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.
By the way,,,do you make a living directly or indirectly from the current income tax system?”
I don’t understand the question.
It's good to see that you see it correctly - as do many others. It's time for the income tax to be gone along with the government's maltreatment of citizens via the tax code.