I’m a retired person. A consumption tax based system would be taxing me twice.
Taxes should be aligned with benefits as much as possible.
However, there is no avoiding having the higher income people paying more. There is an $18 trillion plus national debt. We conservatives tried to limit the national debt, but Wall Street fatcats sabotaged our efforts. It’s time for them to pay for their Barack Obama-backing perfidy.
How would it be taxing you twice. There would be NO income tax period. All monies earned would be kept in your pocket, NO reporting to the gov.’t on any level of what you earn/make. It would encourage younger wage earners to save. And I too am retired [med. retired living on SS & va disability]. This is the fairest way across the board for everyone. There is no one single way to fix everything for everyone. But this is one of the best, that we have been able to figure out. Corporate taxes would be cut back to about 10% & this would encourage any monies kept overseas to be brought back for reinvestment in facilities, goods & services here on the homeland.
anything that requires the gov.’t to have any extra say in how the economy is to run defeats the recovery. And any company or corporation that can not make it, then fails according to the laws already on the books.
. . . and that, to me, has always been the dirty little secret embedded in “Fair Tax” proposals. It is a second tax on all savings of after-income-tax money. Only your IRA/401(k) savings, and unrealized capital gains, have not been taxed already.