But anyone who saved money before after paying taxes on it, will be HURT because the same money will be taxed again when it is useed for consumption.
John Linder refers to the FAIR TAX very often as a "tax on accumulated wealth". He did this again last week on the air with Boortz at a luncheon with FairTax supporters in the audience.
He also stated that he can't believe the Democrats are not all for it because it will heavily impact people like Teresa Heinz-Kerry who have a lot of money accumulated. They continue to refer to the plan as a financial "bonanza" even though obviously there can't be a bonanza for everyone and collect the same amount of money.
The FairTax Plan is snake oil and until the proponents are willing to argue their plan honestly there is no real point in debating it.
But anyone who saved money before after paying taxes on it, will be HURT because the same money will be taxed again when it is useed for consumption.
You are correct. I meant that "Thrift and frugality will now not be penalized". Its not they will be giving rewards for saving :)
Let's take your post one step at a time:
But anyone who saved money before after paying taxes on it, will be HURT because the same money will be taxed again when it is useed for consumption
He says, conveniently omitting the fact that the MAJORITY of retirment money is in qualified accounts and the owners of those accounts have a huge contingent tax liability on them when they retire and begin to withdraw money. That liability would be wiped away by the fair tax. I'm sure that omission is simply neglect.
John Linder refers to the FAIR TAX very often as a "tax on accumulated wealth". He did this again last week on the air with Boortz at a luncheon with FairTax supporters in the audience.
How is it anything but a tax on accumulated wealth? That is the one true feature of the fair tax that everyone should be able to agree on. Tax me when I spend my money not when I'm trying to earn it. Let me build up a nest egg first and then you can have some of it when I spend (over and above basics). The greatest feature of the fair tax. It penalizes conspicuous consumption not the fruits of one's labor.
He also stated that he can't believe the Democrats are not all for it because it will heavily impact people like Teresa Heinz-Kerry who have a lot of money accumulated. They continue to refer to the plan as a financial "bonanza" even though obviously there can't be a bonanza for everyone and collect the same amount of money.
Is this not true? It is a well known fact that Heinz-Kerry lives off of the income from municipal bonds. That means she is paying NO income taxes while I'd venture to say almost everyone on this thread is working until May or June for the Federal Govenment. Under the fair tax Kerry would pay her fair share or go without the finer things (as they say).
The financial bonanza is documented by the very same economist you guys are endlessly quoting in your rebuttals to the wage/price debate. Or are you just selectively quoting?
Is there snake oil about?