The tax must replace the current income tax, not supplement it
That's the killer for me. Unless it's coupled with a repeal of the 16th amendment, I won't support it. Otherwise, no matter how good the intentions of the people drafting the legislation, in a few years we will have both.
ron higgs
· 1 year ago
Check out the following links. All objections to the Fairtax listed here as "the bads" are answered at the following site.
Over the years I've saved a lot of money and have already paid income tax on it. If we abandon the income tax system for a consumption tax system, I'll have to pay another tax on that money when I spend it. In effect, the value of all my savings will be reduced by 20% or whatever the consumption tax rate is. I can't imagine many retired or wealthy persons thinking this is a good plan.
All Comments
That's the killer for me.
Unless it's coupled with a repeal of the 16th amendment, I won't support it.
Otherwise, no matter how good the intentions of the people drafting the legislation, in a few years we will have both.
http://www.fairtax.org/site/PageServer?pagename...
http://www.amazon.com/FairTax-Answering-Critics...