I believe the fair taxers already admitted the alleged embedded taxes are only 7% AT BEST.
It really does not take into account the fact of offshore competition presently has a better corporate tax rate offshore. Being taxed differently but the same amount is pointless. We need to be taxed LESS.
“...embedded taxes are only 7% AT BEST.”
Correct me if I’m wrong, but any tax paid by a business is a cost of doing business, and must be recouped in the sales price of the service or merchandise. Payroll taxes alone are about 12%. So that’s the minimum amount that becomes embedded in the price.
Where on earth did you come up with 7% ???? The Social Security tax alone is more than that!
Perhaps you can direct me to some source where the FairTax authors have admitted this??
And of course we need less taxes. We also need less spending. And unfortunately, all of this bickering is rather pointless as Congress is not going to pass ANY major tax reform, be it the FairTax or the Flat Tax, either of which would be a great improvement over the current system.