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Fair Tax

http://myfairtax.org/

Looks interesting; anyone see any glaring issues with it?

[edit]I'm still going through it even though the website looks like it was done by a grade 5 class...

[edit2]
Ok, after going through it and reading some comments from other sources this looks like one big piece of poop.
For instance, an assumption is made that everyone is spending 100% of their income since everything is based on taxable spending and not income.
So as long as you don't spend money, you don't get taxed! The consumer market will go into a tailspin, jobs will be lost and who'll have money to spend then??
Come to this of it, this is the dumbest thing I've heard of!

Snake oil legislation.

Re: Fair Tax

quote:

Originally posted by Fir3start3r http://myfairtax.org/ Looks interesting; anyone see any glaring issues with it? [edit]I'm still going through it even though the website looks like it was done by a grade 5 class... [edit2] Ok, after going through it and reading some comments from other sources this looks like one big piece of poop. For instance, an assumption is made that everyone is spending 100% of their income since everything is based on taxable spending and not income. So as long as you don't spend money, you don't get taxed! The consumer market will go into a tailspin, jobs will be lost and who'll have money to spend then?? Come to this of it, this is the dumbest thing I've heard of!

This is like a consumption tax. I like the idea of taxing consumption. Sure, if you don't buy anything, you won't owe anything, but you have to eat to live, you have to buy gas to fuel your car. I like that it gives consumers more power and control over their own tax liabilities, ensuring that those who live the most opulent lifestyles will get hit with the biggest tax bill. That ought to teach the rich!

Flat tax = Fair tax

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