Sir, I have an ACCOUNTING DEGREE!!!! I know a thing or two hundred and two more about the subject than you do!!!! Son-of-a-bitch!!!!
I have had this particular discussion with about a hundred people and after going through this with them, every one of their reactions have been the same...OHHHH SHITTTTTT!!!!!
Quit acting like a hognostic ,illiterate sack of shi’itim wood!!! I know how to calcuate the fair tax!!!! For ninety percent of the population it’s a great idea. HOWEVER, if you work in an INDEPENDENT CONTRACTOR INDUSTRY—particularly the restaurant and courier/transportation industries, then this DOES NOT WORK TO YOUR ADVANTAGE.
In any industry ,ANY OF THEM, where you can write off five-sevenths of your income or more, the fair tax is irrelevant. And don’t think the rat bastards at the IRS don’t know this. This is why the SUBSTANTUALLY INCREASED the EITC credits!!! It was done on PURPOSE.
It’s always nice to discuss intellectual points with such a warm and wonderful person who expresses things so eloquently.
... and you did’t use the calculator correctly - “accounting degree” or not. Try again, Jack (if that’s really your name).