> “There are trillions in exempt assets out there right now”
So what? And your point is?
> “Over $1T in personal real estate”
Real estate sales are not subject to FairTax except in cases of new construction or new remodeling upgrades not previously purchased at the consumer level.
> “over $1T in Roth IRA accounts,”
> “trillions in securities”
> “and other investments”
> “and well over half a trillion in bank deposits”
So what? What’s your point?
> ‘Every merchant is going to need an IT system”
Wrong. Cashback credit cards do this routinely. Receipts showing detail are automated just as they are for elderly and disabled on EBT/Snap. All the accounting is by computer. Merchants don’t need to do anything.
You look like you’re waging some sort of bizarre jihad here. There are no points in your rant.
The only intelligent argument raised against the FairTax over the years is explained in #22 of this thread.
If you’re obsessively fixated with fear that the awful FairTax might become reality, calm down ...... don’t worry. It’s highly probable you and moi ain’t gonna see it in our lifetimes because it’s disruptive techno policy with pushback by too many vested interests.
It could possibly happen following a real Storm the Bastille type revolution.
But we’ll likely get CCP Social Credit Score Marxism before we ever see a tax system that is fair and simple.
But I could be wrong. Americans might wake up tomorrow each with an extra +40 IQ points by divine intervention and demand the FairTax thingy.
That’s a fantasy on par with Pelosi gladly letting the Ruby Red Slippers go to Dorothy.
Uh-huh
There are trillions of dollars out there in assets on which income taxes have already been paid.
When those dollars are spent they need to be exempt from the consumption tax unless you want to sell everyone on double taxation. Those dollars won’t be spent in our lifetimes so your notion of a short transition is out.
Cashback credit cards do this routinely. Receipts showing detail are automated just as they are for elderly and disabled on EBT/Snap. All the accounting is by computer. Merchants don’t need to do anything.
LOL. It’s all done by computer, not by the merchants’ IT systems. Whatever.
You said:
”Each purchase can calculate how much tax is owed based on exempt versus non-exempt dollars used. The tax can be reduced as a matter of course depending whether rebate limits have been reached. Rebates can be done real-time.”
The computers will “handle it.”
It could possibly happen following a real Storm the Bastille type revolution.
Of course, if we reboot everything and start from scratch a consumption tax should be on the table. Until then there’s a real world where we live.