What do you all think about the FairTax?
I saw a new discussion on business tax proposals and thought about the FairTax. I'm not sure I've ever seen a discussion about it here. What do think?
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No. I do not favor this plan. The fact the government issues checks every month erasing peoples tax burden is entirely progressive. And a 30% tax is purely ridiculous.
http://fairtax.org/videos/what-is-the...
No. The Fair tax is hardly fair to the nations producers.
The only fair way is to place the amount of tax burden on the individual in such a way that he/she can control it.
I'll go through the link when I have a little more time. Maybe in about an hour..thanks
"Is there any provision in the FAIRtax bill to prevent both an income tax and a sales tax?
The short answer is that there is no provision in the FairTax bill (HR 25) that would prevent having a national sales tax and the income tax."
http://fairtax.org/faq
https://fairtax.org/about/how-fairtax...
The progressive feature is implemented by a "prebate" which is essentially a zero tax bracket. Check out this explanation from their FAQ:
"Is the FAIRtax progressive? Do the rich pay more and the poor pay less as a percentage of their spending?
Absolutely. The poor actually pay less than zero-percent retail sales tax on their spending. Much like with the earned income tax credit of today, the prebate may give them more money than they actually spend on retail taxes. Especially if they are frugal and buy mostly used products. On the other hand, the wealthy approach a maximum of 23-percent retail sales tax on their spending."
http://fairtax.org/faq
A lot of work to do. The tax code is simply to complex.
Term limits are easy and no lobbying after serving.
I like the idea of taxing imports and sales to US by foreign owned co.s not protectionism but an incentive to get US manufacturing again.
It would mean the IRS is dead and a lot of accountants and tax lawyers would have to learn to be productive. Any such law would have to include a constitutional amendment clearly stating that income tax is unconstitutional and can never be implemented again.
Where is this progressive?