Just this change would mean Americans won't stick their money in offshore financial centers and means there will be way more incentive to keep jobs, factories and corporate headquarters here in the USA, tremendously boosting the US economy.
(By the way, Forbes' original proposal from 1996 was for a 17% rate but keep the FICA tax. I suggest an 18.75% rate to eliminate even the FICA tax.)
A Flat Tax as an interim until the FairTax is in place has long been proposed. I believe Steve Moore was the first prominent economist to propose that plan of action, as a “transition” to the FairTax.
I don’t believe Flat Tax is the way to go, at all!
Flat Tax is still an income tax, and, though the income tax is bad enough, the IRS is even worse.
Flat Tax does not eliminate the IRS.
FairTax does — IRS will be ABOLISHED! And that, my FRiend is one of the major objectives of the FairTax.
So, let us keep pushing FairTax and make the effort to get the legions of Flat Tax supporters into the FairTax camp.