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John Linder in the House(HR25) & Saxby Chambliss Senate(S25) offer a comprehensive bill to kill all income and SS/Medicare payroll taxes outright and replace them with with a national retail sales tax administered by the states.
H.R.25,S.25
A bill to promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national retail sales tax to be administered primarily by the States.Refer for additional information:
Oh. The Fair Taxers won't like this! Someone is admitting that the FairTax is effectively a 23% income tax! This is because a sales tax and and income tax can be structured to be "economically equivalent".
This is a useful report, and it's very good that it's coming out at this time. The points made in the abstract will catch the eye of Secretary Snow, who is working on recommendations for tax reform to be given to the president in January. Those reductions in marginal tax rates for common households are highly significant to accumulation of capital by those working to raise their standards of living (i.e., just about everybody).
Is this the new paper where Kotlikoff admits that the FairTax rate would have to be higher than 23% inclusive?
Looks like a new economic report specifically about the FairTax legislation has been published.Yea and "scaling back" means it's not revenue neutral and "rebates cost" means fewer people are paying more taxes.