Simply put, "The fair tax replaces the way we're currently taxed - based on our annual income - with a tax on goods and services. The FairTax is a voluntary “consumption" tax: the more you buy, the more you pay in taxes, the less you buy, the less you pay in taxes.
I read the summary. The "simplicity" aspect is good. But I can't agree with the "fairness" aspect.
I see educated, hard working young people trying to make ends meet....and wealthy non-working young people who have more than enough money.
I am as conservative as they come but there seems to be something wrong with this. I have no grudge with the truly wealthy being, and staying wealthy and passing this off to their children. I just have a problem with wealthy people payiung NOTHING!!!
Now it is true that they would be taxed on consumption just like everyone else...But the consumption tax rate would have to be enormous to make up for the loss that high income ( I emphasize income) wealthy folks now pay which will be lost. The young, hard working people, along with the wealthy, will have to give an ever increasing portion of their INCOME on their consumables.
Still not a good thing asd it will be a huge burden on those that are trying to make it on their own..
There must be some kind of disconnect here as I COMPLETELY agree with you on that point! That is one of the BIG problems with the current system as I have pointed out multiple times already on this very thread.
Why do people accumulate wealth? For what purpose?
Will not ALL wealth be consumed at some point?
The author of the FairTax bill, Congressman John Linder of Georgia, offten points out that the FairTax is, in reality, a tax on accumulated wealth and I absolutely agree with him.
What am I missing here?
Please put a dollar figure on how much wealth is "enough".