How is income defined now? Same way. Includes capital gains.
I am not in favor of a sales or consumption tax, unless the income tax is constitutionally banned. We do not need another new tax in the country, no matter how low - because it will not remain low for long.
So you would allow the Warren Buffets of the world to continue to arrange their affairs in such a way that they realize very little "income" and thus pay virtually no "income" taxes but consume like crazy in their very high end life styles?
I am not in favor of a sales or consumption tax, unless the income tax is constitutionally banned. We do not need another new tax in the country, no matter how low - because it will not remain low for long.
Then you really should visit the fairtax website and READ THE BILL!
For a host of reasons I think truly FREE people ought to be able to pay their taxes in a completely anonymous manner just as the founders intended they should!