WRONG!!!
Please go to ....
www.fairtax.org/site/PageServer?pagename=about_faq
... and read the questions and answers carefullY -- WITH AN OPEN MIND.
I generally like the concept especially because it puts us on an equal footing with the VAT countries trade wise and it gives me control over how much tax I pay : )
The problem or opportunity that I see with the tax is that it is so easy to evade. Almost anything can be considered an investment and thus be tax free. My house is already in a corporation so instead of selling my house I would just sell shares of the Corporation and the buyer would avoid the 23% tax.The Government would have to really boost taxes on consumables to make up for the short fall.
The problem isn’t how we are taxed, the problem is that we are taxed too much. The government simply spends too much money. If the Governments spending was reduced to 5% or less of the GDP we could eliminate taxation.