To add to your point Principled, i believe that under the current system, contributions to charities are
income tax deductable only--so that means that you still have to pay the payroll taxes on charitable contributions.
Under the FairTax, you pay no payroll taxes on charitable contributions. Therefore the FairTax would actually benefit charities.
i believe that under the current system, contributions to charities are income tax deductable only--so that means that you still have to pay the payroll taxes on charitable contributions. VEry good point, MightyQuinn. THank you.
It means the amount of money available to give (or anything, for that matter) will no longer be decreased by payrol taxes or income taxes. :0)