Quote:
Originally Posted by roysoldboy
The answer is the Fair Tax. with it there would be no taxes on gasoline and other things they tax hell out of. No taxes on anything but what one buys. Remember, too many people can't understand that the IRS and income taxes would be gone. Each pay period everybody would get his whole pay check with nothing at all withheld. Why you would even get a cost of living prebate check each month and pay only when you bought something other than necessities.
Get rid of the income tax and watch that tax code go to nothing. Everybody pays the same rate on everything they buy. The wealthy spend more so they get to pay more.
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I don't want to get into a war over the fair tax but I think it's just unworkable... first of all, you would have to tax everything at about 35-45% to make up the revenue you would lose. Secondly, it would encourage a booming black market (other countries that have done this have gone through it)... and lastly, the rich would pay a lower percentage in taxes than the middle class. If I made $2M dollars, I would probably only need to spend about $500K-$1M to live well... if I made 60K, I would have to spend a higher percentage of my money so I would have a higher tax rate... that's not a flat or progressive tax system. The poor and rich would be ok but not the middle class. I don't think it's workable at all... and even Bush's tax policy team dismissed it.
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