What errors are made on this website?
http://fairtaxcalculator.org/
C'mon - what you got? Anything? Namecall and avoid the website because you can find nothing wrong with it?
If there's something wrong, share it with us....or can you not find anything wrong with it? ...snicker..
Please point to the "namecalling" on this thread, everybody seems to have missed it.
C'mon - what you got? Anything? Namecall and avoid the website because you can find nothing wrong with it?I got one. It says a married couple with one child has an "annual tax-free spending allowance" of $23,000, but even with the $440.83 "prebate," this family can't but $23,000 worth of goods. The bill uses the inclusive rate to determine the Family Consumption Allowance when it should have used the exclusive rate. This family can only buy $21,783.27 worth of goods.
What errors are made on this website?
Just as I thought, they DO calculate the effective FairTax rate wrong (of course, it's understated).
To calculate the effective FairTax rate you must divide net FairTax paid by income. Net FairTax paid is gross FairTax paid minus the "prebate." Gross FairTax paid is gross spending times the FairTax inclusive rate. Gross spending is income plus the "prebate."
For a family of four ($6,072 annual "prebate") with $100,000 in income they list the effective FairTax rate as 16.93%. Let's do the math:
So the actual effective FairTax rate is 18.32%, not the 16.93% the site says.
He probably can't figure out how to use it. After all, throwing brickbats is much easier than actually doing something productive.