Ryan Avent (The Bellows) writing about taxing the rich as well as what it means to be rich. Tax economists have been in favor of a consumption tax for many years but it’s been a hard sell to the public. Early indications from President-elect Obama do not inspire hope.