Funny I wasn't aware the Fair Tax has passed. You are ASSUMING 30%. Congress will set the rate. Wouldn't a 30% Fair Tax be better than a 60% income tax? While we are making up numbers, let's make things a little more even.
The debate is not over the rate but the concept. Would you rather pay an income tax or a sales tax? Remember, Congress can change any of the rates whenever they like. With a sales tax, YOU decide how much you will pay by making choices. With an income tax, the government decides how much you will pay.
I guess it’s different for different people... but for me... at my stage of life etc., the consumption tax makes a LOT of sense.
I would like to pay one or the other but not both.
See Post 472.
For those of us who have saved serious money under ther income tax system and don't want to be taxed twice, Fair Tax advocates simply sneer and say, "Well, don't spend your saved money if you don't want to be taxed twice, fool."
I'm discussing the FairTax, where a $100 item would cost $130 after the tax is added.
Wouldn't a 30% Fair Tax be better than a 60% income tax?
For sure, especially when prices stay the same, income taxes are 0% and I get a prebate. LOL!
The debate is not over the rate but the concept.
And you need numbers to examine the concept.
Would you rather pay an income tax or a sales tax?
It depends.
Remember, Congress can change any of the rates whenever they like.
Even with a sales tax? I'm shocked!
With a sales tax, YOU decide how much you will pay by making choices.
You can do the same, up to a point, with your income.
With an income tax, the government decides how much you will pay.
And now that I saved after tax money, I should happily pay a new sales tax when I spend it?