Replies

There are no taxes that are good taxes, especially ones that are designed to reverse what was done before under the pretext that one was saving for retirement. There will be no fair tax but there probably will be a 3% NRST however. That to me, is still not as bad as the fair tax. That is exactly how the congress will see it as well. See, after the seniors get wind of the regressivity of the tax with respect to their savings and investments, and they haven't yet, there will be a revolt. They vote too.

Your first phrase, "There are no taxes that are good taxes," is true enough but from there things go downhill rapidly. Any tax bill that becomes law will have to be revenue neutral - and a 3% NRST (even though it's undefined as to particulars) is certainly a lot short of revenue neutrality.

Additionally, the FairTax is not regressive and seniors will be better off since not only are their savings & investments not taxed but also prices will decline. I might note that they will no longer be tied to a "crunch-date" of April 15 which some set aside as "not go anywhere or do anything; just work on taxes" day.

Don't forget that the seniors also get the prebate and that often their lifestyle choices are quite different in that many are willing (prefer, even) to buy used goods which are not taxed. Also with some types of IRA, any withdrawal is untaxed which can also help them. Think also of their stake in the home asset; no longer taxable when sold,

All of these sorts of things add up to helping it be likely that the FairTax rate will actually be lowered in years to come or at least the mandated SS & Medicare benefits will be paid for much more easily without cutting them as is currently discussed.

Any "revolt" will come once ALL taxpayers will be able to see on each and every receipt just how much their government is costing. And do you thing very many politicians would have the political guts to agitate to raise such a single tax rate which cannot now be hidden in a myriad of ways as at present?

There are no taxes that are good taxes, especially ones that are designed to reverse what was done before under the pretext that one was saving for retirement.

So you don't want the selfish 'give me' (baby boomer) generation to pay for their selfishness.

If the baby boomers did not push for all these laws, regulations, deductions, higher taxes and if they had not aborted 40 million babies, we would not be in the mess we are in today.