Sitting on? Meaning he's already paid the US. Government around $35 million in income taxes leaving him with that amount to "sit on".
"Mr. Megabucks gets the jet, but the extra $15 million ... goes to Uncle Sam."
So now Mr. Megabucks sends another $15 million to the U.S. Government? Whew! This is "fair"?
When all the taxes and compliance costs for every set of hands that touched the production of that new jet are removed Mr. megabucks will pay FAR LESS for that jet, with the FairTax included, than he would today under the income tax!
He’s already paying the taxes incurred by the jet’s manufacturer during the construction of the jet. And the taxes incurred by all the suppliers of parts to build that jet. And the taxes incurred by the raw material suppliers to the parts companies, etc, etc, etc.
Thats what people pay today. Even when spending money thats already been taxed. The FairTax removes all those, and replaces it with the single, itemized, FairTax.
Both systems seem just about as “fair” as the other. Well, except with the FairTax, you know exactly how much tax you pay. No more hidden embedded taxes.