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I believe the fair way is for everyone to have skin in the game, a fair tax. Do away with Federal Income Tax and everyone pay a flat Federal Sales Tax on whatever you buy, excluding prescription medicine, principal residence, and food. The Rich consume more so would be paying more. Poor people should have to pay something, not get tax refunds when they don't pay into the system, IMO.
I believe the fair way is for everyone to have skin in the game, a fair tax. Do away with Federal Income Tax and everyone pay a flat Federal Sales Tax on whatever you buy, excluding prescription medicine, principal residence, and food. The Rich consume more so would be paying more. Poor people should have to pay something, not get tax refunds when they don't pay into the system, IMO.
...But a quick question----wouldn't a Federal sales tax put a damper on our desire to purchase luxeries--such as cars, pleasure boats, etc????
The Fair Tax would be the biggest tax cut for the wealthy in history! The rich do not consume the equivalent of their taxation in a one year period.
The rich are the ones paying for yachts, etc. (Remember John Kerry's yacht??) The rich usually have multiple homes, not just 1 principal residence. The rich also usually purchase multiple automobiles, expensive jewelry, race horses, real estate investments, expensive clothing, etc. (Remember the "private jet owners?")
I used to think a consumption tax was a good idea, but no more. Purchasing items drives the economy as do jobs. I get so tired of hearing about the evils of the rich. Why should we be jealous because they figured out how to make more money than us? On top of that, where does everyone think paychecks come from? A money tree?The rich do not consume the equivalent of their taxation in a one year period. Furthermore, the rich do not buy houses (or yachts, or race horses) every year. Investments are exempt under the Fair Tax. Also, the Fair Tax proposals I've see would treat a mortgage as an investment so only the down payment on the property would be subject to taxation.
The Fair Tax would be the biggest brake on economic growth ever conceived. Who would want to spend money if every time you spent you were taxed 25% of the purchase price? The barter system would flourish. Cash transactions for "used" goods would skyrocket. (Used goods would be exempt.) You think people are doing their best to avoid taxes now? Just imagine how much harder they will try to avoid a consumption tax if every time they open their wallet to buy something new they will be taxed. Solution? Don't open the wallet.
LOL! Does that mean that we can deprive you of the vote - kind of a reverse of the 'no taxation without representation' principle?