Deductions for charity become a complete nonsequiter.
The government is removed from where it should have never been allowed to go in the first place: Into the realm of regulating our religious/charitable institutions and giving.
As to your first question? The savings rate is so low now as to be a joke.
The untaxed funds that people have set aside under the various congressional schemes will be unaffected. It wasn't taxed in the first place, and won't be taxed unless and until you spend it on taxable goods or services.
Under the FairTax, savings and investments are removed from the burden of compliance and taxation permanently.
I say, "Hallelujah"!!
Deductions for charity become a complete nonsequiter. …Under the FairTax, savings and investments are removed from the burden of compliance and taxation permanently. I say, "Hallelujah"!!
Please post that provision of the so called FT proposed legislation which does what you assert above, keeping in mind that no current Congress is obligated to abide by the legislation of a previous Congress.
JWK