I'm sorry, it was that third glass of wine (the Mel Gibson excuse). I truely appreciate your argument and discussion.
If I were Daddy Warbucks, I wouldn't care - I probably would not be able to spend all I had. As it is, I'm quite in the middle class, and have managed to accumulate that which may cover my expenses, and some frills, for the rest of my life. Sock it with a new 30% tax, and no, I'm afraid that it will not let me have many frills, at least not in this country with the "FairTax".
I'm trying to get some cogent information from you so we can see how much BS is included with all of your whining about paying taxes.
I'm sorry, my particular circumstance is none of your business, nor would I put it up on a discussion board.
So far you've offered no valid information that I can see so I'll not bother further.
I never asked you to bother with my particular circumstance, just the general class of individual that has significant after tax savings, and who recognizes that the FairTax will suddenly and sharply, reduce the real-world utility of this class of assets in this country.
Another issue. How would foreigners be treated under the FairTax, would they have to pay it? Would they be able to apply for a rebate, as for the VAT in European countries. Or would their holdings of US bonds or dollars be suddenly worth significantly less in terms of real assets they could acquire with their holdings? (Similar to the effect of sudden currency devaluations under Bretton Woods) If the latter, they I can see a fantastic run on US bonds if their intelligence sees reasonable chance of enactment.
I will pay 15% (tax inclusive). That is my effective rate.
THe only possible way to pay the marginal rate would be to spend 100% of everything on taxables AND refuse to accept the rebate.
I would think that with interest rates falling due to the FairTax there would be an appreciation of bond prices, but I'm not close enough to that market to predict. Perhaps groanup could better assess that.
I can understand your concern for financial confidentiality. If you'd like to get a real assessment on how you would fare under the FairTax you could send the particulars to me by Private Mail and any information disclosed to me would be kept strictly confidential providing you reciprocate in the same confidentiality in communications from me.
If you don't wish to do so - no harm, no foul. I think you may be misgauging the impact the FairTax would have on you however and that's the reason I make the offer.