Checkbook tax is bad, but you’ve heard nothing about the future of your checking account if you haven’t heard about the Progressive Consumption Tax that the Obama Debt Commission is considering.... The PCT is supposed to replace the income tax, but not to be confused with the Fair Tax (which is a sales tax). Here is how PCT works: At tax time you state your income. Then you subtract the amount that you have saved and pay tax on the difference (the consumption). So if you spend all your income – you pay tax on all your income. The more...