You are correct. It would not take a 23% FairTax rate to replace the income tax.
That is because the FairTax replaces all income taxes (individual & corporate totaling $1T) as well as all Social Security and Medicare Taxes (totaling $720B), plus it covers roughly $350B of net new spending to provide a Family Consumption Allowance -- often referred to as the "prebate" -- which offsets the tax on spending up to the poverty level for everybody.
Given my druthers, I'd rather a 6% witheld tax on all income to fund SS/M, a 12% Sales tax to fund everything else, and no "prebate". That would still have all the pro-business effects, eliminate the IRS and filing for individuals, and stop non-taxpaying voters from spending us into oblivion.
I was with you til you said "withhold"... why withhold? Withholding lessens the impact significantly and keeps the taxation of income in play.
Why do you choose 6% withholding on all "income" (whatever that means) instead of a appx 4% on consumption?
I, like you, would prefer no rebate. But I know that we will not get reform passed without it.
I doubt VERY much it would take 23 cents on the dollar to equal what the feds presently rake in through the income tax.You are correct. It would not take a 23% FairTax rate to replace the income tax.
Nice try but you're a fraud. She didn't say "23% Fairtax". You know she assumed the obvious and you should have corrrected here. Of course when you're trying to cover up the truth why would you?
23 cents ON THE DOLLAR is not the same as a 23% Fairtax rate, You know it and you're lying through your teeth to cover it up.