It's not going to pass. It's not even going to come close to passing. This thing -- or various versions of it -- has been kicking around for years. If they wanted to pass a fair tax then they'd say, Okay, a straight 15% on everything, salary, unearned income, the whole sheebang. They never will, because:
A)Too many people make money on the tax code.
B)Pols hand out tax breaks for contributions, it's the coin of the realm. It would remove political currency.
C)A smart lawyer/accountant can reduce the taxes to much less than 15% given enough incentive.
I agree it has no chance. It will always be too dramatic of a change.
The most important thing we need to do now is privatize SS, rein in spending, make tax cuts "permanent", eliminate death taxes, eliminate AMT, eliminate corporate taxes and start another round of personal income tax cuts to find the sweet spot on the Laffer curve.
"It's not going to pass. It's not even going to come close to passing." DON'T BE SO SURE:
http://boortz.com/more/signings/index.html