OpenMarket.org - Latest Comments in Redistributing Wealth, Simplified

Re: Redistributing Wealth, Simplified

become a millionaire — Fri, 21 Nov 2008 18:39:18 -0000

overall, I think consumption tax is a bad thing

Re: Redistributing Wealth, Simplified

Greg — Wed, 12 Nov 2008 14:39:23 -0000

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.

Re: Redistributing Wealth, Simplified

ron higgs — Sat, 08 Nov 2008 18:52:53 -0000

Check out the following links. All objections to the Fairtax listed here as "the bads" are answered at the following site.

http://www.fairtax.org/site/PageServer?pagename...

http://www.amazon.com/FairTax-Answering-Critics...

Re: Redistributing Wealth, Simplified

Marshall — Fri, 07 Nov 2008 16:30:19 -0000

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.