Wow. Throwing out current federal tax code and replacing it with the Fair Tax sounds...well, fair.
Sales Tax Spin | FactCheck.org
"This attack — and others like it — omit mention of two key points, however.
The FairTax proposal is intended to replace existing federal taxes, not add to them. According to its backers, it "replaces federal income taxes including personal, estate, gift, capital gains, alternative minimum, Social Security, Medicare, self-employment, and corporate taxes."
The proposal also comes with a "prebate" feature aimed at offsetting the sales tax on essentials, such as food and clothing. A single person would get cash payments of $208 a month ($2,491 per year) and a couple with two children would get $559 monthly ($6,702 per year)."
My dad has always been so opposed to the idea of a fair tax that I have a knee jerk reaction to it. What's the run down on it?
ReplyDeleteI think the best thing about the Fair Tax is that it eliminates loopholes and makes our tax code far less complicated.
ReplyDeleteAnother cool thing about it is that those with more expendable income to spend, end up paying a higher share of the tax burden.
Finally, it incorporates a monthly "prebate" that is meant to offset the tax on groceries and such. For a family it means a check for $500+ each month.
Here's a link to an article that offers some pros and cons.
http://geekpolitics.com/10-pros-and-cons-of-the-fair-tax/
P.S. Love you, cousin!