The flat tax will take 17% of your taxable income plus 7.65% of wages up to 90k(?).That's 24.65% for most folks - without the necessary increase.Define "taxable income" before making comparisons to taxing 100% of your spending.
First, "taxable income" cannot be defined - at least the IRS itself fails to be able to do so at least half the time. How can an ordinary citizen, not in the tax industry, expect to do any better? It is the definition of "taxable" that is so problematic under the flat income tax.
Second, I didn't compare to taxing 100% of spending. Indeed if you were to have someone read the post to you, it says something quite different.
Look here to find out about how necessities are untaxed.
fter all these many years of your continually misstating things, Looey, you should surely know that 100% of your spending is not taxed.
You SQL guys just LOVE to say anything negative you can think of about the FairTax - even if it isn't true. Bad on you!