Fair Tax - a perfect example of the use of the word oxymoron.
Paying an additional 30% tax on savings that I already paid taxes on really has me excited about this fantasy.
Paying an additional 30% tax on savings that I already paid taxes on really has me excited about this fantasy.
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I am retired. I see it as an advantage since my husband and I already have a home and everything in it. Other than cars we have no major expenses.
And,,,under the current system we are paying taxes on savings interest, capital gains, and dividends. Under the Fair Tax system this would not be taxed, and using the rules of compound interest, this would grow at a faster rate. ( My husband and I budget to live on less than this interest.)Also, under the Fair Tax we would also receive a rebate on taxes to cover taxes on basic expenses.
So...I see the Fair Tax as a major improvement.
By the way,,,do you make a living directly or indirectly from the current income tax system? Just curious.
Your life saving are simply acceptable collateral damage on the path to monthly federal stipends for everyone. Surely you wouldn't want to stand in the way of the coming utopia?
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Sory to disappoint you, but savings are not taxed under the FairTax.
I have a little problem with that, too. If the "fair tax" replaced the current income tax, my family would be better off. Until my husband and I retire. Then we would be paying 30% more for everything we buy with our retirement savings, which have already been taxed once.