What are your feelings on the fair tax?
The fair tax is a concept written about by neal boortz and congressman john linder. it provides for the elimination of the irs and all withholding taxes and replaces it with a 23% national sales tax on all goods/services. what do you think about it? (personally, i love it!)
Asked By: terry h - 11/25/2007
Best Answer - Chosen by Asker
The FairTax has my full support. For those who think it hurts the poor more, you haven't studied it enough to argue. There will be a "prebate" sent out monthly to cover the amount of taxes that would be paid on a poverty level income... More
Answered By: John H - 11/26/2007
Additional Answers (6)
I love it. I think it is very very well thought out, and a great answer to the many shortcomings of our current system... More
Answered By: falcon - 11/25/2007
A fair tax must be lower than the present tax and not high as 23%.
Answered By: FRAGINAL-NOYPI - 11/25/2007
I love the idea, but worry that 23% would have a negative affect on sales. But, ...anything is better than what we have now.
Answered By: CV59StormVet - 11/25/2007
Sales taxes are never "Fair" to the poor. If you are barely making enough to get by, you are spending 100% (or more!) of your income on goods/services. If you have enough money to save stuff, you are of course spending less than 100% on good and services. If you're making so much money that you can't possibly spend... More
Answered By: ye_river_xiv - 11/25/2007
Replacing income taxes with consumption taxes is inherently regressive. Poor people have a higher propensity to spend, and so wind up paying a higher % of thier income in taxes. As such it is even more inisidious than the proposals for flat income tax rates... More
Answered By: Sageandscholar - 11/25/2007
Many countries have some version of this type of taxation which is also called a Value Added Tax (VAT). One of the upsides is that it does not tax profits made from investing which is inherently good for the economy and encourages a positive behavior which is saving money. If one is frugal, and invests his or her money... More
Answered By: I_Walk_Point - 11/25/2007
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